In recent months, Mexico’s stock market has shown significant fluctuations due to prevailing political and economic uncertainty. As a result, the Fibras Index (Real Estate Investment Trusts) has also been affected—particularly those Fibras focused on the industrial sector.
After industrial Fibras reached all-time highs in the price of their Real Estate Trust Certificates (CBFIs), the last few quarters have seen significant fluctuations. Depending on the comparison quarter, industrial Fibras either closed the first quarter of 2025 with price declines or partial recoveries.
However, when compared to the previous quarter (4Q 2024), the prices of these Fibras recovered between 25% and 3%, with Fibra Prologis and Terrafina standing out. The only Fibra that did not manage to recover its price was Fibra Macquarie.
As previously mentioned, these fluctuations are due to the internal and external political and economic context: the election of Donald Trump; the exchange rate, where peso appreciation impacts them negatively and depreciation has a positive effect; interest rates; the performance of the financial sector; tariff threats and the Mexican government’s strategies to manage these trade tensions; real estate market trends; among other factors.
Even though the stock market experienced a significant decline in prices and activity in 2024, it showed a recovery in 1Q 2025, driven by favorable political decisions and improvements in trade relations with the United States.
However, it is evident that the markets have overreacted to different economic scenarios. On one hand, nearshoring drove the prices of certificates too high; on the other hand, tariff policies have pressured these prices downward. Despite these challenges, Fibras continues to explore investment opportunities, particularly in the industrial sector.
