In the third quarter of 2026 (3Q26), industrial construction in Monterrey grew 28% quarter-on-quarter, reaching 666,000 square meters (m²) distributed across 22 buildings, in a market that showed a reduction in vacant space and demand driven mainly by diverse manufacturing, according to the consultancy CBRE Mexico .

In its Market View report of the industrial sector in the city of Monterrey , it noted that during the July-September period, new construction starts totaled 220,000 m² , of which 85% were concentrated in three municipalities: Ciénega de Flores with 39%, Apodaca with 29% and Escobedo with 17 percent.

At the close of Q3 2026, Monterrey’s industrial inventory reached 18.11 million m² , which represented an annual increase of 5.1%, after incorporating 138,000 m² of new supply during the period.

Gross absorption , which accounts for the area sold, totaled 284,000 m² in Q3 2026, bringing the cumulative total to 710,000 m², an annual growth of 2.7 percent.

Quarterly activity was concentrated in Apodaca with 41% of the leased area, Escobedo with 29%, and Ciénega de Flores with 21%. Together, these submarkets accounted for 91% of the gross absorption for the period.

By property type, new buildings accounted for 213,000 m² , while build-to-suit projects —developed to meet a tenant’s specific needs—totaled 40,000 m². Second-generation spaces, meaning previously occupied properties, contributed 31,000 m².

Meanwhile, net absorption, an indicator that reflects the change in inventory occupancy, reached 228,000 m² during the quarter and accumulated 552,000 m² at the close of Q3 2026. However, this latter figure remains below the 787,000 m² recorded in the same period of 2025.

Increased leasing and occupancy of spaces contributed to reducing vacant space from 1.22 million to 1.11 million m² between the second and third quarters of 2026. Thus, the vacancy rate fell from 6.8 to 6.1 percent.

Apodaca saw the largest decrease in available space, with 78,000 square meters less, followed by Santa Catarina and Ciénega de Flores. In contrast, Escobedo reported an increase of approximately 12,000 square meters in its vacant area.

Despite the quarterly reduction, the vacancy rate of 6.1% is still above the 5.9% observed in the third quarter of 2025. This indicates that availability has improved compared to the previous quarter, but has not yet returned to the level of a year ago.

Additionally, 212,000 m² of subleased space was monitored, a 131% increase compared to the 92,000 m² recorded a year earlier. This indicator adds another variable to the availability analysis, as companies can offer spaces they no longer require without necessarily adding new buildings to the inventory.

Manufacturing concentrates the demand

Diverse manufacturing remained the main driver of industrial real estate demand in Monterrey. During the first nine months of 2026, this segment accounted for 420,000 m² , equivalent to 59% of the cumulative gross absorption.

Logistics and transport followed with 79,000 m², representing 11% of the commercialized area, and the automotive sector with 75,000 m², equivalent to 10.5 percent.

The distribution shows that the demand for industrial spaces is mainly linked to production needs, while logistics and transport companies maintain a relevant share in the occupancy of properties for storage and operation of supply chains.

By country of origin, US companies led cumulative demand with 249,000 m² , followed by China with 104,000 m² and Mexico with 70,000 m². The average transaction size was approximately 12,900 m².

The performance of the industrial real estate market occurs in an environment where Nuevo León maintains a relevant weight in attracting investment.

During the first half of 2026, the entity received three billion 712 million dollars of Foreign Direct Investment (FDI), equivalent to 10.6% of the national total.

In Monterrey, the consulting firm identified development activity mainly linked to manufacturing projects and companies related to electronic components and supply chains associated with technological infrastructure.

Furthermore, greater clarity regarding the review process of the United States-Mexico-Canada Agreement (USMCA) could provide certainty to companies’ investment and expansion decisions.

“The Monterrey industrial market maintained its stabilization process during Q3 2026, with a recovery in net absorption and a reduction in availability,” highlighted Ramón Flores, Vice Chairman of CBRE Mexico, Northeast region.

Comment and follow us on LinkedIn:  @GrupoT21

El cargo Industrial construction grows in Monterrey in Q3 2026; manufacturing drives demand: CBRE apareció primero en T21.

