In November 2025, the Mexican industrial real estate sector continued to be influenced by changes in international trade dynamics. As the year drew to a close, the market maintained strength in industrial investments and developments, although operations were more cautious due to moderating demand and increasing space availability.

At the end of November, the Mexican industrial inventory reached approximately 111 million square meters, showing a year-over-year increase of 7%. The markets with the highest inventory growth over the past year were Monterrey and Guadalajara, with increases of 13% and 10%, respectively.

During the two-month period of October-November 2025, the leasing activity of industrial spaces nationwide totaled 390,000 square meters, 30,000 square meters more than in the same period of 2024. The markets that concentrated the largest volume of transactions during this two-month period were Mexico City with 27%, followed by Monterrey with 22% and Querétaro with 12% of the total demand.

The cumulative demand between January and November 2025 reached a total of 4.6 million square meters, which is 22% lower than the figure accumulated during the same period in 2024.

Industrial move outs nationwide in the October-November period totaled 117,000 square meters, representing an 18% increase compared to the space vacated in the same period of the previous year. Guadalajara led tenant departures with 29% of move outs, followed by the Tijuana market with 23%.

Industrial construction nationwide, as of the end of November 2025, totaled 4.3 million square meters, 25% lower than that reported in November 2024. The Monterrey and Mexico City markets continue to be the main development hubs, accounting for 28% and 21% of total construction in the country, respectively.

Construction starts continue at a rapid pace. During October and November 2025, nearly 970,000 square meters of construction began, 38% more than in the same period of 2024.

New industrial space added to the national inventory in November totaled 637,000 square meters. Monterrey and Guadalajara accounted for the largest share of new additions, with 33% and 23% of the total, respectively.

As of the end of November 2025, the national industrial vacancy rate reached 5.1 million square meters, equivalent to a 4.6% vacancy rate. Northern markets registered the highest levels, with Tijuana, Mexicali, and Reynosa standing out at 8.2%, 6.3%, and 5.9%, respectively.

The average rental price for industrial properties nationwide at the end of November was $7.33 USD per square meter per month. Prices continue their upward trend, registering a 5% increase over the past year.

In a global context of moderate growth and supply chain adjustments, the Mexican industrial market is showing mixed performance. Although inventory and construction continue to expand, demand is slowing and supply continues to increase. Looking ahead to the end of 2025, the sector faces significant challenges, making strategic adjustments crucial for achieving a better balance between supply and demand in a more demanding economic environment.