Is there build-to-suit supply in Guatemala and what precedents exist?

Yes. Precedents: Hansae and ShinWon at Michatoya Pacífico (2025, US$25 M and US$12.5 M); Grupo Salinas at Synergy (groundbreaking Nov 15, 2025); institutionalised BTS supply at Synergy (rent + BTS + tax clusters),… Interoceánica ('we build according to the client's requirements'),… the 28,800 m² building in Escuintla with a BTS option and Michatoya (land or a completed building); and the in-house DCs of PepsiCo and Nestlé (2020). The 2024-2026 shift runs from selling condominium office-warehouses towards speculative Class A rental (Multinova 2 with no pre-leasing) and park-based BTS, the pattern that usually precedes the arrival of institutional developers. Latam Logistic Properties stated in July 2019 that it was 'looking at' Guatemala; seven years later there is no project, so it is not a live signal.