MARKETBEAT INDUSTRIAL SNAPSHOT QUERÉTARO, MEXICO 1Q 2014 A Cushman & Wakefield Research Publication Cushman & Wakefield Mexico Paseo de los Tamarindos No. 60 Col. Bosques de las Lomas, 05120 México, D.F. www.cushmanwakefield.com/knowledge Federico Orozco Mouret, Market Research Analyst 55 8525 8000 [email protected] 4.94% -0.5 pp $4.37 $4.42 1% Class A Asking Rents (psf/yr) DIRECT RENTAL VS. VACANCY RATES $5.00 6.0% $4.00 4.0% $3.00 $2.00 2.0% $1.00 $- 0.0% 1Q 2013 1Q 2014 DIRECT GROSS RENTAL RATE DIRECT VACANCY RATE INVENTORY BY SUBMARKET 15.0 10.0 5.0 OUTLOOK Querétaro’s thriving economy is the perfect example of the importance of Mexican metropolitan areas over the advanced industry supply chains that unite North America as an economic block that trades goods and co-produces them for the rest of the world. 5.5% Overall Vacancy Y-O-Y 12 MONTH CHANGE FORECAST 4.6 Average industrial land prices range from US$638.08 sqf (US$59.28 sqm) to US$231.85 sqf (US$21.54 sqm) for private industrial parks and raw land respectively. 1Q 2014 12 Beyond the aerospace industry, a varied set of industries, including home appliances, auto parts, food & beverage, ITC’s and Agroindustries are expanding Queretaro’s industrial landscape. The city is home to GE, Samsung, Kellogg’s and Siemens, while 2014’s first quarter newcomers/expansions include Bel-corp, a cosmetics company, building a 1,506,947 sf plant in Aerotech Park and Mitsubishi Electric, building a 1,615,000 sf plant expected to start manufacturing by October 2014 at O’Donnell Industrial Park. 1Q 2013 12.4 Querétaro’s aerospace industry is currently worth $1.2 billion USD representing 36% of Mexico’s production. Bombardier’s arrival in early 2005 was the catalytic investment that catapulted the sector, having it since register a double digit annual growth. This is also extending to aerospace industry services: Just beside the city’s airport, where global class industrial parks like Aerotech and the Querétaro Aerospace Park are, the Aeromexico-Delta aircraft maintenance hub is being located. This repair and overhaul facility is the largest in Latin America. STATS ON THE GO 14.8 AEROSPACE CLUSTER AND BEYOND There is confidence that Querétaro’s good run is just beginning. The region is increasingly developing a pool of high-skilled workers and this rising market is the target for billion-dollar foreign investment projects that are fostering a city that is rapidly building into integration of global value chains. psf/yr Mexico’s industrial sector is thriving in the central highlands, the region known as Bajío, where cities like Querétaro are emerging as leaders in GDP growth, achieving an average growth of 5.5% over the last 10 years. Querétaro occupies the 1st place in national employment growth with 31.6%. The OECD described the state’s economy as “the most dynamic in the country” while Standard & Poors qualified it the first region in Mexico to achieve a global investment degree rate. msf ECONOMIC OVERVIEW 5 de Febrero AIQ Zone 0.0 Qro-MxCt Hwy Qro-SLP Hwy Inventory The market terms and definitions in this report are based on NAIOP standards. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. © 2014 Cushman & Wakefield, Inc. All rights reserved. 1 QUERÉTARO SUBMARKET INVENTORY % OF TOTAL INVENTORY AVAILABLE SF VACANCY RATE UNDER CONSTRUCTION YTD CONSTRUCTION COMPLETIONS DIRECT WEIGHTED AVERAGE NET RENTAL RATE CLASS A Qro-Mexico City Highway Exit 14,845,704 33.8% 1,552,102 10.45% N/A N/A $5.16 Qro-SLP Highway Exit 12,420,594 28.2% 333,014 2.68% 652,764 N/A $5.28 5 de Febrero 12,005,743 27.3% 78,577 0.65% N/A N/A $4.44 4,638,717 10.6% 207,367 4.47% 279,861 N/A $4.80 43,910,757 100% 2,171,059 4.94% 1,725,000 N/A $4.42 AIQ Airport zone TOTALS * AVERAGE RENTAL RATES REFLECT ASKING $PSF/YEAR ON SHELL SPACE WITH BASIC AND STANDARD IMPROVEMENTS. MARKET HIGHLIGHTS Significant Lease Transactions SUBMARKET TENANT PROPERTY TYPE SQUARE FEET Citipark – WB Qro-SLP Hwy Ceva Freight Warehouse 186,500 P. I. El Marqués Qro-MxCt Hwy Milacron Manufacturing Significant 1Q 2014 Sale Transactions SUBMARKET BUYER PURCHASE PRICE Camino al C.M. Km. 225 N/A Fideicomiso Qro. N/A Significant 1Q 2014 Construction Completions SUBMARKET MAJOR TENANT COMPLETION DATE N/A N/A N/A N/A Significant Projects Under Construction SUBMARKET MAYOR TENANT COMPLETION DATE Aerotech Park AIQ Zone Bel-Corp 3Q 2014 Cushman & Wakefield Mexico Paseo de los Tamarindos No. 60 Col. Bosques de las Lomas, 05120 México D.F. www.cushmanwakefield.com/knowledge The market terms and definitions in this report are based on NAIOP standards. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. © 2014 Cushman & Wakefield, Inc. All rights reserved. 32,300 SQUARE FEET 485,000 BUILDING SQUARE FEET N/A BUILDING SQUARE FEET 1,506,900
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