As of the end of April 2026, the Mexican industrial market maintained its dynamism, driven by persistent demand. Despite a trend of moderation in construction and new supply, the sector exhibited stable indicators, with competitive prices and a vacancy rate that, while trending upward, remained at healthy levels.

The Mexican industrial market closed the fourth month of the year with a total demand of 300,000 square meters, representing a 7% increase compared to the same month of the previous year. Leasing activity was led by Monterrey, which accounted for 22% of the total, followed by Guadalajara with 17%, and Mexico City with 15%.

In the northern region of the country, industrial leases exceeded 130,000 square meters, remaining at levels similar to those observed in April 2015. Meanwhile, the Bajío region registered demand for 72,000 square meters in April, representing a 50% increase compared to the same period of the previous year.

In contrast, move outs of industrial space during April totaled 147,000 square meters, a 17% year-over-year decrease. Space releases were concentrated primarily in the Guadalajara and Tijuana markets, both accounting for 20% of the total, followed by Mexico City with 16%.

Although the rate of vacated space has slowed, it continues to be a determining factor in the dynamics of the industrial market. In April, three northern markets—Tijuana, Ciudad Juárez, and Chihuahua—registered move out activity exceeding demand.

During April, construction began on 238,000 square meters of new industrial space, representing a 30% decrease compared to the same month in 2025. Mexico City stood out, accounting for the largest volume of new starts, with 45% of the total, followed by Monterrey with 17% and Querétaro with 11%.

The slower pace of investment in new industrial projects has contributed to a reduction in the market's construction volume, which stood at 3.9 million square meters at the end of April 2026, down from 5.4 million square meters in the same month of the previous year.

On the other hand, the new supply of industrial space nationwide in April totaled 294,000 square meters, which were added to the country's industrial inventory, representing a 27% decrease compared to the same month of the previous year. The largest increases in industrial inventory were concentrated in Monterrey, which led deliveries with approximately 58% of the new supply, followed by Saltillo with 16% and San Luis Potosí with 8%.

During April 2026, the national vacancy rate was 5.2%, equivalent to 5.9 million square meters of available space. The highest rates were recorded in the northern region of the country, with Tijuana reporting the highest at 9.2%, followed by Monterrey and Reynosa, both at 6.6%, and Ciudad Juárez at 6.3%. In contrast, the lowest vacancy rates were observed in Aguascalientes at 1.0%, Puebla at 2.0%, and Saltillo at 2.9%.

In April, the average rental price nationwide was $7.54 USD/m²/month. Mexico City solidified its position as the market with the highest rental rates, reaching $10.42 USD/m²/month, followed by Tijuana at $8.68 USD/m²/month and Tecate at $8.06 USD/m²/month. In contrast, Guanajuato, San Luis Potosí, and Querétaro registered the most competitive rates, all below $6.10 USD/m²/month.

The Mexican industrial market maintains a dynamic flow of investment, driven by demand that sustains the sector's activity. The slower pace of new project initiation contributes to more balanced and sustainable growth. This combination of factors reflects a resilient market, with stable conditions that favor gradual and orderly development.