Mexico City Industrial Market Reaches Record Absorption in 3Q25

CBRE’s recently published MarketView Industrial Report for Mexico City 3Q25 highlights record activity and sustained investor confidence across the capital’s industrial sector.

“The industrial market in Mexico City and its metropolitan area recorded the highest Gross Absorption in the past five years. By the end of 3Q25, this figure reached 1.4 million m², 7% higher than the same period in 2024. This momentum was mainly driven by pre-leases and renewals, accounting for 40% and 39% of activity, respectively,” says Francisco Muñoz, Executive Vice President of Industrial and Logistics, CBRE.

New supply in the third quarter reached 106,000m², bringing total Class A inventory in the Mexico City Metropolitan Area (ZMCDMX) to 12.09 million m². Meanwhile, 427,361m² began construction during the quarter, boosting the city’s development pipeline to over 766,000m², a 77% increase from the previous quarter.

The average asking rent for projects under construction closed at US$10.13/m² per month, ranging between US$8.00 and US$13.50.

Foreign Investment and Sector Performance

According to preliminary data from Mexico’s Ministry of Economy, Mexico City captured 56% of the country’s total FDI in 1H25, 36% higher year-on-year and 64% above the previous quarter. The United States remained the top investor with 43%, followed by Spain with 17%, signaling growing bilateral opportunities.

Gross absorption for the quarter totaled 724,000m², up 81% year-over-year, while net demand rose 118% compared to 2024 levels, reaching 481,344m².

The CTT corridor, representing Cuautitlan, Tultitlan, and Tepotzotlan, remained dominant, capturing 53% of all commercialized space, followed by Zumpango–AIFA with 34%, which continues to emerge as a stabilizing growth hub.

Over 427,000m² broke ground this quarter, primarily in Zumpango-AIFA (60%), Tultitlan (28%), and Huehuetoca-Tepeji (6%) with 55% of these projects already pre-leased. Notably, 77% of developments are Big Box facilities (over 10,000m²), reflecting high demand for large-scale logistics operations.

By the end of 3Q25, total Class A inventory reached 12.09 million m², up 10.1% year-over-year. The CTT corridor accounted for 72% of new supply, followed by Zumpango-AIFA and Vallejo-Azcapotzalco. CBRE projects that by year-end, inventory will reach 12.36 million m².

Vacancy rose slightly to 2.0% (245,000m²) due to new deliveries and minor move-outs. The CTT corridor represents 55% of available space, with Zumpango–AIFA contributing 19%.

Demand by Sector and Nationality

The logistics sector drove 98% of total leased space in 3Q25. By nationality, Mexican firms led with 39% of participation, followed by the United States (37%), South Korea (9%), France (7%), Sweden (4%), Japan (2%), and Argentina (1%).

Nearly half (47%) of total leasing activity stemmed from renewals, while 39% came from pre-leases, predominantly located in Zumpango-AIFA.