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MX24_RC_VENIT_luca

MEXICO - Real Estate & Construction

Luca Piccolo

CEO, Venit

Bio

Luca Piccolo holds an MBA from Universidad San Pablo CEU in Madrid. From 1998-2007, he held various positions at companies such as Dbrains Web Studio and Grupo Integer. He has been with Venit Investments since 2007, first as its COO and then as CEO in 2009.

“Our award is proof that we are ahead of the curve.”
Venit is advancing major projects in Querétaro and San Miguel by emphasizing innovation in residential living and offering exclusive, flexible, and family-oriented spaces.
What changes in demand for real estate has Venit been observing over the past few years?

We have seen many changes and are still feeling the effects of the pandemic and the economic downturn. At the same time, we will start to feel the effects of the nearshoring trend as major changes occur in Mexico’s industrial matrix. The coming years promise to be interesting, as we will see a growth in the retail and commercial area, especially in nearshoring services. Many retail or service companies are already formulating expansion plans, which is an excellent sign. We are also seeing greater activity in the office space—large players such as Colliers, CBRE, and Newmark are all reporting heightened interest in new office leases. However, the housing market has been weak. The economic downturn and inflation of the last few years have plagued the construction business. We expect the coming years to be tough for the residential business because there is still supply in the market from the last few years. One positive area has been a growing interest in multi-family homes in Mexico in the coming years, especially since it will be increasingly difficult to put an offer on a house because of higher prices and interest rates. In 2024, we will open our first multi-family residential tower. Ultimately, the housing market is still growing, as Mexico has a young population with a sizable need for housing. It will be interesting to see how urban spaces will be shaped by the various needs of diverse social groups.

Venit is poised to open a residential project in Querétaro and San Miguel. Can you elaborate on the main advancements here?

In 2024, we will open our first multi-family tower Canteras in Querétaro, which will be followed by two of our largest apartment buildings in Querétaro, Coordenada and Torres Imperia. We hope to complete the first three towers within the year. In addition, we will launch two new projects. The first is in San Miguel de Allende featuring a complex of 42 residences near the dam. It is a 15-minute drive to downtown and will feature a club house with many amenities. This project is geared toward the second home market segment. The second project is a commercial plaza, one of our largest projects. Before the pandemic, we had a mixed-use project that we were forced to put on hold, and we now plan to kick off that project and open in about two years’ time. In 2026, we plan to this commercial area focused on local retail with around 10,000sqm of rental space.

Venit has won an award, and three of its projects are ranked among the top 75 places to live in Querétaro. What differentiates your projects from others in Querétaro?

Our award is proof that we are ahead of the curve, with an innovative approach to the traditional way of living. Querétaro is a young city, with so still has many houses and a lot of space. Torres Imperia is an exclusive residential compound, with a limited number of apartments for people who want the luxury of living in a high-end space with the convenience of living in an apartment. Then, we have Coordenada, which features smaller spaces of 60-80sqm focused on students, young couples, singles, and executives who occasionally need to stay in Querétaro. It is also tailored for flexibility, in close proximity to amenities and a commercial area with restaurants. Canteras, on the other hand, is more of a family-oriented, traditional mid-tier building.

What are your priorities for the coming year?

We are focused on completing outstanding projects, especially in the commercial area, and are also working on a few new projects in Querétaro. Before the pandemic, we were growing aggressively, and we have been fortunate to have an excellent team and solid clientele. In the next few years, it is just a matter of resuming our growth and expansion.

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