Mexico Industrial Real Estate Field Trip

A field trip summary of the Mexican industrial real estate sector highlighting how USMCA review uncertainty is dampening new manufacturing demand while logistics remains robust due to eCommerce.

Key Takeaways

• 1.USMCA review uncertainty is the primary factor impacting incremental manufacturing demand in Mexico's industrial sector.
• 2.Industrial demand is shifting toward logistics, which accounted for 58% of gross absorption in 2025, driven by eCommerce growth.
• 3.Nearshoring-driven demand has slowed significantly, with 1Q26 gross absorption reaching its lowest level since 2019.

Table of Contents

• Thematic Takeaways
• Property Tour Takeaways
• Management Meeting Takeaways
• LatAm Real Estate Comp Sheets
• Disclosure Appendix

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