Throughout 2026, the industrial market in the Mexico City Metropolitan Area has demonstrated strength and operational resilience. This performance has unfolded within a global landscape shaped by the reconfiguration of international trade and the evolution of nearshoring—a phenomenon that, while continuing to drive the country’s industrial growth, is beginning to show signs of a slowdown.

By the end of the third quarter of 2026, Mexico City had solidified its position as the primary engine of industrial demand nationwide, leading leasing activity with a gross absorption of 145,000 square meters—an 80% increase compared to September 2025. Industrial investments in the nation’s capital have performed well throughout the year, with demand continuing to grow despite the challenges facing the sector. From January through September, cumulative demand exceeded 900,000 square meters—25% more than the space occupied during the same period in 2025—indicating that the capital’s industrial market continues to experience significant growth.

Of Interest: Industrial Report: Solili | Third Quarter 2026

The global and national economic landscape has undergone notable shifts that have altered the conditions for industrial investment. The relocation of companies—which fueled demand for industrial space in Mexico over the last few years—has lost momentum amid an environment of heightened commercial uncertainty, exacerbated by the imposition of tariffs by the United States and the resulting impact on the arrival of manufacturing firms. Nevertheless, demand in the Mexico City Metropolitan Area remains robust, largely supported by the logistics sector, which accounted for 70% of the transactions recorded during the third quarter of 2026.

Historically, the vacancy rate in the industrial market has responded to shifts in the economic and business environment. Prior to the COVID-19 pandemic, the vacancy rate in Mexico City hovered around 3.5%; however, during the health emergency and the associated uncertainty, reduced leasing activity led to an increase in market vacancy, pushing the rate to 4.4%. Subsequently, the rise of nearshoring fueled demand for industrial space, against a backdrop defined by the reconfiguration of global supply chains, trade tensions between the United States and China, and the advantages for accessing the North American market provided by the USMCA (T-MEC).

This combination of factors helped position the country as a strategic destination for the expansion of international companies, driving the vacancy rate to a historic low of less than 1% by the end of 2023. In response to these low-vacancy conditions, developers ramped up investment in industrial infrastructure through new projects aimed at meeting the growing demand for space. This dynamic was reflected in the launch of new industrial projects, with a cumulative area exceeding one million square meters in both 2024 and 2025. With the gradual addition of new supply, the vacancy rate rose to 4.5% by the end of the third quarter of 2026. This level remains within a healthy range for the market and below the national vacancy rate of 5.5%; it reflects increased space availability without reaching the oversupply levels seen in other industrial markets across the country—such as Tijuana (10.2% vacancy) and Monterrey (7.0%).

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Despite uncertainty stemming from international conflicts and their potential impact on the country's industrial markets—particularly regarding supply chains and operating costs—Mexico City’s industrial market maintains a favorable outlook heading into the end of 2026. Demand for logistics space will continue to drive leasing activity, with projections indicating that occupancy levels will surpass those recorded in 2025.