According to the latest report from Cushman & Wakefield on the industrial market as of the second half of 2023, 135,467 m2 of logistics spaces are under construction to be delivered during the first half of 2025. Thus, in the southern zone 93,597 m2 will be delivered, divided into some buildings such as Megacentro Industriales Sur and Aldea Logística. In the Callao area, it is estimated that 41,870 m2 will be delivered for the development of the first stage of the Callao Logistics Park.

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Briceño explains that there are currently more than 435,430 m2 in projects distributed in the main logistics areas (Lurin, Huachipa and Callao). Between the southern zone and the eastern zone, they make up more than 80% of this surface.

“From 2022 they began to build speculatively. They left a certain part insured with a client, but they had another part available for immediate delivery and they went out to the market to look for new clients. That is why vacancy increased and remains at 10.1%, although it is a healthy number,” he comments.

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Decentralization

Logistics centers have almost always been located south of Lima due to their proximity, connectivity and low prices, says Briceño; However, it has begun a decentralization process with construction in Callao, the second stage of which would be delivered in 2025.

In addition, there is a project that has not yet been confirmed, but would also be located in Callao, and another important logistics park located in Ventanilla: ADN Parque Logístico Callao, which would enter with 40 thousand m2 in 2024.

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“We see that the area between the airport and the new port (of Chancay) should begin to be developed. Lurín and other areas to the south have grown significantly without any major project involved. Definitely, the northern area, with a project as important as the port, should grow,” adds Briceño.

With this, he affirms that there is an interesting demand that should be taken quickly, since the price of land in the northern area is seen favorably, despite the fact that in Callao, for new developments, it is quite high.

“When a new fulfillment center owner evaluates pricing, the numbers can be complex. Therefore, the rental price may be higher, but it depends on the type of quality and finish that the warehouse has,” he adds.

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Companies

According to Briceño, the main companies that occupy these spaces are mass consumption, supermarkets, pharmaceuticals and e-commerce, which gave this segment an important boost in recent years.

Second semester 2023

Market statistics

The vacancy rate in logistics centers closed 2023 at 10.1%

Net absorption was 19,875 m2

The average rental price was US$6 per square meter, fluctuating between US$5.9 and US$8.7 per square meter.



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