Despite international economic uncertainty, the industrial sector of the Mexico City Metropolitan Area (ZMCM) showed strength, which was reflected in its real estate market, which continued to grow during the first quarter of 2025 (1Q25), according to the MarketView Mexico City Industrial Sector report, prepared by CBRE , a commercial real estate services and investment company.
According to the report, the company closed the period with a gross absorption of 307,638 square meters (m2 ) , driven primarily by renovations in corridors such as Cuautitlán and Tepotzotlán; while net demand was 187,610 m2 , a 200% increase compared to the same period in 2024.
In the reference cycle, CBRE began construction on 110,100 m2 in corridors such as Cuautitlán, which accounts for 61% of the infrastructure; Zumpango – Felipe Ángeles International Airport (AIFA), with 17%; Tultitlán, which obtained 15%; and Vallejo – Azcapotzalco, which accounts for 7% of the new developments.
The project pipeline currently under development exceeds two million square meters , with 55% designated for Built-to-Suit developments , which are buildings designed according to the client’s requirements; while 45% corresponds to speculative warehouses. In terms of location, Zumpango – AIFA accounts for 53% of the projects under development.
The company also reported that it added 125,000 m2 to the Class A inventory in the ZMCM (Madrid Metropolitan Area), bringing the total to 11.69 million m2 , representing an annual increase of 8.8 percent. The corridor that added the most new supply was Cuautitlán with 56 percent, followed by Tultitlán with 38 percent, and Mexico City with 7 percent.
At the close of 1Q25, CBRE Mexico reported that the vacancy rate remained low at 1.3%, representing 147,863 m2 of vacant space across its corridors. At the corridor level, Zumpango-AIFA retained the largest amount of vacant space, with 46,000 m2 ; followed by Vallejo-Azcapotzalco and Last Mile , with 44,000 m2 of vacancy.
The sectors that rented the most space were logistics , with 97% of the marketed surface area, followed by manufacturing , with 3%.
It’s worth remembering that on May 8, Fitch Ratings revealed that one of the markets most affected by the U.S. tariff measures would be companies in the industrial real estate sector, as they could face a slowdown in investment and growth, leading some to analyze alternative scenarios.
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