Aguascalientes industrial market Q3 2026: what you need to know
0.9% vacancy, USD 6.38/m² rent and near-record construction. A summary of the Aguascalientes industrial market report as of Q3 2026.
Aguascalientes closed the third quarter of 2026 with a paradox: it has the tightest industrial real estate market in Mexico, while its manufacturing sector goes through a year of adjustment driven by the automotive cycle. In our new Industrial Market Report · Aguascalientes · Q3 2026 we bring together the latest figures from CBRE, Solili, INEGI and IMSS to explain what is happening and what to expect.
These are the five key takeaways.
1. There are practically no Class A buildings available
Industrial vacancy closed at 0.9% according to Solili, the lowest in the country. CBRE, which tracks Class A buildings only, puts it at 1.9%, versus 3.9% for the Bajío average. Aguascalientes was also one of only three markets in Mexico where vacant space fell over the last year.
Industrial vacancy (%). CBRE tracks Class A buildings; Solili, a broader inventory. Sources: CBRE MarketView Bajío, Solili.
2. Rents have reached a high plateau
The asking rent for a Class A building is USD 6.38 per m² per month (CBRE, Q2 2026): the highest in the Bajío and 60% above 2019–2022 levels. But it has held steady since mid-2025, so double-digit increases like those of 2023 and 2024 should not be projected forward.
Asking rent, USD/m²/month. Last data point of each year; 2026 as of Q2. Source: CBRE.
3. Building is done to order
About 260,000 m² are under construction, close to the all-time high. Around 80% are build-to-suit (BTS) projects, meaning buildings that already have a tenant, and most of them are in the South corridor. Anyone looking for a Class A building won't find one ready: they have it built.
4. Demand rebounds after a weak start
The first quarter recorded only 10,000 m² of demand, a third of the year before. In July and August demand rose to 16,000 m² (+38%) and Aguascalientes captured 25% of Bajío demand, more than Querétaro or Guanajuato.
5. The challenge is industry, not real estate
Formal manufacturing employment fell 2.3% over the last year (IMSS, September 2026) and industrial activity dropped 5.3% in the first quarter (INEGI). Behind this are the closure of the COMPAS plant and Nissan's reorganization. Two physical constraints add to it: water and electrical distribution capacity.
What it means for you
- If you need a building: plan a BTS or a serviced lot 9 to 12 months ahead. If you can be flexible on specifications, there are still ready-to-use warehouses at lower prices in established areas such as Ciudad Industrial, El Chichimeco or PIVA, although fewer remain every month.
- If you are a landlord: it is a good time to renew leases; rents are at their peak and vacancy risk is minimal.
- If you invest: the value lies in land with guaranteed water and power, not in more generic buildings.
What the full report includes
The report has 12 pages covering:
- Economic context: GDP, industrial activity and exports.
- Employment, wages and industrial talent.
- Vacancy, rents, demand and construction, compared with the Bajío.
- A map of the South, North and West corridors, and the new land supply.
- The quarter's investments and the impact of Nissan and COMPAS.
- Water, power and gas, with a checklist before buying or leasing.
- Scenarios for 2027 and an indicator dashboard.
Looking for an industrial building, land or investment in Aguascalientes? Write to us at alonso.lpz@alcamo.com.mx or call +52 449 311 0031.
Data as of October 12, 2026. Sources: CBRE MarketView Industrial Bajío, Solili, INEGI, IMSS.
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