At the end of October 2024, the market maintained its usual dynamism in the main indicators of the sector, marked by a growth trend in industrial investments.

The value of Foreign Direct Investment (FDI) registered in the first half of 2024 exceeded 31 billion dollars, reflecting a growing interest from international companies to establish themselves in Mexico. This influx of capital has strongly boosted the development of industrial infrastructure in the country, responding to the demand for space and strengthening Mexico's capacity as a manufacturing and logistics operations center for various industries.

The country's demand for industrial space registered a positive performance during the month of October 2024, reaching a total lease of 541 thousand square meters distributed in nearly 40 transactions. Industrial demand reports an increase of 10% compared to October 2023.

In the first ten months of 2024, cumulative demand reports more than 5.5 million square meters occupied, which reinforces market confidence and the consolidation of Mexico as a strategic center for industrial operations.

The northern region continues to monopolize the greatest leasing activity in the country, with 60% of the total demand for industrial spaces, while the Bajío region concentrates 15% of the space marketed nationwide. Among the markets with the highest demand, Monterrey and Mexico City stand out with 151 thousand and 134 thousand square meters, respectively. Both markets doubled the leasing volume reported during the same period of the previous year.

On the other hand, the move outs of industrial spaces was low during October, with a total of 54 thousand square meters released, which is equivalent to just 10% in proportion to the leasing registered in the month. The markets that reported the highest levels of move outs of industrial spaces were Mexico City and Monterrey with nearly 16 thousand square meters each.

Construction activity in Mexico continues to rise, closing the month of October with 5.9 million square meters under construction. Monterrey stands out with 2 million square meters under construction, followed by the country's capital, with 1 million square meters, consolidating itself as the main poles of industrial growth in the country.

Industrial construction starts continue to be strong, reporting 421 thousand square meters of new developments, reporting levels similar to those presented during the month of October 2023.

The Monterrey industrial market once again leads construction starts nationwide with 217 thousand square meters, accounting for just over 50% of the buildings that began construction during the month of October. The increase in the volume of new constructions in Monterrey is due to the start of an automotive BTS in the Ciénega de Flores industrial submarket of more than 93 thousand square meters.

The second position in the construction starts indicator is taken by the Guanajuato industrial market with 57 thousand square meters, which was mainly driven by investments from manufacturing companies looking for buildings with very specific characteristics.

New supply during the tenth month of 2024 registered a total of 421 thousand square meters, of which the markets that report the largest increases in inventories are Monterrey and Guadalajara with 16% each, followed by Mexico City with 15%. In contrast, the markets of Chihuahua, Puebla and Reynosa did not complete constructions in the month of October.

At the end of October 2024, the average rental price is at $6.88 USD/m²/month in the country, with a general upward trend in most markets nationwide. Meanwhile, the country's industrial vacancy rate closes at 2.8%.

The national industrial market continues to show a positive performance, driven by a constant flow of new investments and growth expectations. Month by month, there is an increase in interest in industrial infrastructure throughout the country, supported by sectors such as e-commerce, manufacturing and logistics, which require modern and well-located spaces. Faced with this growing demand, developers are stepping up their construction efforts, launching new projects to meet market needs.