The industrial real estate market in Mexico is preparing for a 2025 marked by a combination of challenges and opportunities, which will be influenced mainly by the international political landscape and the advantages derived from nearshoring. The growth of logistics infrastructure and the consolidation of the manufacturing sector continue to advance and position the country as an attractive destination for industrial development.

In this context, the industrial sector begins the year with an inventory of 104.6 million square meters at the end of January 2025. The industrial vacancy rate in the country is at 2.9%, and maintains healthy supply levels as a result of the growth of the market's industrial infrastructure.

During January, leasing activity in the industrial real estate sector reached a total of 437 thousand square meters. This figure represents a decrease of 18% compared to the same month in 2024. The Monterrey industrial market took the first position in leasing activity, with 28% of the national occupancy, followed by Mexico City, which registered 26%, while the Querétaro market rises to third position with 11%.

Industrial demand in the northern region of the country played a predominant role, concentrating 46% of the total national leasing. Particularly notable was the Monterrey market, with 122 thousand square meters, while the border cities of Tijuana and Ciudad Juárez reported a demand of 23 thousand and 11 thousand square meters, each.

On the other hand, the industrial markets of the Bajío region had a 23% share of the monthly occupancy. The most demanded markets in this region were Querétaro with 50 thousand square meters and Guanajuato with 31 thousand square meters.

The vacated industrial spaces in January 2025 reached a total of 134 thousand square meters, which represents an increase of 25% compared to the same month in 2024. The industrial markets with the highest levels of vacated space were Monterrey and Reynosa, concentrating 20% and 16% of the move out activity, respectively.

Industrial construction activity in Mexico continues to grow, ending the month with 5.8 million square meters under construction throughout the country. The start of construction in January 2025 shows a solid start, with a total of 508 thousand square meters of new industrial buildings.

Monterrey remains a key point for the growth of industrial infrastructure in the country, concentrating 38% of the developments that began construction, followed by Saltillo and Querétaro, with 18% and 16% of the projects that began construction.

The average rental price of industrial properties at the end of January 2025 is $6.95 USD/m²/month, which continues to report a general upward trend in most industrial markets nationwide, which is projected to continue throughout 2025.

The industrial real estate market in the country faces significant changes driven by the current political climate, with the arrival of Donald Trump to power and the threat of imposing tariffs on Mexico represents a very important challenge that could directly impact the behavior of the industrial real estate market in Mexico.

Despite everything, the demand for industrial infrastructure in Mexico in the first month of the year continued to be strong, especially due to the relocation of companies, which is reflected in leasing volumes. However, 2025 has been a year that has started with political and economic situations that we must successfully navigate in order to sustain the growth we reported in previous years, with favorable indicators for most of the country's industrial markets. As the market adapts to these new business realities, the industry is expected to continue its expansion.