The Mexican industrial market began 2026 with a moderate pace of demand and investment in new projects compared to 2025, influenced by global factors such as adjustments in the international economy, the reorganization of supply chains, and the increased cost of construction materials.

In this context, Mexico's industrial inventory closed February 2026 exceeding 112 million square meters, representing an 8% year-over-year increase. During February, 440,000 square meters were added to the national inventory. Tijuana and Monterrey accounted for the majority of the deliveries, with shares of 25% and 21%, respectively.

Industrial space leasing activity slowed during the first two months of 2026, totaling 620,000 square meters occupied, a figure 15% lower than the volume recorded during the same period in 2025.

In the first two months of the year, the Monterrey industrial market positioned itself as the one with the highest demand nationwide, concentrating 22% of the total. It was followed by Guanajuato, with 18%, and Mexico City, with a 15% share.

Between January and February 2026, move out activity reached 340,000 square meters, representing a 45% increase compared to the same period in 2025. Mexico City led the volume of vacated space with 37% of the national total, followed by Tijuana with 23%. These markets, along with San Luis Potosí, were the only ones where move outs exceeded leasing levels.

As of the end of February 2026, industrial construction nationwide exceeded 3.9 million square meters under development, registering a 34% year-over-year contraction. The markets with the highest construction activity are Mexico City and Monterrey, each with more than one million square meters under development.

During January and February 2026, construction starts totaled 500,000 square meters, representing a 43% decrease compared to the same period of the previous year. Mexico City and Guanajuato were the most active markets in terms of the construction starts , with 116,000 and 113,000 square meters of new projects, respectively.

At the end of February 2026, the national industrial supply exceeded 5.7 million square meters, registering an increase of more than 2.5 million square meters over the past year. The national vacancy rate remains at 5.1%, a healthy level; however, most northern markets are already showing figures above the national average. The Tijuana industrial market has the highest vacancy rate in the country at 9.5%, followed by Mexicali and Ciudad Juárez, both at 6.3%. In contrast, the Aguascalientes and Puebla markets have the lowest vacancy rates, at 1.0% and 1.5%, respectively.

In February 2026, the average national industrial rental price was USD 7.46/m²/month, reflecting a 6.3% year-over-year increase. The industrial market in Mexico City maintains the highest prices in the country, at USD 10.55/m²/month, followed by Tijuana at USD 8.68/m²/month. In contrast, the lowest prices are found in San Luis Potosí, at USD 5.64/m²/month. Despite the increase in supply, rents continue their upward trend, with Mexico City and Saltillo standing out as the markets that registered the largest annual price increases, at 49% and 29%, respectively.

The industrial sector in Mexico presents a landscape of adjustment, where the moderation in demand and construction starts reflects a focus on prioritizing the occupancy of existing inventory before developing new projects. Despite the significant challenges it faces, the market maintains a solid performance and has ample supply that allows companies to continue operating and adapting to their needs.