U.S./Mexico CRE Activity Continues to Expand Into 2021 A revitalized North American free trade agreement (USMCA) has overall been well received since its implementation earlier this summer. Dec102020 It’s almost hard to remember at this point, but before COVID-19, business relations between Mexico and the U.S. were beginning to improve. There was a strong trend of manufacturing requirements for U.S.-based multi-nationals looking to expand or relocate operations into Mexico. FIBRAS – the Mexican equivalent of real estate investment trusts REITs – were launched in the past decade and are enjoying record occupancy levels, serving as an attractive vehicle for real estate investors. A revitalized North American free trade agreement (USMCA) has overall been well received since its implementation earlier this summer. The overall border market activity for commercial real estate transactions has seen resilient, steady growth over the past three to four years, especially in major markets like Tijuana and Ciudad Juarez. There are no signs that this trend will abate anytime soon. While there is no denying that COVID-19 presented a major disruption to CRE activity during the second and third quarter of this year, market expansion should continue into 2021.