Fibra Mty is preparing a second public tender offer and reciprocal subscription (OPA) for the real estate trust certificates (CBFIs) of Fibra Macquarie Mexico that are not owned by Fibra Mty at the start of the operation.

This operation would continue what was concluded on May 29 of this year, when Fibra Mty acquired 80.69% of the outstanding CBFIs of Fibra Macquarie .

According to a statement, Fibra Mty is in the process of obtaining authorization from the National Banking and Securities Commission (CNBV) to launch its second tender offer .

The terms stipulate an exchange ratio of 3.20 Fibra Mty CBFIs for each Fibra Macquarie certificate . Holders would also have the option of receiving cash equivalent to 44 pesos for each Macquarie CBFI.

The transaction would also allow for a combination of both payment methods, meaning receiving Fibra Mty certificates and cash. For the cash component, the company set a maximum amount of 6,533,086,956 pesos.

Should the second tender offer materialize, Fibra Mty would move forward with acquiring the Macquarie certificates that remain outside its ownership , although the final percentage will depend on the participation of the holders and the final conditions of the offer.

The operation is subject to obtaining the corresponding regulatory authorizations, including those from the CNBV and the National Antitrust Commission (CNA) , in addition to the evaluation processes.

Fibra Mty closed the second quarter of 2026 (2Q26) with 383 properties in its portfolio, including 343 for industrial use, 17 for office use and 23 for commercial use.

The company’s land reserve amounts to 1,149,757 square meters (m2). Fibra Macquarie, for its part, has a land reserve with an additional potential gross leasable area (GLA) of approximately 765,200 m2.

Comment and follow us on LinkedIn: @GrupoT21

El cargo Fibra Mty prepares second acquisition offer for Fibra Macquarie stock certificates apareció primero en T21.

The industrial market in Mexico began 2026 with mixed signals, but with the northeast consistently leading the way in inventory absorption and growth. According to Pablo Quezada , CEO of Datoz , this region has not only grown above the national average in recent years, but has done so with solid demand fundamentals, not solely due to speculation .

During the first quarter of the year, the country’s industrial inventory approached 1.2 billion square feet . However, understanding its evolution requires going beyond the aggregate figure.

“In real estate, location is everything,” the executive explained in an interview.

In that sense, the northeast, with key markets such as Monterrey, Saltillo and Reynosa, has registered an average growth of close to 7% in the last five years, above the 5% observed in other regions such as the Bajío, the central or the northwest.

One of the most relevant findings is that this growth is supported by demand. Through a comparative analysis of cumulative absorption and inventory, Datoz found that the Northeast has a ratio close to 30% , compared to 20% for other industrial regions.

This indicates that real estate development in this area responds, to a greater extent, to real market needs.

“This is not mere speculation. In relative terms, there has been more demand than in other regions,” Quezada stated.

This stability is also reflected in the composition of new developments. Unlike other areas of the country, where speculative construction can exceed 80%, in the northeast it represents around 70%. The remainder consists of build-to-suit projects , meaning developments tailored to a specific tenant, suggesting a more cautious approach on the part of developers.

Currently, the Northeast is in a favorable phase of the real estate cycle for renters, with higher levels of availability. However, this trend is beginning to change.

“The availability rate is already showing signs of adjustment and could begin to decline in the coming quarters,” Quezada explained.

This behavior contrasts with other regions such as the northwest, where the cycle has not yet reached its peak.

According to the specialist, this adjustment is a natural market reaction, where developers begin to moderate the pace of construction in response to signs of oversupply, which helps to maintain the balance of the sector.

The major obstacle: energy and infrastructure

Despite its dynamism, growth in the Northeast faces structural limitations, particularly in the energy sector. The lack of sufficient infrastructure to support industrial projects , especially manufacturing, has become a factor that could hinder new investment.

“There are projects that simply don’t get off the ground because there’s no energy available,” Quezada warned.

This problem not only involves the construction of new plants, but also the development of transmission networks, which requires time and large investments.

Within the northeast, states like Nuevo León and Coahuila concentrate much of the activity. In contrast, Tamaulipas maintains more moderate growth, partly due to strong competition from Monterrey as an industrial hub.

“Monterrey is a formidable competitor. Many companies that could set up shop in border cities end up choosing this city because of its scale and productivity,” he explained.

