Www.maquilaproperties.com (858) 551.8000 Tijuana Industrial Real Estate September 15, 2010 ©Maquila...
-
Upload
buck-hopkins -
Category
Documents
-
view
216 -
download
1
Transcript of Www.maquilaproperties.com (858) 551.8000 Tijuana Industrial Real Estate September 15, 2010 ©Maquila...
![Page 1: Www.maquilaproperties.com (858) 551.8000 Tijuana Industrial Real Estate September 15, 2010 ©Maquila Properties, Inc. Double Dip or continued growth?](https://reader036.fdocuments.net/reader036/viewer/2022062515/56649ce35503460f949af769/html5/thumbnails/1.jpg)
Baja California Real Estate ServicesSince 1988
Maquila Properties, Inc
www.maquilaproperties.com(858) 551.8000
Tijuana Industrial Real Estate
September 15, 2010
©Maquila Properties, Inc.
Double Dip or continued growth?
![Page 2: Www.maquilaproperties.com (858) 551.8000 Tijuana Industrial Real Estate September 15, 2010 ©Maquila Properties, Inc. Double Dip or continued growth?](https://reader036.fdocuments.net/reader036/viewer/2022062515/56649ce35503460f949af769/html5/thumbnails/2.jpg)
Baja California Real Estate ServicesSince 1988
Maquila Properties, Inc
www.maquilaproperties.com(858) 551.8000
Tijuana Market Overall• Tijuana has about 52 million SF of
Industrial Real Estate • Currently: 219 Buildings (up from 190
six months ago) available with about 9.9 Million SF (Down from 10.7 Million SF) averaging 45,000 SF
• Vacancy Rate is at 19% down from 20%
• Absorption is picking up, some are expanding again like Canyon Furniture
![Page 3: Www.maquilaproperties.com (858) 551.8000 Tijuana Industrial Real Estate September 15, 2010 ©Maquila Properties, Inc. Double Dip or continued growth?](https://reader036.fdocuments.net/reader036/viewer/2022062515/56649ce35503460f949af769/html5/thumbnails/3.jpg)
Baja California Real Estate ServicesSince 1988
Maquila Properties, Inc
Recent Deals• Canyon Furniture – 170,000 SF $0.25/SF
– Sprinklered older Class B building on Via Rapida.
• Prime Wheel – 529,000 SF Class C purchase at $7 Million
• Techmart – 13,000 SF @ $0.36/SF NNN sublease. Class A-
• Blindajes Goldman 36,000 SF Otay Class A @ $0.30/SF
www.maquilaproperties.com(858) 551.8000
![Page 4: Www.maquilaproperties.com (858) 551.8000 Tijuana Industrial Real Estate September 15, 2010 ©Maquila Properties, Inc. Double Dip or continued growth?](https://reader036.fdocuments.net/reader036/viewer/2022062515/56649ce35503460f949af769/html5/thumbnails/4.jpg)
Baja California Real Estate ServicesSince 1988
Maquila Properties, Inc
www.maquilaproperties.com(858) 551.8000
![Page 5: Www.maquilaproperties.com (858) 551.8000 Tijuana Industrial Real Estate September 15, 2010 ©Maquila Properties, Inc. Double Dip or continued growth?](https://reader036.fdocuments.net/reader036/viewer/2022062515/56649ce35503460f949af769/html5/thumbnails/5.jpg)
Baja California Real Estate ServicesSince 1988
Maquila Properties, Inc
www.maquilaproperties.com(858) 551.8000
![Page 6: Www.maquilaproperties.com (858) 551.8000 Tijuana Industrial Real Estate September 15, 2010 ©Maquila Properties, Inc. Double Dip or continued growth?](https://reader036.fdocuments.net/reader036/viewer/2022062515/56649ce35503460f949af769/html5/thumbnails/6.jpg)
Baja California Real Estate ServicesSince 1988
Maquila Properties, Inc
www.maquilaproperties.com(858) 551.8000
Class size # of buildings Average size
A 2,749,478 26 105,749
B 1,799,935 35 51,427
C 1,354,410 42 32,248
![Page 7: Www.maquilaproperties.com (858) 551.8000 Tijuana Industrial Real Estate September 15, 2010 ©Maquila Properties, Inc. Double Dip or continued growth?](https://reader036.fdocuments.net/reader036/viewer/2022062515/56649ce35503460f949af769/html5/thumbnails/7.jpg)
Baja California Real Estate ServicesSince 1988
Maquila Properties, Inc
www.maquilaproperties.com(858) 551.8000
Source: Maquila Properties, Inc.
![Page 8: Www.maquilaproperties.com (858) 551.8000 Tijuana Industrial Real Estate September 15, 2010 ©Maquila Properties, Inc. Double Dip or continued growth?](https://reader036.fdocuments.net/reader036/viewer/2022062515/56649ce35503460f949af769/html5/thumbnails/8.jpg)
Baja California Real Estate ServicesSince 1988
Maquila Properties, Inc
www.maquilaproperties.com(858) 551.8000
Buildings > 100,000 SF
• 28 Buildings (up from 25 six months ago) available
• Average asking rent is $0.38 ($0.43/SF in 2007)
• Mostly newer Class A buildings• Mostly owned by institutional investors
like FINSA, CPA, GE Capital, Prologis, Verde, Prudential
![Page 9: Www.maquilaproperties.com (858) 551.8000 Tijuana Industrial Real Estate September 15, 2010 ©Maquila Properties, Inc. Double Dip or continued growth?](https://reader036.fdocuments.net/reader036/viewer/2022062515/56649ce35503460f949af769/html5/thumbnails/9.jpg)
Baja California Real Estate ServicesSince 1988
Maquila Properties, Inc
www.maquilaproperties.com(858) 551.8000
Land Prices/Construction• 1 Hectar $60/SM in El Florido (CADENA).• Prices as low as $30/SM are available in the city –
many are still asking $750/SM.• No new spec building is happening.• Rental rates and land prices are usually at least 20%
below asking. Many are renting at 60% of asking and giving free rent.
• Construction costs are about $25/SF Shell.
![Page 10: Www.maquilaproperties.com (858) 551.8000 Tijuana Industrial Real Estate September 15, 2010 ©Maquila Properties, Inc. Double Dip or continued growth?](https://reader036.fdocuments.net/reader036/viewer/2022062515/56649ce35503460f949af769/html5/thumbnails/10.jpg)
Baja California Real Estate ServicesSince 1988
Maquila Properties, Inc
www.maquilaproperties.com(858) 551.8000
Conclusions• IGS, Sares Realty are liquidating local assets at 12%
CAP rates or $40/SF.• The direction is slowly positive as we have stopped
the negative absorption.• Lower rents and other costs have improved Tijuana
competitiveness vis a vis Asian manufacturers• Land is coming down, Construction, not so much