Fibra Prologis reached 98.4% occupancy in all its properties, equivalent to 42.9 million square feet (3.98 million square meters) of rentable area, thanks to the boost given by the nearshoring during the first quarter of 2023.
With the increase in demand for industrial real estate on the northern border of Mexico, the trust specialized in investment of industrial real estate it expects both occupancy levels and rental prices to continue to grow in the coming quarters.
“While supply has increased significantly, in our view, current construction levels are still insufficient in many markets to meet demand,” wrote Luis Gutierrez, president of Fibra Prologis in Latin America.
During the first three months of the year, Fibra Prologis registered vacancy of 1.1% in the six regions where it operates, with the border markets and the state of Guadalajara being the best performers, with almost full occupancy.
In his report to the Mexican stock exchange (BMV) the directors of FIBRA detailed that the supply of industrial properties would continue to be very restricted for the rest of the year, since there are several factors that complicate its construction and development, such as the low availability of public services and the obstacles in the processes for obtaining rights of construction.
Until the end of the first quarter of 2023, Prologis Fiber it had 5.3 million square feet (492,386 square meters) under development, of which 71.6% was already leased or pre-leased.
The trust income increased by 2.53% compared to the same quarter of 2022, without increasing its gross rentable area, and went from 1,386 to 1,421 million pesos.
Its funds from operations (FFO), a figure used to classify the cash flow from the operations of a real estate company, grew 11.7% year-on-year and reached 924 million pesos in the aforementioned period.
while his net operating income (NOI), an indicator that measures the profitability of real estate investments, had a year-on-year increase of 0.89% to 1,230 million pesos.
Until March 31 of this year, Prologis Fiber It had 43.6 million square feet (4.0 million square meters) of rentable area, divided into 225 properties for logistics and manufacturing.
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