However, markets such as Reynosa, Matamoros, or Nuevo Laredo remain attractive to companies that prioritize strategic location and proximity to the United States.

Contrary to the perception of a slowdown, Datoz believes that nearshoring still has room to grow in Mexico. The relocation of supply chains responds to structural changes in global trade and to an increasingly demanding consumer in terms of delivery times.

“The trend isn’t going to stop. Beyond geopolitics, it’s the consumer who is driving closer supply chains,” Quezada noted.

In this context, the review of the United States-Mexico-Canada Agreement (USMCA) could also play a key role. While it generates uncertainty in the short term, its conclusion could trigger new investments by offering greater certainty to the markets.

Outlook 2026

Although the beginning of the year showed lower absorption levels than in previous periods, the outlook is positive. Datoz anticipates a gradual recovery as the year progresses, supported by a historically upward trend in demand for industrial space.

“The behavior is not linear, but the trend is clear. We expect the market to recover gradually in the coming quarters,” he emphasized.

Comment and follow us on LinkedIn:  @Jennifer Galindo  /  @GrupoT21

El cargo Northeast leads the industrial real estate market: Datoz apareció primero en T21.

Nuevo León, Chihuahua, and Coahuila once again ranked among the top three in the national ranking, consolidating their position as the most robust industrial hubs in Mexico, according to the results of the third edition of the Industrial Development Index (IDI) 2025 , prepared by FINSA , an industrial real estate developer.

According to the analysis, Baja California maintained its fourth position and the State of Mexico ranked fifth, driven by advances in infrastructure and economic dynamism.

In the infrastructure category , which assesses the availability and evolution of space designated for industrial development in each entity, as well as the quality and capacity of its physical and digital connectivity, Nuevo León expanded its leadership, reaching 17.9 million square meters (m²) of industrial space , in addition to having the highest level of new construction, with an average of 1.3 million m² per year over the last five years.

Chihuahua and Baja California remain among the states with the highest installed capacity and sustained growth.

Mexico City also stood out, with an annual average of 334,000 m² of new construction, followed by Coahuila with 321,000 m², Jalisco with 271,000 m², Querétaro with 221,000 m², and Guanajuato with 209,000 m².

In terms of connectivity, the Felipe Ángeles International Airport (AIFA)  positioned the State of Mexico as the national leader in air cargo, “although an impact is anticipated from the last quarter of 2025 following the revocation of routes by the United States government.”

The growth of containerized cargo in the ports of Lázaro Cárdenas and Veracruz strengthened the logistical position of Michoacán and Veracruz.

In contrast, road safety indicators showed progress in Tlaxcala, San Luis Potosí and Morelos; while Mexico City, Durango and Nayarit showed significant setbacks, detailed the IDI 2025.

“The Industrial Development Index has become a strategic tool for evaluating the real capacity of entities, in line with initiatives such as the Mexico Plan , which seek to articulate a long-term industrial and territorial policy,” highlighted Sergio Argüelles, president and CEO of FINSA.

Regarding the environment and sustainability , Durango stood out in wastewater treatment, with levels close to 100 percent. It was followed by Jalisco, Mexico City, Aguascalientes, and Baja California. However, critical gaps persist in the southeast of the country, particularly in Campeche and Yucatán.

Chihuahua, Baja California, Nuevo León, Mexico City and Tamaulipas had an outstanding performance as main drivers of LEED certified buildings, although 17 entities did not register any activity in the period analyzed.

Among other data, the IDI revealed that Mexico City also led in the number of researchers linked to industry, applications for inventions and STEM graduates (science, technology engineering and mathematics).

Regarding economic development , Nuevo León (12.6%), State of Mexico (9.3%), Coahuila (8.2%), Jalisco (7.9%), Guanajuato (6.9%) and Baja California (6.6%) concentrated the largest share of the manufacturing Gross Domestic Product (GDP) .

Meanwhile, Mexico City took the national lead for the first time in Foreign Direct Investment (FDI) in the secondary sector, that is, the industrial sector, with an annual average of 16.7 billion dollars (USD) , while Nuevo León remained at 11.7 billion USD .

