Industrial and logistics real estate
Every operator and every service company entering Vaca Muerta needs a physical base close to the operation: a yard for pipe, sand and equipment, a workshop warehouse, offices. Serviced land is still scarce and public supply moves slowly —Plataforma Logística Z1 was first called in 2020 and the official portal still says «upcoming call»—. But the market is no longer empty: the first private park inside Añelo opened in March 2026 with 106 lots and more than 200,000 m² of warehouses planned. And there is one clause that decides the business before it starts: land granted by the State cannot be leased for ten years.
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Who really pays?
The obvious name is not the customer. The base is paid for neither by the operator nor by the EPC: each service company assembles it on its own — and the business changes depending on whether it buys or rents. Three different doors:
Service companies and supply-chain SMEs without a base of their own, through a direct B2B lease with the developer. Asking prices published today in Añelo run from USD 5,000 for 250 m² to USD 25,000 for 3,086 m² covered, brand new and fully serviced. That is the wedge: the addressable market is precisely the one that does not tie up capital in bricks.
The private parks convey lots at USD 113-115/m² (on par with the AMBA, 1,100 km away); Tenaris, for one, bought its own base in the industrial district outside Añelo. The large buyer reserves ownership, does not rent — another door, another customer.
The opposite of buying: the developer builds the base to measure and the service company leases it on a long anchor contract. The product already exists —the Añelo park offers turnkey warehouses—; what is not yet widespread is the leaseback. ⛔ And it is built on private land: State land cannot be leased for ten years.
Which projects move this demand
YPF mega-development: plateau of 240,000 bbl/d in 2032, 1,152 wells. A signal of the scale jump in Neuquén upstream leveraged on already-secured…
see the project →Development of ~70,000 bbl/d, ~380 wells, 35-year concession. 10% carry for GyP. The works include a Central Processing Facility (CPF)…
see the project →Development of the asset Pluspetrol bought from ExxonMobil. Peak of 100,000 bbl/d + 12 MMm3/d, +600 wells. Includes GyP's mandatory 10% carry.
see the project →The RIGI's first oil upstream project. Adhesion on 25-Jun-2026 (Minute 23 of the Evaluating Committee) and approval by Resolution 1025/2026…
see the project →When the window opens
The physical base precedes the operation, so the figure that warns is not the well — and the one that changes a decision most runs against scarcity. There is also a paperwork clock: Ley 3502 came into force with its implementing decree, Decreto 97/2026 of 22 January 2026, and it gives two years to join, extendable once by up to one more year. Whoever wants the ten years of fiscal stability on a warehouse has to get in before January 2028, not when the tenant appears. On the other side, the warehouses listed for rent in Añelo went from 14 in July to 38 on 14 September 2026.
The whole thesis rests on serviced product being scarce. The published supply of warehouses for rent in Añelo went from 14 in July 2026 to 38 on 14 September: almost tripled in two months.
See the evidence
If the public parks complete services and open up cheap land, they pressure private class A rent. thesis
Absorption depends on the pace of activity; a brake (crude price) cuts demand for warehouses/yards. thesis
Plataforma Logística Z1 —38.89 hectares on Route 67 and Route 22— was first called in December 2020, revived before the CFI in May 2025, and the official portal still says «upcoming call».
See the evidence
The opportunity in depth
The opportunity in depth
Class A warehouses for rent and build-to-suit inside Añelo (not 40 minutes away in Neuquén or Centenario): this captures the premium of being close to the operation, which today is paid in travel hours and double meal allowances.
Yards with services —power, weighbridge, 24-hour security, paved apron— for pipe, sand and equipment: the fixed property still being improvised on bare ground.
Build-to-suit plus leaseback for service companies that prefer not to tie up capital in bricks: a purpose-built warehouse and a long B2B anchor contract. ⛔ On private land: land granted by the State under Ley 3502 cannot be leased for ten years.
When you get paid, and what blocks it
already in
split
The official portal of the Subsecretaría de Industria says, verbatim, that Añelo «intends to develop 700 ha of reserved land» and that Plaza Huincul is «a 395 ha reserve»: these are not square metres on offer today. The only provincial park with declared companies is the one in the city of Neuquén — over 900 hectares and «more than 300 companies», of which more than 30 in sector Z1. verif official portal, 14-Sep-2026
114 hectares and 263 lots prob on Autovia 51 - three times the size of the Anelo park. It attracted Tenaris, which built a 25-hectare operating base there prob. Land went from around USD 60/m2 in 2022 to 80-120/m2 later prob real-estate press. It offers short-term storage warehouses for rent. It is the only private park listed on the province's official portal verif 14-Sep-2026.
