Who Mexico’s Largest Industrial Developers Are Depends on How You Look at It
- Some developers build entire cities, yet they don’t lead the national inventory, recent deliveries, or projects that could expand it.
Industrial Mexico has many developers, but no single owner of its history. Across the northern, central, and Bajío markets monitored by SiiLA, no company has developed even one-tenth of the built square meters, and the market as a whole shows no evidence of concentration¹.
FINSA has developed the most space, at around 4.7 million square meters, followed by Prologis with 4.5 million and Vesta with 4.1 million. Together, the three account for just one in every five square meters, with individual shares of 7.2%, 6.8% and 6.3%, respectively.
That dispersion, however, depends on how far out you look. When the national map is broken down into individual markets, some developers go from being a small part of the whole to accounting for a considerable share of entire cities.
The most extreme case is ...
This does not necessarily mean that smaller markets have less competition. It may also reflect how they accumulate inventory, since the smaller a market is, the less space a company needs to develop to leave a considerable footprint. In fact, among the markets analyzed, larger inventories are associated with the presence of more developers and, when the formation of today’s stock is examined through delivery years, the addition of new participants was associated with lower concentration². The observed concentration may therefore reflect both the structure of developers and the history of how the market itself formed.
The Map Changes Over Time
The cumulative picture also hides movement. According to SiiLA data, about 42% of the analyzed space with an identified delivery year corresponds to properties delivered between 2020 and 2026, compared with 35.6% delivered during the previous decade. In other words, nearly four out of every five dated square meters observed today entered the market since 2010, while just 22.3% corresponds to properties delivered before that year.
Such a pronounced difference in age means that each developer’s cumulative weight can tell a different story about its presence in the most recent portion of the inventory. This is true even among the largest developers. While FINSA, Prologis and Vesta account for approximately 20.3% of the analyzed built space, their combined share falls to around 14.2% among properties delivered from 2020 through 2026, a period in which VYNMSA, Parks and CPA also rank among the top five. The contrast shows that cumulative inventory preserves the weight of those that participated in its formation over decades, but does not necessarily reflect which developers have the greatest presence in its recent expansion.
However, the picture changes again when moving from what has already been delivered to what is still under construction or remains in the project stage.
What’s Coming Could Change the Leader
SiiLA tracks around 2.4 million square meters currently under construction, equivalent to 3.8% of the analyzed built space, and another 6.6 million square meters as projects, equivalent to 10.2%. FIBRA Danhos, Parks and Litos account for the largest volumes under construction, while Prologis, E-Group and El Puerto de Liverpool lead in projects.
That difference between stages does not, however, mean the cumulative inventory is about to change. If all the space currently under construction were added to the analyzed stock, the 10 largest developers would retain the same order they hold today. And even if the registered projects were added to that scenario, the analyzed inventory, despite growing by nearly 14%, would retain the same 10 largest developers. However, Prologis would displace FINSA from the top spot.
Even with that change at the top of the ranking, the market structure would remain virtually intact. Under that scenario, the combined share of the 10 largest developers would fall from 44.8% to 43.5%, while overall market concentration would decline slightly³. Thus, if the roughly 9.1 million square meters currently under construction or in the project stage were ultimately added to the inventory, the first-place company would change, but no developer would account for even one-tenth of the space.
To explore how industrial inventory is distributed among developers, markets and properties, visit SiiLA Market Analytics or email us at contacto@siila.com.mx.
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¹ The analysis covers 4,127 industrial properties with identified developers across the markets tracked by SiiLA, totaling 65.0 million square meters. Concentration was measured using the Herfindahl-Hirschman Index, which stood at 283 on a scale of 0 to 10,000. For properties with more than one developer, the space was divided equally among the participating companies.
² Across the 12 markets analyzed, the Spearman correlation between inventory and concentration was −0.811 (p=0.0014), while the correlation between inventory and the number of developers was ρ=0.888 (p=0.0001). When the formation of the existing stock was reconstructed using delivery years, the addition of new developers was associated with lower concentration (ρ=−0.378; p=0.0300). These associations do not imply causation.
³ The change in concentration was assessed using the combined share of the 10 largest developers and the HHI. In the scenario incorporating the entire pipeline, the CR10 declines from 44.8% to 43.5% and the HHI from 283 to 271. The exercise is not a forecast and does not assume that projects in the pipeline will necessarily be built or delivered.
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