- Total Market as of February 2017 – 65 million square feet
- Total Available as of February 2017 – 2 million square feet
- Vacancy Rate as of February 2017 – 3.25%
Rarely are buildings for sale in Mexico, therefore the vast majority of Maquilas are 3, 5 and 10 years lease terms. Most Class A buildings are held in institutional portfolios by companies like Vesta, CPA and FINSA. When IGS sold its portfolio to FINSA (backed by Walton Street Capital) the rumored Cap Rate was 7.5%
There are currently seven buildings available over 100,000 square feet in the Tijuana Market. Although there is currently over a million square feet under construction (or in “preconstruction”) most of these projects are build-to-suit for existing clients, including Esterline who has committed to approximately 120,000 square feet.
Asking rates in the most desireable Otay Industrial parks are over $0.45/SF/Month NNN (common area maintenance, insurance and taxes). Some park NNN fees can add up to as much as $.08/SF/Month where maintence may include sports fields, onsite health centers and day care facilities for children. This can bring the total to closer to $0.53/SF/Month on a gross basis for a shell building.
Current Inventory for Class A BUILDINGS over 100,000 square feet.
- Class A 429,691 Square Feet 3 Available
- Class B 214,000 Square Feet 1 Available
- Class C 326,438 Square Feet 2 Available
- Class F 101,180 Square Feet 1 Available
- Under construction 1,314,570 Square Feet 8 Available*
* half of these are already under contract as build-to-suits