Industrial real estate performance in Quintana Roo has diverged meaningfully from more mature markets. Over the last several years, lease rates and asset values have increased rapidly as supply has struggled to keep pace with demand.

At the same time, construction costs and entry pricing remain materially lower than in the United States, creating a favorable environment for disciplined development backed by strong operating fundamentals.

Key Signals

• Lease rate growth: Industrial lease rates increased by approximately 10% annually (2018–2023)

• Comparative growth: Projected industrial rent growth in Mexico is expected to be 4× that of the U.S. over the next five years

• Local rent expansion:

  • Cancún: $5.30 (2019) → $7.43 (2024) (+68.4%)

  • Playa del Carmen: $4.46 (2019) → $8.36 (2024) (+87.5%)

• Construction costs:

  • Quintana Roo: $40–$70 / sq ft

  • United States: $75–$150 / sq ft

• Cap rates: Currently 7–9% in the region

For RIIP, current financial trends support a disciplined development strategy focused on cost control, long-term leasing, and operational performance.

By entering the market at an early stage of the cycle, RIIP is positioned to develop industrial assets aligned with sustained demand and favorable market fundamentals.

Strong rental growth combined with favorable development economics incentivizes new industrial supply. As demand continues to outpace available inventory, well-located industrial assets benefit from durable leasing dynamics.

These trends support long-term industrial development anchored in operational demand rather than speculative pricing.