San Luis Potosí’s industrial market is going through a period of moderation. Changes in international trade conditions, uncertainty surrounding the USMCA, and greater caution in investment decisions have influenced the pace of industrial space occupancy. Although leasing activity continues to include significant transactions, the cumulative performance reflects lower demand, a situation that is beginning to carry over into the development of new projects.

At the close of October 2026, monthly gross absorption reached around 25,000 square meters, a volume similar to that recorded in the same month of 2025. However, when considering the January-October cumulative total, demand added up to 143,000 square meters, a figure representing an annual contraction of 40%. This difference shows that, despite maintaining activity during the last month, the market has yet to recover the levels of activity seen a year earlier.

Of interest: Industrial Report: Solili | October 2026

Historically, an important share of San Luis Potosí’s industrial activity was tied to the development of custom-built projects (Build-to-Suit or BTS), mainly for companies in the manufacturing and logistics sectors. These developments respond to specific occupancy needs and commitments previously established with users, so their evolution offers a view into changes in companies’ investment and expansion decisions. During 2026, the market recorded only three BTS buildings, compared to the 17 counted during 2025, reflecting lower activity in this segment.

On the supply side, the vacancy rate stood at 4.9% at the close of October 2026, maintaining moderate levels of industrial supply. This scenario, combined with more limited demand, has led developers to adopt a cautious stance toward starting new projects, prioritizing the marketing of existing space before adding more square footage to the inventory.

This moderation is already reflected in construction activity. At the close of October 2026, the volume of industrial space under development reached 85,000 square meters, compared to the 180,000 square meters recorded in the same period of 2025, representing a decrease of more than 50%. Of the total under construction, 17% remains available, with a concentration of projects in the San Luis Potosí–Villa de Arriaga submarket and spaces ranging from 5,000 to 10,000 square meters.

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Looking ahead to the close of 2026, San Luis Potosí’s industrial market faces the challenge of regaining momentum in space leasing and reactivating companies’ expansion plans. Its manufacturing vocation, strategic location in the Bajío, and competitiveness in operating costs and lease rates maintain favorable conditions for attracting new investment. However, the evolution of international trade and certainty around the USMCA will continue to be relevant factors in defining the pace of demand and the start of new developments.