The international economic and trade environment continues to influence companies’ investment and expansion decisions, particularly in industrial markets tied to North American supply chains. Uncertainty surrounding the trade relationship with the United States and tariff measures has led manufacturers to weigh their growth plans more cautiously, in a context where logistics activity is gaining prominence within Mexico’s industrial market.

Of interest: Industrial Report: Solili | September 2026

In the third quarter of 2026, Querétaro recorded gross absorption of 65 thousand square meters, a decrease of more than 50% compared to the same period of 2025. Thirteen transactions were closed during the quarter, with an average size of close to 5 thousand square meters per deal. Logistics activity has taken on greater importance amid the moderation of manufacturing investment, a sector that has historically been one of the main drivers of Querétaro’s industrial market. Storage and distribution needs have favored the leasing of smaller spaces, helping sustain leasing activity in an environment of greater business caution.

In the third quarter of 2026, Querétaro recorded a move-out of 45 thousand square meters, a year-over-year decrease of 30%. In the cumulative January–September period, the space vacated totaled 70 thousand square meters, 50% less than in the same period of 2025. Thus, despite the volume of space released during the quarter, the market continues to show a slower pace of tenants leaving.

Despite the slowdown in demand and the changes in leasing dynamics, Querétaro’s industrial vacancy rate stood at 5.3% at the close of the third quarter of 2026, a quarterly decrease of 50 basis points and below the level recorded a year earlier. This indicator remains at healthy levels and slightly below the national average, which stood at 5.5%.

See also: Industrial leasing in Aguascalientes rises 38% during July–August 2026

Meanwhile, industrial rental prices posted moderate growth over the past year. At the close of the third quarter of 2026, the average industrial rent stood at $6.17 USD/sq m/month, a year-over-year increase of 3.7%. This change reflects a gradual rise in leasing costs, while Querétaro retains a competitive position nationwide, with rents among the most affordable, behind only Aguascalientes and Guanajuato.

Toward the end of 2026, the outcome of the negotiations on the agreement among Mexico, the United States, and Canada will be a relevant factor for the performance of Querétaro’s industrial market. Greater trade certainty could encourage new investment, particularly in manufacturing, and help reactivate an activity that has historically been one of the pillars of industrial demand in the state. This scenario supports a recovery in market momentum and would strengthen Querétaro’s position as one of the main industrial hubs in the Bajío region.