As of the end of July 2026, the Mexican industrial market maintained a moderate growth dynamic, driven by strong demand in the country's main markets. In contrast, construction activity remained more cautious, reflecting an adjustment process aimed at balancing the increased availability of industrial space observed in recent quarters.

During July 2026, leasing activity nationwide exceeded 480,000 square meters, representing a 10% year-over-year increase compared to the same month in 2025. Leasing activity was led by Mexico City, which accounted for 32% of the national volume, followed by Guadalajara with 21%, and Monterrey with approximately 17%.

Meanwhile, industrial vacated space totaled approximately 80,000 square meters, a 60% decrease compared to July 2025. Monterrey accounted for 27% of the vacated space, followed by Mexico City with 15% and Tijuana with 14%, reflecting a lower turnover of industrial spaces in an environment of greater supply.

Industrial construction in Mexico closed July with 3.8 million square meters under development, showing a 20% year-over-year contraction. Monterrey and Mexico City continue to lead the country's construction activity, both with nearly one million square meters under development, while Guadalajara maintains third place with more than 430,000 square meters under construction.

In July, construction began on 226,000 square meters, registering a 36% drop compared to the same month in 2015. Monterrey led the volume of projects started with 38%, followed by Querétaro with 23% and Mexico City with 18% of the total. The reduction in the start of industrial construction confirms a more selective strategy on the part of developers, who continue to adjust the pace of infrastructure investment in response to increased market availability.

The deliveries added to the national inventory in July totaled 330,000 square meters, 23% lower than the amount added in the same month of 2025. Mexico City saw the largest increase, adding 125,000 square meters to its inventory, followed by Monterrey with 69,000 and Guanajuato with nearly 60,000. At the end of July, the national industrial inventory reached almost 115 million square meters, registering a 5.3% year-over-year increase.

The total supply of industrial properties in the country is 5.9 million square meters, equivalent to a vacancy rate of 5.2%, one percentage point higher than the level recorded in July 2025. The northern markets of the country have the highest vacancy rates. Tijuana leads the national list with a rate of 10.1%, followed by Reynosa at 6.9%, Monterrey at 6.7%, and Ciudad Juárez at 6.3%. In contrast, Aguascalientes, Puebla, and Saltillo maintain the lowest levels, with rates below 3%.

During July 2026, the average industrial rental price nationwide reached $7.63 USD/m²/month, representing a 5.7% year-over-year increase. Mexico City remains the market with the highest rental rates in the country, registering $10.38 USD/m²/month, followed by Tijuana at $8.60 USD/m²/month and Tecate at $8.06 USD/m²/month. At the other end of the spectrum, Guanajuato, San Luis Potosí, and Querétaro continue to offer some of the most competitive rental rates in the national industrial market. At the close of the period, their average asking prices were $5.44, $5.64, and $6.14 USD/m²/month, respectively.

The performance of the industrial market during July 2026 confirms a more balanced environment between supply and demand. While leasing activity continues to grow compared to the previous year and vacancy rates are decreasing, developers have moderated the initiation of new projects, favoring a more orderly expansion of the industrial inventory. In this context, the sector maintains fundamentals that continue to support its growth for the remainder of 2026.