Guanajuato's industrial market has historically been characterized by its strong manufacturing and automotive base. However, the current international environment, marked by caution surrounding the USMCA renegotiations, adjustments in global investment, and a moderation in nearshoring activity, has slowed investment in industrial projects. Nevertheless, rather than stagnating, the market has found a complement to its traditional activity in the logistics and warehousing sectors, helping sustain occupancy.

By the end of the third quarter of 2026, Guanajuato recorded a total of ten industrial transactions totaling 104,000 square meters, representing a 70% increase compared with the same period in 2025.

Of interest: Solili Industrial Report | Third Quarter 2026

Twenty percent of the transactions completed during the quarter involved spaces smaller than 10,000 square meters, primarily occupied by companies engaged in logistics activities. In this context, the logistics sector accounted for 40% of quarterly demand. Logistics leasing activity was driven mainly by companies such as Binex and Herdez Logistics, while Soprema and TYW Manufacturing stood out in the manufacturing sector. The Silao-Leon submarket was particularly active, accounting for one-third of all leases completed during the third quarter. This submarket benefits from its location along the highway connecting both municipalities and its proximity to Guanajuato International Airport, providing strategic access and key connectivity within the Bajio region.

Meanwhile, industrial move-outs remained moderate during the third quarter of 2026, totaling 9,200 square meters, just one-third of the volume recorded during the same quarter of the previous year.

At the end of the third quarter of 2026, Guanajuato's industrial vacancy rate stood at 3.4%, remaining below the national average of 5.5%. This contrasts with the general increase in available industrial space across the market, particularly in northern Mexico, where Tijuana, Reynosa, and Monterrey recorded the highest vacancy rates, at 10.2%, 7.3%, and 7.0%, respectively.

Read also: Industrial Leasing in Aguascalientes Increases 38% During July-August 2026

Although market supply has not declined throughout 2026, industrial asking rents have followed an upward trend, reaching 5.43 USD per square meter per month at the end of the third quarter, an annual increase of 8%. Despite this rise, Guanajuato's rental rates remain 30% below the national average, making it the most competitively priced industrial market in the country. San Luis Potosi follows, with rents of 5.64 USD per square meter per month. These are the only two markets in Mexico where rents remain below 6.00 USD per square meter per month.

Against this backdrop, Guanajuato's industrial market continues to sustain steady demand, with logistics activity gaining ground and complementing the state's traditional manufacturing and automotive base. If the momentum observed throughout 2026 continues during the final quarter, annual demand could exceed the total recorded in 2025. Furthermore, once the USMCA negotiations are resolved, manufacturing companies could resume expanding their presence in the state, potentially increasing the sector's contribution to Guanajuato's industrial demand.