Future Cities
Mexico City Market
2025 North America Industrial Big-Box Review & Outlook
April 16, 2025 5 Minute Read
Supply & Demand
With 68 million sq. ft. of total inventory, Mexico City is Mexico’s largest big-box market. Strong demand lowered the direct vacancy rate to 0.3% in 2023, from 1% in 2022, the lowest in North America. Transaction volume totaled 8.5 million sq. ft., slightly lower than the previous year’s 8.9 million sq. ft. Strong leasing led to another year of positive net absorption, at 1.9 million sq. ft. Food & beverage companies leased by far the most space in 2023, at 54.6% of the total volume. Companies expanded to serve the significant population in and around Mexico City.
Figure 4: Share of 2023 Leasing by Occupier Type
Source: CBRE Research.
Figure 5: Lease Transaction Volume by Size Range
Source: CBRE Research.
Figure 6: 2023 Construction Completions vs. Overall Net Absorption by Size Range
Figure 7: Direct Vacancy Rate by Size Range
Figure 8: Under Construction & Percentage Preleased
Figure 9: First Year Taking Rents (psf/yr)
Source: CBRE Research.
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Industrial & Logistics Research
James Breeze
Vice President, Global Industrial and Retail Research
John Morris
President, Americas Industrial & Logistics, Advisory Services
