Monterrey’s industrial construction sector presented conflicting trends in late 2026, as new project launches climbed while the total space under construction failed to match the previous year’s levels. This divergence points to two separate phases within the development cycle, demanding careful analysis before assessing future supply conditions.
Between July and August 2026, Monterrey initiated over 160,000 square meters of new industrial construction—a 65% increase over the same two months in 2025, according to Solili. However, by the end of August, the cumulative space actively under construction totaled 980,000 square meters, down from 1.4 million square meters in August 2025. This represents a 29% decline in ongoing construction activity.
The two metrics track different phases of development. New starts reflect projects initiated within a specific timeframe, while active construction measures all work in progress at a given moment. A market can see new projects begin even as its total under-construction space shrinks, if completed, delivered, or canceled projects outnumber new additions.
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This trend suggests developers are adopting a more measured approach rather than signaling an immediate supply shortage. While new projects continue to launch, the overall pipeline of active construction has contracted. Solili links the slower pace to growing concerns over vacancy rates. The new starts were recorded in Escobedo, Ciénega de Flores, Apodaca, and Guadalupe, though the report does not specify how much space each location received. Without this breakdown, it remains unclear which areas will face the most supply pressure, or which warehouse types may become scarce in 2027.
Direct comparisons between industry reports must also account for differing methodologies. In the second quarter, CBRE recorded 295,000 square meters of gross absorption and a 6.8% vacancy rate for Monterrey’s industrial buildings. Solili’s data, however, covers different periods and uses distinct measurement standards. The higher figures alone do not resolve the core question: whether supply is tightening or merely shifting between different industrial corridors.
For investors and tenants, this distinction carries significant weight. Leasing or development decisions should focus on specific locations rather than broad market trends. Before assuming new starts will translate to future availability, five key data points must be considered: completed inventory in the target area, current construction volume, planned delivery schedules, vacancy rates by warehouse class, and the share of pre-leased operations. Each of these factors influences the market differently, renovations, speculative builds, and pre-rented space do not affect demand in the same way.