Manufacturing exports continue to be concentrated in Chihuahua, Coahuila, Baja California, Nuevo León, and Tamaulipas—which together account for more than 53% of the national total. Jalisco, Sonora, Guanajuato, and San Luis Potosí show relative improvements in intermediate positions.

Among the conclusions of the analysis, FINSA noted that global conflicts, as well as trade tensions between the United States and China, have accelerated the transition to regional supply chains, where resilience, proximity, and logistical security are becoming key factors.

In this scenario, Mexico maintains a privileged strategic position as the main trading partner of the United States and as a natural platform for productive integration in North America.

“The coming years will be crucial for more regions of the country to capitalize on these trends. Mexico has a historic window of opportunity to consolidate a balanced and competitive industrial policy aligned with the challenges of sustainability, innovation, and logistical security imposed by the new global order,” highlighted IDI 2025.

However, the opportunities arising from nearshoring (relocation of production lines), manufacturing expansion, and technological transformation are being captured unevenly across regions, deepening differences in infrastructure, talent, sustainability, and security.

Comment and follow us on X:  @GrupoT21

El cargo Northern Mexican states lead industrial development: FINSA apareció primero en T21.

FINSA , a developer of industrial parks in Mexico, announced the launch of a comprehensive energy efficiency and decarbonization program that will cover its industrial parks in operation in the country, in a context where the availability of infrastructure and energy capacity are critical factors for attracting industrial investment and consolidating the relocation of production lines in Mexico ( nearshoring ).

The initiative seeks to boost the competitiveness of FINSA’s industrial parks and strengthen the electrical infrastructure, in addition to promoting efficient energy capacity management and a reliable, uninterrupted, and sustainable supply , the company explained in a statement.

“The future of the industry depends on reliable, competitive, and clean energy. With this program, our clients access world-class solutions that generate savings and energy resilience from day one,” said Sergio Argüelles, President and CEO of FINSA.

The program will offer energy solutions and a comprehensive portfolio to FINSA tenants without requiring an initial investment.

In this regard, he highlighted the generation of on-site distributed solar energy , taking advantage of industrial roofs. It will also offer energy storage systems that correct flickers (electrical power fluctuations), improve quality, and ensure operational continuity.

Another proposed solution is to mitigate power outages, ensuring efficiency and reliability in daily operations, as well as migration and participation in the Wholesale Electricity Market (MEM), with optimization of supply costs .

In addition, it will offer a digital monitoring platform with real-time metrics on consumption, costs, and emissions.

FINSA tenants will benefit from savings compared to conventional rates, as well as a verifiable reduction in carbon dioxide (CO₂) emissions, aligned with ESG (environmental, social, and corporate governance) goals and SBTi (Science Based Targets Initiative) commitments.

FINSA will also implement renewable energy projects in common areas of all its industrial parks —such as lighting, roads, and amenities—reinforcing its vision of continuous improvement, sustainability, and energy resilience.

The program is part of FINSA Energy’s comprehensive plan, which also includes the construction of high-voltage substations and high- and medium-voltage transmission lines, with the goal of strengthening the electrical infrastructure and promoting more efficient management of energy capacity in its developments and with its customers.

FINSA operates in Mexico with 28 industrial parks and more than 70 locations nationally and internationally. It has over 3.7 million square meters (m²) under lease and management, and has built over 14 million m².

It also operates sustainable buildings , where it has 17% of the national total of LEED-certified buildings in Mexico.

Comment and follow us on X:  @GrupoT21

El cargo FINSA is committed to energy efficiency and decarbonization in its industrial parks. apareció primero en T21.

The challenge was no small feat: the original facilities dated back to the 1970s and operated under conditions far below today’s standards.

“They didn’t have loading docks, fire protection systems, or services that would guarantee their viability in the current context,” explains Diego Hernández, an architect at O’Donnell, in an interview with T21.

The intervention was comprehensive. The project included the replacement of hydraulic and sanitary infrastructure, the installation of storm drains to mitigate flooding, highly reflective floors, natural and LED lighting , and structural reinforcements aligned with Mexico City’s Building Regulations.

At the operational level, the warehouses now feature loading docks, hermetic seals, and 30,000-pound dock levelers. The redesign is complemented by spacious offices, separate entrances, recreational areas, and a closed-circuit security system.

