Industrial Real Estate Boom in Mexico City: Record Absorption and Foreign Investment Sustain Expansion into 2026

The Mexico City industrial real estate market and its metropolitan area closed 2025 with historic absorption levels, a solid construction pipeline, and strong participation from foreign direct investment, according to CBRE’s Marketview Industrial Mexico City 4Q 2025 report.

By year-end, cumulative gross absorption reached 1.6 million square meters, the highest figure ever recorded in this market. This performance was primarily driven by pre-leasing activity, lease renewals, and sustained demand across strategic corridors such as Cuautitlán, Tepotzotlán, and Tultitlán (CTT), as well as the Zumpango–AIFA submarket.

“Throughout 2025, the Mexico City and Metropolitan Area industrial market maintained solid momentum, with unprecedented absorption levels driven by early-stage transactions and renewals in key corridors,” said Francisco Muñoz, Executive Vice President of Industrial and Logistics at CBRE Mexico.

Industrial Supply and Inventory Growth in the Metropolitan Area

In terms of new supply, approximately 719,000 square meters of Class A industrial space were added to the market during 2025. Cuautitlán accounted for 64% of this new inventory, followed by Tultitlán (16%) and Zumpango–AIFA (10%). A notable trend during the year was that 79% of new developments entered the market already pre-leased, confirming the prevalence of forward absorption.

As a result, total industrial inventory in the Mexico City Metropolitan Area (ZMCDMX) reached 12.29 million square meters, representing 6.2% year-over-year growth. By the first quarter of 2026, more than 400,000 additional square meters are expected to be delivered, potentially increasing total inventory to nearly 12.7 million square meters.

The construction pipeline at the close of 2025 totaled 704,000 square meters, with 46% already committed. Zumpango–AIFA led development activity with 43% of the pipeline, followed by Cuautitlán (20%), Tultitlán (17%), and last-mile projects within Mexico City (12%). Asking rental rates ranged between $7.50 and $13.50 per square meter per month.

Logistics Demand and Foreign Investment Drive Market Dynamics

Despite the addition of new supply, the vacancy rate remained low, closing the year at 2.7%, equivalent to 332,710 square meters of available space. This figure represented a 0.9 percentage point annual increase, largely attributed to newly delivered properties.

Cuautitlán concentrated 35% of total available space, followed by Tepotzotlán (26%) and Zumpango–AIFA (14%). In terms of tenant profile, the logistics sector accounted for 91% of annual absorption, while e-commerce represented 7%.

By origin of capital, Mexican companies captured 46% of total absorption, followed by firms from the United States (19%), France and South Korea (9% each), and Argentina (8%).

Market performance was further supported by foreign direct investment inflows. Preliminary data from Mexico’s Ministry of Economy indicates that the State of Mexico attracted $2.324 billion in FDI during the first half of 2025, representing 7% of the national total and a 46% year-over-year increase. The United States remained the leading investor, followed by Germany, the Netherlands, and Canada.

Looking ahead to 2026, CBRE anticipates continued market expansion, supported by a planning-stage pipeline of 2.2 million square meters in Zumpango–AIFA and an additional 978,000 square meters in the CTT corridor. Approximately 68% of these projects correspond to build-to-suit schemes, signaling sustained and specialized demand from industrial and logistics users.