After the end of April 2025, the national industrial real estate market remains unstable, influenced by global economic conditions, supply chain adjustments, and the recent imposition of tariffs by the Trump administration. These combined factors have generated an atmosphere of caution among market participants.

The new protectionist measures implemented by the US federal government have led to a decline in investor confidence. This climate of instability has caused a slowdown in demand for industrial space throughout Mexico, directly impacting sector activity.

During April 2025, industrial real estate leasing totaled 281,000 square meters, a 46% decrease compared to the same month in 2024. The drop in demand for industrial space is primarily due to the increase in global trade tensions.

Regarding demand for the country's main industrial investment hubs, Mexico City has shown relatively stable performance within an environment shaped by trade disputes. During April 2025, industrial demand in the capital reached 51,000 square meters, an increase of 19% annually. Likewise, key markets such as Monterrey and Guadalajara showed declines, with drops of 11% and 32% respectively.

Investments in the northern region of the country have been particularly affected due to its high economic dependence on the United States. This vulnerability has been reflected in a 51% decrease in industrial leasing activity compared to the same month last year. Similarly, the Bajío region has also experienced a significant contraction, with a 63% drop in industrial property occupancy compared to April 2024.

In contrast, industrial office move outs in Mexico showed a significant increase, reaching a total of 177,000 square meters vacated. This figure represents a 52% increase compared to the levels recorded in April 2024. The release of industrial space reveals a more unstable market, where several tenants have begun to relocate their operations in search of more favorable conditions.

Among the markets that registered the highest levels of industrial vacancy nationwide in April were Tijuana, with 22% of the total, followed by Monterrey and Guadalajara, with 20% each, and Saltillo, which accounted for 18% of the total unemployment reported in the country.

Nationwide, industrial construction figures remain stable, with 5.4 million square meters under development. During April 2025, construction began on new industrial projects totaling 342,000 square meters. While investment in new buildings has shown solid performance throughout the year, it is beginning to show signs of slowing, with a 15% decrease compared to the same month in 2024.

Currently, the industrial market has an available supply of more than 3.6 million square meters, representing a vacancy rate of 3.4%, an increase of 90 basis points compared to the same month last year.

In April 2025, the average rental price for industrial real estate in Mexico was $7.04 per square meter per month, increasing 8% over the last year. Although industrial prices continue to rise, the pace of increase has been less pronounced, as a result of falling demand and growing market supply.

The current challenges facing the Mexican industrial sector highlight the need to rethink investment strategies, regional diversification, and external risk assessment. The market is in a transitional phase, marked by a slowdown in leasing activity, which has been accompanied by an increase in vacancy rates. The current situation poses significant challenges for the country in the short and medium term, so clarity regarding trade policies will be crucial to restoring investor confidence and reactivating the occupancy of industrial spaces, thus boosting the sector's dynamism.