Mexico's Industrial Real Estate Market Flourishes in Early 2024

During the first two months of 2024, the national leasing activity in Mexico's industrial real estate sector reached an impressive total of 883,000 square meters, according to data from the Solili platform.

Leading the leasing demand was the industrial market in Mexico City, which closed the period with a robust demand of 292,000 square meters. Monterrey followed closely behind, leasing 241,000 square meters during the same period.

The northern region continued to lead in attracting industrial investments, with a total of 398,000 square meters occupied, representing 45% of the national leasing activity. Standout markets in this region include Saltillo, Tijuana, and Ciudad Juárez, each with significant leasing demands.

On the other hand, the Bajío region accounted for 25% of the national demand, with Querétaro and Guanajuato emerging as the most active markets, reporting 77,000 and 50,000 square meters leased, respectively.

By the end of February, nationwide construction activity had reached 5.7 million square meters, with Monterrey leading the way with 32% of projects under construction. Mexico City, Saltillo, and Tijuana followed, each contributing a significant percentage to the total construction activity.

During the first two months of 2024, a total of 705,000 square meters commenced construction, marking a 12% increase compared to the same period in the previous year. Monterrey, Mexico City, and Querétaro emerged as the frontrunners in initiating new industrial construction projects, signaling continued growth and development in these key markets.