This year, Mercado Livre led the leasing of logistics warehouses in Brazil and Mexico, the two largest economies in Latin America. There were almost 350,200 additional sq metres in both countries. Magazine Luiza had the second-largest expansion (133.6 thousand m²) in Brazil, followed by Amazon (118 thousand sq metres) in Mexico.
The numbers were compiled by SiiLA, a multinational company that works with data intelligence in the commercial real estate market.
WHY THIS IS IMPORTANT: The expansion of logistics warehouse leases demonstrates the e-commerce sector's resilience despite the pandemic's slowdown in the two largest regional economies.
The sector had experienced strong expansion during the peak period of quarantine measures and movement restrictions, with many consumers opting to shop online to avoid leaving their homes.
"The pandemic greatly accelerated the warehouse sector, and many companies, even stores that only had a physical presence, in shopping centres, for example, migrated to the hybrid model", according to SiiLA's CEO Giancarlo Nicastro.