As of the end of July 2026, construction activity in the Mexican industrial market continues to show a trend of moderation, consistent with an environment of increased space availability. During the month, the total area under construction reached 3.8 million square meters, representing a 20% year-over-year decrease compared to the 4.7 million recorded in July 2025.

Of note: Monterrey regains its position as the country's most in-demand market: 300,000 m² in Q2 2026

The reduced construction activity reflects a more selective strategy by developers, who continue to adjust the pace of new projects in response to rising supply. In July 2026, national industrial supply reached 5.9 million square meters, equivalent to a vacancy rate of 5.2%—one percentage point higher than the level recorded in July 2025.

Monterrey and Mexico City continue to account for the largest volumes of space under construction, with nearly one million square meters in development in each market. Guadalajara ranks third, with over 430,000 square meters currently under construction.

Year-over-year, construction activity declined in several of the country's major industrial markets. Saltillo recorded the sharpest reduction, with a 53% drop in space under construction, followed by Querétaro (44%), Monterrey (43%), San Luis Potosí (42%), and Tijuana (29%). In contrast, Mexico City saw a 24% increase in space under construction, while Guadalajara remained virtually unchanged, with growth of 2%.

See here: Industrial construction starts in Guanajuato totaling 168,000 m² so far in 2026

During July, the launch of new projects also showed a downward trend. Nationwide, 226,000 square meters of new construction commenced—a figure 36% lower than that recorded during the same month in 2025. Monterrey accounted for 38% of the projects started, followed by Querétaro with 23% and Mexico City with 18%.

Industrial construction performance in July reflects an adjustment process within the Mexican market. While demand maintains a positive trajectory and leasing activity is up compared to the previous year, developers have moderated the pace of new projects in response to increased supply. Consequently, inventory expansion is proceeding in a more orderly fashion, aligned with the occupancy needs of the country's key industrial markets.