Despite the commercial uncertainty framed by tariffs, the industrial real estate market in Guadalajara, Jalisco, showed solid growth in the first quarter of 2025 (1Q25), with a  gross absorption of 83 thousand square meters (m²) , which meant an increase of 11% compared to the same period last year, according to the MarketView City of Guadalajara industrial sector report , carried out by the consulting firm CBRE Mexico .

According to the analysis, the Class A space inventory reached 5.17 million m² , representing a 10.2% annual increase over the reference period; more than 143,000 new m² were added to the market at the beginning of the year.

In 1Q25, there was a significant push in the construction of industrial spaces, highlighting the El Salto submarket, which reached 168 thousand m² under construction, of which 20 thousand m² began construction during the period .

Likewise, El Salto accounted for 88% of the new industrial supply in Guadalajara, with 127,600 m² added, while the remainder was distributed between Periférico Sur and Acatlán, with 4,000 m² each. Additionally, 32,000 m² are in the pipeline.

The vacancy rate stood at 3.4% , or 174,000 square meters available, driven by the addition of 80,000 square meters of vacancy and the vacancy of 23,500 square meters. Despite the growth, vacancy remains below 2019 levels, CBRE emphasized.

At the close of 1Q25, 50,700 m² of new demand were recorded in Guadalajara, exceeding the first quarter of 2024 by 12,200 m².

According to the report, industry diversification in terms of gross uptake or marketed space was primarily comprised of the automotive, technology, retail , logistics outsourcing, and agricultural sectors.

This dynamism stemmed from the investment that has come to Jalisco. According to the Ministry of Economy , in the first quarter of 2025, this state attracted $606.8 million in foreign direct investment (FDI).

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The diverse manufacturing, logistics and transportation, as well as automotive sectors and the sustained growth of e-commerce have accelerated the industrial real estate market in Monterrey, Nuevo León, which closed the fourth quarter of 2024 (4Q24) with a gross absorption or marketed spaces of 340 thousand square meters (m2 ⁾ , which brought the annual accumulation to 1.5 million m2 ^, reported the real estate services and investment company CBRE .

According to its MarketView report on the industrial real estate sector in Monterrey, at the end of the fourth quarter of 2024, 50% of that activity was built-to-suit projects and Apodaca remained the most important submarket, with more than 657 thousand m2 ^absorbed , 43% of the total demand. Escobedo and Guadalupe followed, with 15% and 13% , respectively.

“The year 2024 closes with the diverse manufacturing industrial sector as the main driver of annual demand in Monterrey, with 38% of total market activity. The logistics and transportation sector continues its expansion in the city, consolidating itself as the second most active in the year, with more than 374 thousand m2 ^sold , representing 26% of total demand,” explained Ramón Flores, executive vice president of the northeast region of CBRE Mexico.

These sectors were followed by the automotive sector , which remained in third place with an additional 15% . In addition, e-commerce showed exponential growth in 2024 and with only three transactions, it represented 12% of annual gross absorption.

The industrial market in Monterrey ended 2024 with accelerated growth in its inventory, exceeding 16 million m2 ^, after incorporating more than 1.7 million m2 ^{during the past year, which meant the second} highest annual increase, only behind 2023, when it was 1.8 million m2 , CBRE announced in a statement.

Meanwhile, construction activity remains at historic highs, above 1.1 million m2 ^, and is concentrated mainly in the submarkets of Apodaca, Ciénega de Flores and Guadalupe.

“This accelerated growth in inventory and a slower pace of built-to-suit or pre-leasing projects have allowed for rapid growth in supply in the city, which together with new vacancies added more than 244 thousand m2 ^of vacant space to the market in recent months,” the firm explained.

During 4Q24, more than 160 thousand m2 ^of vacant space were delivered in the different submarkets of the city, which, together with a new series of vacancies, drove the growth of the vacancy rate, which closed the year at 4% , with more than 639 thousand m2 ^existing and being marketed.

The United States is the main place of origin of these investments, with more than 645 thousand m2 ⁽ 44%). It is followed by Mexico (16%) and Germany with 9 percent.

In addition to the industries mentioned above, another factor that has driven the growth in the absorption of industrial spaces is the relocation of production lines in Mexico, a phenomenon known as nearshoring , which represents a development opportunity for our country and this market, as the demand for warehouses by foreign companies increases.

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