This qualitative leap is not an isolated one: it responds to the urgent need to bring the logistics chain closer to the end consumer. In a country where e-commerce maintains double-digit growth rates , locating within the urban area is strategic.

“There’s a lot of optimism about Vallejo; it’s consolidating its position as a key industrial hub . Our goal is to consolidate a competitive, safe, and sustainable product in the heart of the city,” Mariano Cinaroglu, director at O’Donnell, told T21.

To continue reading this article from T21 magazine’s October 2025 issue, please visit the digital version  by clicking here .

El cargo Vallejo reinvents itself: O’Donnell drives the new logistics frontier of e-commerce apareció primero en T21.

FINSA , a developer of industrial parks in Mexico, announced the start of a project in the municipality of García, Nuevo León, with an investment exceeding $220 million . This new development, called FINSA Monterrey García Industrial Park, will become the first large-scale, sustainable institutional park in the area.

The project will be developed in two phases, beginning with 45 hectares in the first phase and reaching a total of 92 hectares by the end of the second. The master plan includes the construction of 17 industrial buildings , with an estimated rentable area of ​​370,000 square meters (m²).

FINSA anticipates the arrival of more than 25 world-class companies, which will generate more than 14,000 direct jobs and a multiplying impact on the local economy through thousands of indirect jobs. This development is aligned with the García municipality’s strategy to attract responsible investments that boost regional competitiveness and social well-being.

The main features of the FINSA Monterrey García Industrial Park include its focus on clean and sustainable manufacturing , designed to house light and non-polluting industries; its phased development , beginning with 45 hectares and adding an additional 47 hectares in the second phase; a world-class infrastructure that will position it as the largest industrial park in the municipality; and its capacity to attract national and international investment , with the projection that more than 25 companies from various light manufacturing and logistics sectors will establish themselves in the area.

With these projections, Sergio Argüelles González, president and general director of FINSA, expressed his commitment to the municipality.

“This development reaffirms our commitment to promoting García as a strategic location in Nuevo León’s industrial corridor,” he emphasized.

With this investment, FINSA adds its seventh industrial park in Nuevo León, reaching more than 740 hectares in the Monterrey metropolitan area.

Comment and follow us on X: @GrupoT21

El cargo FINSA is committed to sustainable development in Nuevo León with a new industrial park. apareció primero en T21.

FIBRA Macquarie México reported on Monday that it has strengthened its non-binding takeover offer for Terrafina , raising the exchange factor to 1.125x for each Terrafina certificate, with which holders would receive 1,125 FIBRA Macquarie certificates.

In addition, FIBRA Macquarie has announced a reduction in its management fee structure , which will reduce the fee by 25 basis points annually for market capitalizations greater than two billion dollars, maintaining 100 basis points for the first two billion.

Recently, Terrafina rejected a proposal from Fibra Uno (FUNO) to consolidate its real estate portfolios into a new industrial vehicle called “Nearshoring, Experts & Technology.”

FUNO’s offering, presented to the Mexican Stock Exchange on May 24, 2024, sought to integrate industrial sector portfolios, including the FUNO industrial portfolio, Júpiter portfolio and Terra portfolio, thus creating the largest industrial real estate vehicle in Mexico.

For his part, Simon Hanna, CEO of FIBRA Macquarie, expressed confidence that the combination with Terrafina would generate significant long-term value for all stakeholders.

“We remain confident that a combination of FIBRA Macquarie and Terrafina would create significant long-term value for all stakeholders, as we are able to better capitalize on favorable market opportunities, supported by production relocation trends to Mexican territory. (nearshoring),” Hanna said.

In that sense, among the benefits of the Macquaie FIBRA proposal, the following stand out:

• The increase in cash flow earnings for certificate holders.
• Unique revaluation potential for investors.
• An institutional vehicle without a control group, benefiting all investors.
• Improvement in the commercial liquidity profile of the combined entity.
• Value creation opportunities through FIBRA Macquarie’s operational capabilities.

With this synergy, FIBRA Macquarie seeks to achieve the necessary milestones for the transaction , such as convening a meeting of certificate holders and obtaining regulatory approvals.

Comment and follow us on X:  @GrupoT21

El cargo Fibra Macquarie Raises Proposal to “Conquer” Terrafina apareció primero en T21.