In 2025, the trade relationship between Mexico and the United States has been affected by the new policies proposed by President Donald Trump. Given the possible imposition of 25% tariffs on imports from Mexico and Canada, a measure that seeks to exert pressure on trade and security issues, the Mexican industrial sector faces a panorama of growing economic uncertainty.

Faced with this scenario, investors are evaluating the real impact of these policies before making new investment decisions. As a result, industrial leasing activity in Mexico has shown signs of slowing, with a slower pace of leasing space and an increase in vacancies in industrial properties.

During the first two months of 2025, industrial demand totaled 750 thousand square meters, decreasing 15% compared to the same period in 2024. The contraction in demand reflects an adjustment in the dynamics of the sector derived from trade frictions between Mexico and the United States.

The Monterrey market led the national industrial occupation with 198 thousand square meters, reaffirming its relevance as a growth hub. It was followed by Mexico City and Querétaro, with 148 thousand and 113 thousand square meters, respectively.

The northern region of the country concentrated a total demand of 356 thousand square meters, with Monterrey covering 56% of the total leasing, followed by Saltillo with 20%. For its part, Bajío closed the two-month period with 183 thousand square meters, with Querétaro particularly standing out, which covered 61% of the leasing in said region.

The move out activity of industrial spaces between January and February 2025 was 235 thousand square meters, reflecting an increase of 38% compared to the same period in 2024. The markets with the highest volumes of vacated space were Monterrey, with 23% of the total move outs, and Querétaro, with 21%.

Industrial construction in the country concluded in February with 5.9 million square meters under development. Monterrey continues to be the market with the greatest activity, concentrating 37% of the projects in progress, followed by Mexico City, with 14% of the works. In turn, the markets of Guadalajara and Tijuana also report a high dynamism in the construction of industrial buildings, accounting for 10% and 9% of the total, respectively.

Construction starts in the first two months of 2025 showed a solid performance, with more than 880 thousand square meters of new projects, a figure that represents an annual increase of 25%. Monterrey positioned itself as the main driver of this expansion, with 300 thousand square meters of new works started between January and February, of which 70% correspond to speculative projects. Saltillo ranked second in construction starts, with 168 thousand square meters.

During the first two months of 2025, the new supply added 650 thousand square meters to the national industrial inventory, which reached a total of 104.9 million square meters. At the same time, the national vacancy rate closed February at 5.6%, registering an increase of more than three percentage points in the last year. This increase responds to the continued expansion of new industrial developments.

The country's industrial real estate sector faces a challenging environment, marked by uncertainty and the need to adapt to new business conditions. Demand has begun to show signs of slowing, which, along with the constant delivery of new projects, has led to an increase in the vacancy rate nationwide. However, despite these challenges, industrial construction remains strong, with a solid pace of new construction reflecting investor confidence in the potential of the Mexican market.