Mexico's economy faces significant challenges in the current context. The Gross Domestic Product experienced a moderate increase, closing the second quarter of 2024 with a growth rate of 0.3%, which is below projected expectations. In the secondary sector, the manufacturing industry and construction have maintained positive figures, reflecting resilient behavior in the midst of a complex economic outlook.

During the month of July 2024, leasing activity in the industrial real estate sector performed positively, registering 543 thousand square meters demanded nationwide, which represents an increase of 55% compared to the month of July 2023.

The industrial market of Monterrey takes the first position with the highest volume of demand during July 2024 with 145 thousand square meters, closely followed by Mexico City, which reports a demand of 140 thousand square meters. The third position is taken by Querétaro with a figure of 68 thousand square meters occupied.

The northern region of the country reported an industrial lease of 308 thousand square meters. Monterrey leads the demand in the region with 47% of the occupation, followed by the border city of Tijuana, with 20%. On the other hand, the Bajío region reports an industrial demand of 90 thousand square meters where the Queretaro market accounts for 75% of the industrial demand reported in the Bajío area.

Move outs continue to report moderate figures with a total of 134 thousand square meters that were released by companies in the seventh month of the year, which represents 25% as opposed to the gross demand reported in July 2024.

Industrial construction activity in the country closes the month of July 2024 with a total of 5.8 million square meters, showing an unprecedented expansion in the development of industrial infrastructure.

During the month of July 2024, construction starts for industrial properties reached 654 thousand square meters. This figure represents a strong increase, tripling the footage recorded in July 2023.

The industrial markets of Mexico City and Monterrey remain the axes of industrial growth in the country with 26% and 22% of industrial construction starts. The Guadalajara market also showed outstanding performance in the month of July with 17% of new constructions.

The levels of demand at the national level reflect the confidence and optimism of investors in the potential of the industrial sector. The leasing figures achieved are an indicator of an economy that, despite the challenges it faces, remains in motion, with the establishment of new companies that strengthen the industry by expanding their operations in the country.

The increase in construction activity highlights the interest of industrial developers, who have focused on meeting the high demand for industrial infrastructure from both national and international companies that find Mexico to be a viable alternative for real estate investments.