TIJUANA INDUSTRIAL MARKET REPORT 2024 YTD
November Market Snapshot
118M* Market Size (SF)
*recently updated market data base
4,465,858 SF
2024 YTD Gross Absorption
2,579,987 SF 2024 YTD Net Absorption
4.32%*
Total Market Vacancy Rate
*includes sublease spaces
6,374,036 SF Active Under Construction
6,082,036 SF
2024 YTD Construction Deliveries
November Trends and Highlights
As of November 2024, the industrial real estate market in Tijuana continues to demonstrate robust performance Year-to-date, the market has recorded 4.5 million square feet of gross absorption and 2.5 million square feet of net absorption. While some vacancies have occurred, these are primarily attributed to tenant consolidations into newer, larger facilities rather than businesses exiting the market.
The overall vacancy rate stands at 4.32%, representing approximately 5 million square feet of space available for immediate occupancy, with 20% of this inventory consisting of sublease opportunities Despite a modest increase in vacancy, market activity remains strong, supported by a solid pipeline of 4.5 million square feet and robust construction levels, including 6.3 million square feet under active construction and 6 million square feet delivered in 2024.
Asking rents have remained stable overall, with notable increases observed in key submarkets. Leasing activity has been significant, highlighted by five major transactions exceeding 250,000 square feet that have closed during the year.
Source: Cushman & Wakefield Tijuana, updated until November 07,2024
* Image courtesy of SEICA
Average Semi Improved Shell Asking Rates
Average Class A Lease Rates
YTD Notable Class A Transactions
250,000
Market Summary
November 2024
Tijuana Industrial Market Report
5 Norte Building 72,049 SF
Available for Immediate Occupancy North Submarket - Tijuana
Monteverde Industrial Park
Up to 850K SF (4 Buildings)
Building 1 Ready by Q1 2025 Southeast Submarket - Tijuana
Deer Park Building 253,060 SF
Ready by Q4 2024
Southeast Submarket - Tijuana
TIJ031 Building 385,025 SF
Ready by Q1 2025 South Submarket - Tijuana
Industrial Brokerage Team
Industrial Gate Pacific (Phase 1) 608,141 SF (3 Buildings Left)
Building #6 Suite B Under Construction East Submarket - Tijuana
Pacifico Building 12,486 SF
Available for Immediate Occupancy South Submarket - Tijuana
Juan Carlos Rodriguez
Managing Director
Juancarlos.Rodriguez@cushwake.com
Rafael Garcia-Rovirosa
Managing Director Rafael.Garcia@cushwake.com
Manuel F. Balderrabano
Managing Director
Manuel.Balderrabano@cushwake.com
Dolores Melo
Sr. Associate – Industrial
Dolores.Melo@cushwake.com
Isabel Zazueta
Associate – Industrial/Commercial Isabel.Zazueta@cushwake.com
Ivana De La Garza
Associate – Industrial Ivana.Delagarza@cushwake.com
Project Development Services Team
Jorge Sainz Project Manager Regional Leader - Tijuana Jorge.sainz@cushwake.com
CUSHMAN AND WAKEFIELD TIJUANA
Business Hub Tijuana Blvd Gustavo Salinas No 10485, Oficina 1201 Col Aviación C P 22014, Tijuana, Baja California (664) 748 0788
ABOUT CUSHMAN & WAKEFIELD