The beginning of 2026 shows a stable industrial market, although with a more cautious investment dynamic compared to the previous year. In a scenario where financing remains expensive and foreign trade continues to drive logistics operations, industrial construction remains at subdued levels. These factors suggest a more demanding environment, where space availability and demand are adjusting more selectively.

Industrial leasing activity in Mexico began 2026 with a total occupancy of 390,000 square meters during January, representing a 12% decrease compared to the demand recorded in the same period of 2025.

During the first month of the year, industrial demand was concentrated mainly in Monterrey, which led to investments with more than 90,000 square meters leased. The Guanajuato market ranked second with 56,000 square meters, followed closely by Mexico City, which registered 55,000 square meters of gross absorption.

At the regional level, industrial demand in northern Mexico reached 195,000 square meters in January 2026. Within the border region, Reynosa accounted for 14% of the demand, while Tijuana and Saltillo registered 13% and 10%, respectively.

In the Bajío region, industrial leases reached approximately 110,000 square meters. Guanajuato represented 52% of the absorption, followed by Querétaro with 38% and Aguascalientes with 10%, while San Luis Potosí did not register any occupancies during the period.

In contrast to demand, industrial vacancies increased by 42% compared to January 2025, registering more than 190,000 square meters released. The markets with the highest vacancy rates were Mexico City, with 39% of the national total, and Tijuana, with 18%. These were the only two cities where vacancy rates exceeded leasing activity. Guadalajara ranked third, with 13% of the total vacancy rate.

Nationwide, industrial construction in January 2026 reported just over 4 million square meters, a figure that represents 1.7 million square meters less than the area under development recorded in January 2025. Monterrey leads investment in industrial developments, with 25% of the country's total construction, followed by Mexico City with 23%, and Tijuana with 10%.

In January, approximately 170,000 square meters of industrial construction began, representing a 65% decrease compared to January 2015. The Guanajuato industrial market led the new projects under development, accounting for 33% of the total, followed by Querétaro and Saltillo, with 20% and 15%, respectively.

Industrial vacancy reached 5.4 million square meters, an increase of more than 2 million square meters in the last year. Although the national vacancy rate is 4.8%, considered a healthy level, some markets have higher figures. Tijuana registered a rate of 8.4%, while Monterrey and Querétaro reported 6.1% and 6.0%, respectively.

The average national industrial rental price was $7.41 USD/m²/month, with a year-over-year increase of 7%. Mexico City continues its upward trend in prices, registering $10.32 USD/m²/month, a figure 39% above the national average.

On the northern border, the markets with the highest rental prices are concentrated in Tijuana at $8.68 USD/m²/month, followed by Tecate at $8.06 USD/m²/month and Chihuahua at $7.48 USD/m²/month. In contrast, the Bajío region boasts the most competitive prices, with Guanajuato at $5.19 USD/m²/month, San Luis Potosí at $5.63 USD/m²/month, and Querétaro at $6.03 USD/m²/month.

The beginning of 2026 showed mixed performance in Mexico's industrial market, with sustained investment activity but signs of moderation compared to the previous year. The dynamics of supply and demand point to a more balanced environment, where competition for space and the evolution of prices will depend on the behavior of investments in new industrial projects and the pace of leases in the coming months.