We have met 100% of the development commitments we made during our Initial Public Offering (IPO) and we have added new properties to our portfolio, while dramatically reducing development risk. At present, we have four properties under development. The first corresponds to the second phase of Parque Industrial Danhos Cuautitlán I Phase II, which already has a lease agreement signed. The property will have approximately 104,000 m² of gross leasable area and, like the first phase, will be geared to meet the growing demand for logistics infrastructure. With this development, we reaffirm our commitment of selectively expanding our portfolio. This property will start bringing in revenues in the third quarter of 2025, strengthening our presence in this steadily evolving market.
We are also developing a luxury hotel project in partnership with Marriott International, Fibra Hotel and Beyond Ventures: the Ritz-Carlton Cancún Punta Nizuc. The property, located in hotel zone of this popular destination, will include a 131-room luxury hotel, owned by a trust between Fibra Danhos and FibraHotel, and 126 residences in association with Beyond Ventures. The hotel, which is expected to begin operations in 2027, will be LEED certified and operated by Marriott International. The project will be designed by the acclaimed architectural firms Lissoni & Partners and Cherem Arquitectos.
We have also acquired approximately 474,000 m² of land in Cuautitlán, Mexico State, a strategic location with privileged access to the main logistics routes of the CTT corridor. As part of our growth strategy in the industrial industry, we are developing a 52,461 m² build-to-suit facility with AAA specifications, designed to house the distribution of a leading supermarket chain. This project is already leased and will begin generating income in the fourth quarter of 2025, strengthening our presence in the logistics industry.
Finally, we have signed an investment agreement for the development of a shopping center in a prime location in the city of Oaxaca. This represents a strategic opportunity, as there is currently no retail offering of this level in the region and we have identified strong demand from interested tenants.
To date, we have multiplied the gross leasable area (GLA) of our initial operating portfolio by more than 3.9 times, having added more than 775,000 square meters of premier quality to our portfolio since October 2013. As of December 31, 2024, Fibra Danhos' portfolio in operation consisted of 16 properties, with a GLA of 1,042,075 square meters and an occupancy rate of 89.3% of total properties.
Our retail portfolio recorded an annual footfall of about 130 million visitors in 2024, a 16% increase over 2023. This increase was due primarily to two factors: i) a substantial acceleration of economic activity, and ii) the stabilization of Parque Tepeyac.
The occupancy cost of our most significant institutional retail tenants—measured as the percentage of a tenants’ sales that go to base rent, overage, maintenance for common areas and advertising—was 9.3% in 2024. In the same period, the lease renewal rate was 98.8% in 2024, rising from 98.3% in 2023, demonstrating our strong tenant retention and solidity of our portfolio.
Past-due accounts (rent paid more than 60 days late, as a percentage of base rent income annualized for the respective period) was 1.3% in 2024, down from 2.3% in 2023. Rent write-offs (accounts more than 180 days past due in proportion to base rent income annualized for the respective period) amounted to 0.4% of the total in 2024.
Our retail portfolio recorded an annual footfall of about 130 million visitors in 2024, a 16% increase over 2023.