FIBRAs Post 28.8% Growth in 2025 Driven by Industrial Sector

Mexican Real Estate Investment Trusts (FIBRAs) grew 28.83% in 2025, according to S&P Global’s FIBRA Index, validating expert projections and signaling strong momentum through 2026, driven primarily by the industrial segment.

The S&P/BMV FIBRAS Index tracks the performance of the sector’s main trusts, comprising FIBRA Monterrey (FMTY), FIBRA Uno (FUNO), FIBRA Danhos, FIBRA Prologis, FIBRA Macquarie, FIBRA Hotel, FIBRA Shop, FIBRA Plus, and FIBRA Inn. As of Dec. 29, 2025, the index recorded a year-to-date growth of 28.83% when measured by price. When measured by total net return, the growth rate was 37.35% year-on-year. 

Since Sept. 30, 2025, the index has registered a 4.32% increase in price terms and a 5.7% rise in total net return. Extending the horizon to the last five years, the sector has demonstrated sustained value generation, with growth exceeding 6.42% in price and 12.76% in total net return.

While S&P Global does not provide a qualitative breakdown of this performance, market analysts attribute the sector's momentum primarily to the strength of the industrial and logistics markets. This trend is underscored by the index's composition, as only three of the nine constituents, FIBRA Shop, FIBRA Hotel, and FIBRA Inn, maintain portfolios focused exclusively on the retail and hotel segments, while the remaining members have significant exposure to industrial assets.

MONEX reinforces this optimistic outlook in its latest Fibrómetro report. By November 2025, Monex reported an accumulated yield of 26.3% for the FIBRA Index, driven by portfolio maturity and strategic moves, including the debut of FIBRA Next and various acquisitions. MONEX anticipates this positive inertia will extend into 2026, supported by a revaluation of the sector and a solid base of leasable area. The financial group identifies industrial FIBRAs as the favorites for 2026, followed by the commercial sector, while predicting a recovery in occupancy rates for the office segment.

Looking ahead, MONEX outlines key factors that will define the sector's performance in 2026, including greater visibility on the US-Mexico trade environment, inflation trends influencing lease renewals, and monetary policy. The report anticipates two additional interest rate cuts in the United States and Mexico, which could further benefit financing conditions. Additionally, MONEX suggests that FIBRAs may evaluate equity financing alternatives to fund continued expansion.