Mexico City Hits Record Industrial Absorption in 4Q25: CBRE

CBRE’s 4Q25 Marketview Industrial Mexico City report points to record-high leasing activity, a still-expanding Class A inventory base, and a market dynamic increasingly driven by pre-leasing and renewals, particularly across the CTT and Zumpango-AIFA corridors. The report outlines the main trends shaping the Mexico City industrial market and its Metropolitan Area (ZMCDMX). 

By year-end 2025, Mexico City and its metro area posted a historic gross absorption total of 1.6 million m², the highest level ever recorded in the market. Francisco Muñoz, Executive Vice President of Industrial and Logistics, CBRE Mexico, says the result was driven mainly by pre-leases and renewals concentrated in corridors such as Cuautitlan, Tepotzotlan, and Tultitlan (CTT) and Zumpango-AIFA.

By corridor, CTT accounted for 57% of annual activity, followed by the fast-expanding Zumpango-AIFA corridor with 30%, confirming its growing role in sustaining market fundamentals.

During 2025, the market added more than 700,000m² to the Class A inventory of ZMCDMX, bringing total existing stock to 12.29 million m² across 10 submarkets, a 6.2% YoY increase. CTT remained the most active market, capturing 82% of new supply, followed by Zumpango-AIFA with 10%.

CBRE reports annual new supply of 719,000m², led by Cuautitlan (64%), followed by Tultitlan (16%) and Zumpango-AIFA (10%). Notably, 79% of projects entered the market pre-leased, reinforcing the trend of absorption during construction, where space is committed before delivery.

CBRE expects deliveries from projects currently under construction to add over 400,000 m² in 1Q26, taking total inventory to about 12.69 million m². As new supply with available area came online, the vacancy rate closed 4Q25 at 2.7%, equivalent to 332,710m² of vacant space, an increase of 0.9 percentage points compared to 4Q24.

By corridor, Cuautitlan captured 35% of available space, followed by Tepotzotlan (26%) and Zumpango-AIFA (14%).

The construction pipeline ended 2025 at 703,561m² under development, with 46% pre-leased. CBRE notes that 135,389m² started construction in 4Q25, bringing the year-end pipeline distribution to Zumpango-AIFA (43%), Cuautitlan (20%), Tultitlan (17%), and last mile (12%).

CBRE also highlights that rental “exit prices” stood between US$7.50/m² and US$13.50/m² per month, reflecting sustained demand in strategic corridors and continued appetite for logistics-grade products.

In 2025, logistics captured 91% of the total area leased, followed by e-commerce with 7%. By tenant nationality, absorption was split among Mexico (46%), United States (19%), France (9%), South Korea (9%), and Argentina (8%).

CBRE also notes that 19% of leased area was taken by US companies, largely through renewals in corridors such as Cuautitlan and Tepotzotlan, underlining continued cross-border industrial integration and operational continuity.

On the macro side, preliminary figures from Mexico’s Ministry of Economy indicate that by the end of 1H25, the State of Mexico captured 7% of national FDI, equivalent to US$2.32 billion, a 46% increase versus the same period in 2024. The United States remained the top investor with 27% participation, followed by Germany (10%), the Netherlands (9%), and Canada (7%).

CBRE’s outlook for 2026 remains constructive, supported by steady leasing activity and a strong base of projects under development and in planning. Zumpango-AIFA stands out with 2.2 million m² in the planned pipeline, followed by CTT with 978,000 m². Of the planned pipeline, 68% corresponds to Build-to-Suit projects, with the remainder expected to be speculative buildings whose construction is projected to start throughout 2026, supporting continued sector expansion.

CBRE’s 3Q25 Marketview already showed clear acceleration, with a Class A inventory of 12.09 million m², a pipeline rising to 766,760m², and a weighted average pipeline asking rent of US$10.13 per m² per month. Gross absorption reached 724,000 m² in the quarter, and 1.4 million m² for the first nine months of the year, setting the stage for the record close in 4Q25.