Mexico City, Mexico
 

Mexico City and its Commercial Real Estate Market are unique in many respects. Did You Know...

•   Mexico City, the capital of Mexico, is the most important economic, political, commercial, financial, industrial, and cultural center in the country. With a city population of 8.75 million people and a metropolitan area population of 19.5 million, Mexico City is one of the most populous cities in the world.

•   The metropolitan area generates over $315 billion, or over 25% of the nation's GDP, which makes it one of the wealthiest urban areas in Latin America. Its urban agglomeration GDP ranks as the eighth in the world, and it is predicted to be the seventh by 2020 with $608 billion. 

•   The economic base of the city has shifted in the last two decades, from manufacturing and industrial base to service base. Mexico's national labor force is at 38.1 million people, with 58% of them in the service sector, 24% in the industrial sector, and 18% in agriculture. Mexico City's labor force contributes the most towards the country's service (25.3%) and industrial (15.8%) sectors, but the least in the agriculture sector.

•   The city is home to hundreds of national and international firms, the Mexican Stock Exchange, and several landmarks such as Xochimilco, Zocalo, Angel of Independence, the National Palace, and the Castle of Chapultepec. In addition, the city has around 160 museums, over 100 art galleries, and about 30 concert halls .

•   The city is serviced logistically by the Mexico City International Airport (which serves 25 million travelers per year), the Metro, an extensive network of busses and taxis, and the Light Rail. The Metro system is the 4^th busiest in the world (serving 4 million passenger per day), and the largest in Latin America (with 129 miles).

•   The commercial real estate market in Mexico City is on the rise. The office market is experiencing high demand and an increase in rental and capital prices. Available space has decreased in most business districts; total space is about 4.7 million square feet and average vacancy rate of class A+, A, B, and C is 8.31%. The majority of the space available is class B, with 2.05 million square feet. Over the rest of the year 1.1 million ft² of office space will be added to the market. In terms of investment, the price per ft² of class A ranges from $167 to $325. 

•   With discount retailers seeing amazing growth, and fast food chains expanding in terms of hundreds of new sites every year, the retail market is also experiencing positive growth. The Industrial market has remained in the same level than last year in regards to supply, demand, and prices. About 12.2 million square feet, or 205 properties, of industrial and warehouse space are available in the metropolitan area.