FIBRA Sector Strength Amid Macro Headwinds

Total FIBRA assets surpass MX$1T (4% GDP). Strong Q2 earnings: Vesta +16.2% revenue, Fibra Prologis 40.8% rent spreads, Fibra NEXT 97.8% occ. Consolidation (Fibra Mty/Macquarie) strengthens sector. LPA's Q2 confirms institutional appetite: $200M Central Park 57 pipeline at 8-9% caps in Greater Mexico City, 100% occupancy, 10% rent growth, data center multiplier. However, Moody's fiscal warning, high interest rates, and undisciplined supply in CDMX/Tijuana pose risks. AFORE allocation gap (under 4% vs 12.5% ceiling) signals potential institutional inflow.