Construction companies ‘set to work’ to finish ‘shopping centers’ in Mexico – El Financiero

After several years of construction, after the inauguration and commissioning of mega shopping centers such as Mítikah de Fibra Uno and Parque Tepeyac de Fibra Danhos, the promoters began to put the accelerator on to deliver shopping centers in the coming years, among them, Galerías Valle . Oriente, Peninsula Tijuana, The Parks, Outlet Riviera Maya, Espazo Condesa and Foro Aztecas, after two and a half years of delays, cost overruns due to price increases of raw materials, in addition to administrative obstacles and health restrictions.

Gonzalo Robina, deputy general manager of Fibra Uno, pointed out that, with the exploitation of the Mítikah center, as well as other assets of the recently opened company, the company could achieve an annual operating flow of up to 11 percent in the coming years, and he anticipated what already develop three commercial projects to be delivered during the year.

“We have three properties that are still in the development phase, Galerías Valle Oriente (for the first quarter of 2023), a fashion shopping center in Tapachula (for the fourth quarter of 2023) and Portal Norte in Satélite (for the fourth quarter of 2024 ). )”, commented Jorge Pigeon, vice president of Capital Markets and Investor Relations.

Mítikah, “the jewel in the crown” of Fibra Uno, located in the south of the city, opened the doors of its mega shopping center in September this year, with an offer of more than 120,000 square meters of space, 280 shops and five levels. The work began its construction in 2012 and had an investment of more than 22,500 million pesos.

Eduardo Lozano, director of the association Prazas Comerciales México, assured in an interview that, despite the pressure of inflation and the economic crisis, the development of new products in shopping centers, as well as the influx and consumption, encouraged the promoters to continue with your investment plans.

He stressed that major projects are on the horizon for the next three to five years.

“It’s a very interesting closing, which is going to hit, the Good End is going to take off a lot for traders, the influx in shopping centers is on an upward trend, we are already very close to the pre-pandemic levels, maybe this year we will reach those levels”, said.

For his part, Salvador Daniel Kabbaz Zaga, general manager of Fibra Danhos, indicated that, with the opening of Tepeyac Park, a project of more than 260,000 square meters and an investment of 6,000 million pesos, the company is looking to achieve new success. such as Delta Park, Las Antenas or Toreo Park.

“We are not worried about the current situation of the economy, which is certainly very good for the commercial side. The recovery that shopping centers have had, I would tell you that we are already above 2019. Even in the United States, the trend of electronic commerce has been transforming, because people do prefer to go to the place and experience it”, he said. said.

He added that, with this work, which has been in construction for more than four years, a stage of development is concluded and the company is preparing to announce new pipeline plans for the next ten years.

For her part, María José Fernández, director general of the Association of Real Estate Developers (ADI), explained in an interview that, after the health emergency, many projects, including shopping centers, they had to redesign or adapt to the new reality post pandemic

He assured that, although investment has never stopped, there is still some uncertainty, mainly legal and administrative, that his projects may be affected, which has delayed the start of new works.

Luis Llaca, CBRE’s Vice President of Retail for Mexico and Latin America, said The financial that in the last months of the year the shopping centers have been very active in their deliveries, despite the fact that this year there is a very low inventory of these, as well as of premises.

He highlighted that, on average, a shopping center can take up to two years to develop; however, due to the pandemic and permitting issues, some of these new developments have taken up to five years to come to market or have been delayed by administrative issues.

The manager added that this 2022 will be a year of consolidation for the owners of the shopping centers, since only in the first half of the year there was a record of 1.2 million square meters of these spaces in process, without any new constructions starting. while for During the rest of the year, close to 500,000 square meters of supply of new shopping centers will be delivered.

“The inventory that was filled due to lack of news, everything that was available, is closing, probably the shopping centers are better than before, consolidating. there it is brands that have been taking up space that before they could not have them, because there was no availability”, he said.

“We are doing studies for new developments, but I don’t know if they will come out next year, we will probably see them at the end of next year, there is still a lot of prudence in the development part, although obviously the key will be opened at the end of the year that is coming, in the second semester we will start to learn about new projects”, he concluded.

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