During the first quarter of 2025 (1Q25), the gross absorption of industrial spaces in Monterrey, Nuevo León, reached 222 thousand square meters (m²), a figure higher than the levels recorded before the COVID-19 pandemic, driven mainly by diverse manufacturing , according to the MarketView Ciudad de Monterrey industrial sector report, carried out by CBRE México, a commercial real estate services and investment company.
According to the report, at the close of the first quarter of 2024, the marketing of the industrial real estate market in Monterrey was higher than in the first quarter of 2019, with an increase of 210.2% and in the first quarter of 2020, with a growth of 23.4% , “years prior to the boost that the market had due to the signing of the Treaty between Mexico, the United States and Canada (T-MEC) , the growth of e-commerce due to the pandemic, as well as adjustments in supply chains and the relocation of production lines in Mexico, known as nearshoring .”
CBRE also reported that the city’s industrial inventory closed Q1 25 with 10.9% annual growth, reaching 16.4 million m² , following the addition of 329,000 m² of new supply.
“Construction starts reached 401,000 m², of which 76% is available, and half is concentrated in the Apodaca submarket,” the consulting firm emphasized.
Likewise, the percentage of pre-leases decreased, closing at 39% during that period, with 679,000 m² available and under construction. Regarding vacancies , 191,000 m² were recorded , of which 75% were concentrated in the Santa Catarina submarket.
In the first quarter of the year, the vacancy rate in Monterrey increased by 5.1%, reflecting vacancies and the addition of new supply to the available inventory. This reflected accelerated growth compared to the same period last year, when vacancy was recorded at 1.4%.
The diverse manufacturing sector continues to be the main driver of industrial demand in Monterrey, with 67% of accumulated market activity at the end of 1Q25, followed by the logistics and transportation sector , with more than 30,000 m2 sold , representing 16% of total demand.
Meanwhile, the United States remains the main country of origin for companies growing in the city, with more than 57,000 m2 in the reference period.
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