At bottom, this regional divergence reflects the kind of economy underpinning each area. In the northwest, new deliveries have slowed steadily over the past three years, a result of heavy exposure to external demand and volatility in U.S. trade. The northeast and the center, by contrast, maintain a steadier pace thanks to a more balanced mix of exports and domestic consumption, while the Bajío—with exceptions—is in a rebound cycle that is repositioning it as a manufacturing engine. Mexico City, however, moves to its own rhythm. Driven by logistics and domestic consumption, it continues to record the highest occupancy levels and a vacancy rate well below the national average. Its dynamism depends less on nearshoring than on the density of its market, making it the main counterbalance to the slowdown in the north.

Ultimately, the most resilient markets aren’t those that build the most, but those that have learned to diversify their base: combining industrial focus, logistics connectivity and domestic demand strong enough to carry them when the global cycle cools.

Supply, therefore, is changing pace without stopping. By the end of 2025, project deliveries are expected to be the second highest in the past three years, only surpassed by 2024. And although the volume will be about one-fifth lower than last year’s, the development cycle remains active, driven more by strategy than by speed: projects—which typically take six to nine months to complete for facilities up to 40,000 sqm—have been postponed not for lack of investment, but for more careful planning aimed at securing occupancy amid steady demand and higher tenant turnover. That adjustment, together with speculative inventory coming online and more efficient space use, has lifted the vacancy rate to 4.2%, its highest level since 2021.

This suggests the rise in vacancy does not stem from a sharp drop in demand, but from the natural lag between construction pace and market occupancy balance. In fact, industrial demand remains firm: net absorption reached 1.6 million sqm and, for every square meter vacated in the third quarter of 2025, seven were leased—a higher ratio than in the same period a year earlier, when it was four to one.

In gross volume, the strongest demand was in the northeast and the Bajío, with around 750,000 and 650,000 sqm absorbed in each, followed by the center and the northwest, with about 250,000 each. Proportionally, however, the center stands out for having the country’s lowest turnover, with 19 sqm leased for every one sqm vacated, versus 12 in the Bajío and the northeast, and four in the northwest.

Thus, two patterns emerge. In the center and the Bajío, markets with stronger demand tend to show lower turnover—sometimes because of scarce available space and other times because of tenant stability and longer lease terms. In the north, by contrast, the dynamic is more varied: absorption remains high but is paired with equally intense turnover, reflecting more mature markets with greater competition for space and constant expansion or renewal cycles.

From a structural perspective, that contrast works like a maturity rule: the more consolidated, the more movement. The most evolved markets aren’t the quietest, but those with constant activity—larger inflows, outflows and renewals—within a fabric that adjusts without losing balance. Younger markets, by contrast, show lower turnover not for lack of dynamism, but because they are still in their first consolidation phase. In the end, both reflect the same process: one that matures by moving and another that stabilizes by growing.

In this dynamic, developers aren’t stopping projects—they’re fine-tuning them. And tenants, instead of churning quickly, are making more precise choices. The result is an economy beginning to measure its strength not by expanding its size, but by the intelligence with which it perfects its structure.

Understanding this balance is key to anticipating where Mexico’s industrial market is headed. Find more perspectives at SiiLA REsource or write to us at contacto@siila.com.mx.