MEXICO – FIBRA Macquarie México, owner of one of the largest portfolios of industrial and retail property in Mexico, informed that during the third quarter of this year, it signed 14 new and renewal leases, comprising 1 million square feet of GLA.
FIBRA Macquarie executed on four new leases totaling 293,000 square feet and 10 renewal leases totaling 673,000 square feet. Offsetting the new and renewal leases was 741,000 square feet that was vacated by five customers who did not renew their leases at the expiration of those contracts. This contributed to a retention rate of 79.7% for the last 12 months.
“During the third quarter, our industrial portfolio continued its resilient performance as demonstrated by our strong rent collection and easing of concessions. In our retail portfolio, the vast majority of stores have reopened for business, following the easing of government lockdowns,” said Juan Monroy, FIBRA Macquarie’s CEO. “Our industrial portfolio continued its robust performance with increases in average rental rates and the benefits of largely U.S. dollar denominated rents contributing to a 12.6% YoY increase in net operating income.”
During the third quarter, construction was substantially completed on a 217,000 square feet industrial building in Ciudad Juárez. FIBRA is actively marketing the property and has a robust pipeline of leasing opportunities.
Source: Source: Border Now December 2020 Edition