Chihuahua City Industrial Figures Q4 2023

January 17, 2024 5 Minute Read

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  • Q4 2023 net absorption was 589,974 sq. ft. Total 2023 net absorption was 2,243,356 sq. ft. This is the largest fourth quarter net absorption figure and the largest annual net absorption figure recorded since CBRE began tracking the market. 2023 annual absorption outpaced the previous record set in 2016 by over 900,000 sq. ft.
  • Vacancy rates saw a quarter-over-quarter increase of 20 basis point (bps) due to the delivery of a vacant speculative project. Year-over-year, the market-wide vacancy rate increased by 70 bps. Class A vacancy was up 270 bps compared to Q4 2022 when the rate was at 0.0%.
  • At the end of Q4 2023, 805,630 sq. ft. of industrial space remained under construction. Space under construction consisted of seven speculative projects ranging in size from 67,000 sq. ft. to 180,000 sq. ft.
  • A total of 2.4 million sq. ft. of industrial space was delivered to the market in 2023, the largest annual figure recorded since CBRE began tracking the market. Build-to-suit projects accounted for 1.9 million sq. ft. of new space delivered during 2023.