In the first half of 2025, Querétaro didn’t break records—but came close. With over 530,000 square meters of gross industrial absorption driven by BTS projects and pre-lease agreements, the market came within 15% of surpassing its all-time annual high, set just last year. In addition, a lower tenant turnover rate converted that demand into the highest net absorption of the past five years, according to SiiLA.

When demand rises, turnover slows, and new supply continues at the pace of the last two years—as is the case in Querétaro—vacancy rates adjust downward. Today, that rate stands at 4.8%, a healthy level and closer to its historical low of 3.7%, recorded in mid-2022.

It’s worth noting that from 2022 to 2024, Querétaro saw consistently high levels of gross absorption. During that same period, new supply accelerated, peaking last year with more than 480,000 square meters delivered. Yet, that dynamism didn’t translate into lower vacancy: as spaces were occupied, others were vacated. In 2025, the pattern shifted—many move-ins, few move-outs, and limited new supply—and the result was different. In the first quarter alone, the market absorbed the equivalent of half of all space taken in 2024, with 98% secured under pre-lease agreements.

Despite the contrasts, Querétaro remains a stable market and one of the most sought-after in the Bajío region. Its strength is reflected not only in occupancy dynamics but also in rent growth.

From Q2 2022 to Q2 2025, rents increased at a compound annual growth rate (CAGR) of 14.3%. When adjusted for cumulative inflation (15.04%), the real CAGR was 9.1%—a sign that this increase isn’t just a short-term spike but reflects a structural shift in the relationship between demand, scarcity, and pricing.

Much of this momentum has centered on three submarkets: Aeropuerto, 5 de Febrero, and México–Querétaro. Together, they account for the largest share of absorption and concentrate top-tier location, logistics connectivity, and much of the available Class A inventory. Their operational maturity has made them natural expansion hubs for new developments.

Querétaro’s industrial market is mainly driven by manufacturing, which accounts for more than 65% of its gross leasable area. That same logic shaped recent absorption: 69% of space occupied in the first half of the year came from manufacturers, mainly in the automotive sector (31%) and capital goods (17%)—including Brose Group, Datwyler Group, JAC, Shape Corp, and Vibracoustic, which together absorbed more than 118,000 square meters. These moves reflect just a portion of the capital flow projected for Querétaro this year.

In 2025, foreign direct investment (FDI) in the state is expected to reach $825 million, placing Querétaro sixth nationwide in announced capital. However, since 2020, new investments have slowed while reinvestments and intercompany capital flows have gained ground. This suggests that what now sustains the market isn’t new entrants, but the conviction of those already here.

So, this isn’t a conquest—it’s a reaffirmation. And when a market is defined by those who stay, isn’t it worth understanding what keeps them here?

Visit SiiLA Market Analytics or email us at contacto@siila.com.mx.