Querétaro, Mexico - Querétaro is emerging as the economic powerhouse of the Bajío region, outpacing its neighbors in both real estate development and industrial expansion. With sustained population growth, competitive household income, and record levels of foreign investment, the city is quickly positioning itself as one of the most dynamic urban centers in Mexico.
Bajío: A region in motion
The Bajío region—which includes key states like Querétaro, Guanajuato, Aguascalientes, and parts of San Luis Potosí—is home to over 6.7 million residents and 1.9 million households, with an economically active population of 3.6 million. Average household income across the region is 37,000 pesos per month, but Querétaro surpasses this with an average of 47,684 pesos, making it one of the highest-earning cities in central Mexico.
León remains the most populous city in the region, but Querétaro is gaining fast thanks to its expanding job market, urban infrastructure, and quality of life—factors that continue to attract new residents and investors.
Industry continues to lead the way
The Bajío’s industrial sector has become one of the strongest pillars of Mexico’s manufacturing economy. In 2024 alone, foreign direct investment (FDI) in the region hit $4.334 billion pesos, concentrated primarily in the automotive, aerospace, and manufacturing sectors. Investors from Germany, Japan, and Canada have fueled this growth by setting up new plants and expanding existing operations.
The region now boasts over 14.5 million square meters of industrial space, and demand continues to climb. In the first quarter of 2025, more than 150,000 m² of industrial space was absorbed, largely due to the region’s strategic location and transport infrastructure, which make it ideal for freight distribution across Mexico.
Vacancy rates remain low, signaling a robust and undersupplied market. Aguascalientes has the lowest industrial vacancy rate at just 1.2%, while the overall Bajío rate stands at 3.5%. This shortage has prompted an increase in build-to-suit developments, especially for logistics companies seeking customized facilities with long-term leases. These projects are reshaping the region’s industrial landscape with facilities tailored to clients’ exact specifications.
Real estate faces slowed values but steady demand
While the industrial market booms, housing values have seen slower growth since 2018, suggesting a more cautious recovery in the real estate sector. Despite this, demand remains steady, especially in the middle-class housing segment, which dominates the region.
Between January and April 2025, more than 14,900 homes were sold, including both new and existing units. León and Querétaro continue to lead the residential market in terms of volume, reflecting their economic draw.
Housing across the Bajío shows a high level of standardization. For horizontal housing, the average built area is 109.2 m², with 116.3 m² of land, 2.2 bedrooms, and 1.9 bathrooms. These homes generally include 1.4 parking spaces. In contrast, vertical housing units are smaller, averaging 78.9 m² with 1.8 bedrooms, 1.7 bathrooms, and 1.2 parking spaces—appealing more to younger buyers or those seeking compact urban living.
Querétaro dominates new residential developments
In terms of new development, Querétaro leads the Bajío region, both in volume and velocity. The city currently has 319 active residential projects, a vacant housing stock of 11,881, and quarterly sales of 2,731 units.
Within the municipality, El Marqués and Corregidora also show strong growth, but Querétaro city remains the hub of transformation. Urban growth has been rapid and visible, reshaping the cityscape with newly built neighborhoods, infrastructure improvements, and expanding transit lines.
According to Justino Moreno, Director of Consulting at Tinsa Mexico, “Querétaro maintains its appeal as an emerging city, with new homebuyers joining the city every month. This has led to the city experiencing a significant urban change that is one of the most rapid in the country. However, horizontal housing remains the most attractive in the residential market.”
Outlook: Stability and growth ahead
Despite some softening in housing price appreciation, both residential and industrial real estate markets in the Bajío remain resilient and active. The region’s combination of low vacancy, growing FDI, and steady household formation points to long-term stability.
Querétaro’s ability to consistently attract high-income residents, foreign investment, and sustain real estate growth makes it a bellwether for the region. As Mexico’s industrial corridors evolve in 2025 and beyond, the Bajío—led by Querétaro—will likely remain at the heart of the country’s economic transformation.
