Industrial vacancy in Aguascalientes: 0.9% today and what is under construction

At the end of the third quarter of 2026, only 0.9% of the industrial inventory in Aguascalientes was available for lease (Solili). The national average is 5.5%, and Tijuana is at 10.2%. Here we explain what that figure measures, how it compares with the rest of the Bajío and how much it could change with what is under construction.

What the 0.9% measures

Vacancy is the share of completed inventory that is available. There are two sources for Aguascalientes, and they measure different universes:

• Solili covers a broad inventory of about 2 million m². It measured 1.0% in the first and second quarters of 2026 and 0.9% in the third.
• CBRE tracks Class A buildings only. It measured 1.9% in the first and second quarters; its Q3 figure comes out between October and November.

Both have been below 2% since 2024. CBRE's jump to 3.6% in Q2 2025 came from newly completed buildings that were leased in the following months.

Industrial vacancy (%), CBRE (Class A) and Solili (broader inventory). Sources: CBRE MarketView Bajío, Solili.

Aguascalientes compared with the Bajío

Market (CBRE, Q2 2026)	Class A vacancy	Rent (USD/m²/month)
Aguascalientes	1.9%	6.38
Guanajuato	2.6%	5.17
Querétaro	5.7%	6.05
Bajío (average)	3.9%	5.77

Of every 100 m² of vacant space in the Bajío, 43 are in Querétaro, 28 in Guanajuato, 26 in San Luis Potosí and 3 in Aguascalientes (Solili, July 2026).

Demand tells a different story depending on the period. In July and August, Aguascalientes captured 25% of the region's demand, in a two-month period when total Bajío demand fell 44% (Solili). In the first half, by contrast, it accounted for just 2% of regional gross absorption (CBRE). A few large deals drive the numbers: a single one can move the whole year.

Why it is so full

1. Almost everything is built with a signed tenant. Of the space under construction at the end of 2025, 80% was build-to-suit (BTS), leased before work started (Solili).
2. Land in the state-owned parks is taken: the 9 parks of the state industrial development trust (FDIA) report close to 100% occupancy.
3. Little space is vacated: about 6,000 m² were released in the third quarter, 1% of the national total (Solili).

What is under construction

In February there were about 260,000 m² under construction, close to the peak of 270,000 at the end of 2025 (Solili). Most of it already has a tenant, but not all: in Solili's reports, the available share was 27% in December 2024 and 13% in June 2025.

Álcamo estimate
Under construction (Feb-26)	~260,000 m²
Without a tenant (13% to 27%)	35,000–70,000 m²
Vacant today (~2.0 million m² × 0.9%)	~18,000 m²
Vacancy if delivered unleased	2.3%–3.9%

Industrial space under construction, thousand m². Source: Solili, published reports.

For scale: measured demand in 2026 adds up to 26,000 m² over five months (10,000 in the first quarter and 16,000 in July and August). If the speculative space is delivered in 2027 and demand stays at that pace, Aguascalientes would go from 0.9% to a vacancy rate of 2% to 4%, still below the national average. If part of it is leased before completion, the effect is smaller.

How to use this if you need a building

• For a Class A building, the route is still build-to-suit: 9 to 12 months from signing to move-in.
• Speculative buildings delivered in 2027 are the way to move in sooner. Ask about them while they are still under construction.
• If you do not need Class A specifications, there are second-generation buildings available today. We compare prices in what it costs to lease an industrial building in Aguascalientes.

Download the Industrial Market Report Aguascalientes Q3 2026

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Looking for an industrial building in Aguascalientes? Write to us at alonso.lpz@alcamo.com.mx or call +52 449 311 0031.

Data as of October 12, 2026. Sources: Solili (Q1, Q2 and Q3 2026 reports), CBRE MarketView Industrial Bajío Q2 2026. Space-under-construction estimate: Álcamo.