35 hectares and 106 lots from 1,350 to 27,000 m2 prob, on Route 17 km 5, at USD 115/m2 prob, with turnkey warehouses of up to 5,000 m2 prob. It opened in March 2026 with more than 200,000 m2 of warehouses planned for some 100 SMEs prob. Opened is not delivered: we could not verify how many warehouses are finished and occupied today.
38 ha, 68 lots, San Patricio del Chañar. USD 113/m2 interior, USD 150/m2 fronting the road prob ídem. Half a dozen parties interested in pre-sale.
See the remaining player
the USD 10,000 to 15,000 a month prob this page attributed to the informal product is, in today's listings, the price of the already serviced product - 450 m2 on a 5,000 m2 plot with a 75 kW three-phase supply and an office asks USD 10,000 plus VAT prob. The genuinely unserviced end sits below, between USD 5,000 and 6,500 prob, and class A above, at USD 25,000 prob. These are asking prices from a property portal, not closing prices.
The jobs it createsOrders Añelo's urban-industrial growth (today warehouses in areas without services), construction and park-operation employment, and decongests the operation. thesis
The land stock is concentrated in public parks, and almost all of it is reserve without services: Añelo «intends to develop» 700 reserved hectares and Plaza Huincul is «a 395-hectare reserve». Add the service companies that already bought their property —Tenaris, Halliburton, SLB—: rent nobody collects. Not addressable. estim
Addressable: class A warehouses for rent and build-to-suit inside Añelo, and yards with services —power, weighbridge, 24-hour security— for pipe, sand and equipment. The private serviced segment has a first entrant and no second. estim
A developer arriving with finished product and an anchor contract takes a share of the rent to third parties and of land absorption: on the order of USD 8-20M a year in a market of 90-170M. ⚠️ Nobody publishes the yield being asked today: what can be looked at are the asking rents —USD 5,000 to 25,000 per month depending on floor area and services— against serviced land at USD 115 per m². thesis
calculate it
The number comes from multiplying the year’s activity by the unit price, and it is cross-checked against independent methods that give the same result.
The full calculation, step by step
Concentration Low-medium, and no longer empty. The land stock is held by public parks that are mostly reserves without services, so the serviced product is supplied privately. Inside Añelo there is exactly one private park standing — opened in March 2026, with a masterplan of more than 200,000 m² of warehouses — and outside Añelo the official portal lists just one, three times larger. ⇒ this is not an ownerless market: it is a market with a first entrant and no second. Nobody can say from the outside how much of that masterplan is taken, because there is no public list of allocated or available lots.
The rule that moves it
No reform creates this market: activity lights it, and every megaproject entering the RIGI drags a wave of physical bases behind it. What the provincial regime decides is how you get in, and not in the way it looks: Ley 3502 exempts turnover tax and stamp duty and guarantees ten years of fiscal stability —with no investment floor at all in its text—, but its implementing decree prohibits selling, leasing or assigning for ten years the land the State grants under the regime. And the «fiscal price» of Ley 378 is no longer a price: today it is the floor of a band that reaches market value.
See the underlying reading
The underlying policy that opens up this demand. It is the same inference declared by the rules and the program pillars pushing in this direction.
better export netback + without controls, supply responds to the boomSee the full legal grounds
See the full legal grounds
Neighbouring markets5 markets in the same group, from USD 0,5 to USD 1,050 M a year
How we validate this figure
We cut the figure from USD 180-320 to 90-170M by removing the rent imputed to properties the big companies bought rather than rent: nobody collects that value. We fixed something worse: the published formula did not reproduce the published number —its own floor gave 142M against the 90M headline— so we rewrote the arithmetic with the haircut in plain sight. The price now has backing of its own: we counted the 38 warehouses listed for rent in Añelo on 14 September 2026, asking between USD 5,000 and 25,000 a month. The number of leased warehouses remains our own assumption: there is no occupancy census and the official parks portal publishes hectares and nothing else. And we withdrew the 8-9% annual yield that appeared three times: none of our sources says it.
Coverage: the industrial parks published by the Subsecretaría de Industria, opened in full —four provincial ones, the Free Trade Zone, the municipal ones and a single private park listed by the State—, the 38 warehouse-to-let listings in Añelo and the registry of Certified Neuquén Suppliers, with 1,029 companies · Sep 14, 2026 · not reviewed: no provincial or municipal park publishes which plots are allocated and which are free —the official portal publishes hectares and nothing else— and there is no census of space take-up along the corridor: how much of the private masterplan is taken cannot be known from outside
How to cite this figure: Despegue (2026). Industrial and logistics real estate · Neuquén. despegueargentina.com/en/neuquen/suelo-industrial-naves-yards-vaca-muerta · terms of use
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