Industrial and logistics real estate
Every operator and every service company that enters Vaca Muerta needs a physical base near the operation: a yard for pipe, sand and equipment, a warehouse-workshop, offices. But serviced land is scarce in Añelo, and demand has already outstripped the slow public supply. The private class A segment is just starting and still has no champion: the window is open for whoever offers a finished warehouse and a serviced yard where the operation needs them, not 40 minutes away.
No reform creates this niche: it is ignited by activity. Every megaproject that enters RIGI (Pampa already approved in Jun-2026; YPF LLL, Pluspetrol and Tecpetrol filed in 2026) drags along a wave of physical bases. The provincial regime plays on both sides: Law 378 gives land at fiscal price in the public parks —the cheap but slow and poorly serviced supply that the private class A product comes to surpass— and Law 3502 rewards with fiscal stability the developer or the tenant who sets up. The lever is setting up, not a subsidy on bricks. Each rule opens in the reforms panel on the home page, with its status and primary source.
enablesNeuquén joins the national RIGI: the key that plugs Vaca Muerta into the 30-year regimeEvery megaproject that enters RIGI (YPF LLL, Pluspetrol, Pampa, Tecpetrol) moves a wave of OFS that need a physical base near Añelo — it is the engine that creates demand for land, warehouses and yards.see the reform →touchesIndustrial promotion: land at fiscal price and exemptions by agreementLaw 378 gives land at fiscal price in the public parks: it is the cheap but slow supply that the private class A product surpasses with services and proximity, and at the same time the regime that whoever sets up the yard in the basin capitalizes on.see the reform →enablesInvest in Neuquén: the 'Neuquén RIGI' that starts at USD 500,000The developer or the tenant who sets up capitalizes on the Turnover Tax/Stamp Tax exemption and the 10-year fiscal stability from USD 500,000 — it lowers the cost of tying up capital in bricks.see the reform →This market does not float on its own: concrete megaprojects drive it. These are the ones moving demand for this niche — each with its investment and status.
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. GyP 10% carry.
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 →Target plateau ~45,000 bbl/d in 2027 (producing ~27,000-28,000 by 2026). Approved into RIGI ~Jun 30, 2026 (20th under the regime, 1st upstream oil)…
see the project →Who splits the market, where you get in, what pays and what could break it.
already in
split
PIN Neuquén >900 ha / +300 companies; Añelo 700 ha; Plaza Huincul 395 ha. Historic and cheap supply but slow and with incomplete services; Añelo congested. The exact PIN count varies by source.
114 ha, 263 lots, Highway 51. Attracted Tenaris (25 ha, USD 15M operating base). ~USD 60/m2 (2022) → 80-120/m2; offers short-term storage warehouses for rent.
35 ha, 106 lots, Route 17 km5, USD 115/m2, turnkey warehouses up to 5,000 m2, delivery 2026. 'Takes orders before delivering the land'. Director Gino Zavanela (ZLT, Rosario).
38 ha, 68 lots, San Patricio del Chañar. USD 113/m2 interior, USD 150/m2 fronting the road. Half a dozen parties interested in pre-sale.
Standalone warehouses 'in areas without services' at USD 10-15k/month: the supply the formal product comes to displace.
Not adding another cheap lot without services —that's what the slow State and the informal land subdividers do—. The gap is closing the quality and location gap, from the side:
Class A warehouses for rent and build-to-suit INSIDE Añelo (not 40 min away in Neuquén or Centenario): you capture the premium of proximity to the operation, which today is paid in travel hours and double meal allowance.
Yards with services (power, weighbridge, 24h security, paved yard) for pipe, sand and equipment — the fixed property that today is resolved with unserviced open lots.
Build-to-suit + leaseback for the OFS that prefer not to tie up capital in bricks: a custom-built warehouse, a long B2B anchor contract and yield ~8-9% annual in USD.
The land STOCK is concentrated in the public parks (PIN, Añelo, Plaza Huincul >2,000 ha), slow and with incomplete services; and the OFS that have already BOUGHT their property (Tenaris, Halliburton, SLB) — rent no one collects. Not addressable. estim
Addressable: class A warehouses for rent + build-to-suit INSIDE Añelo and yards with services (power, weighbridge, 24h security) for pipe/sand/equipment. Private class A segment atomized and forming, without a champion. estim
Defensible floor ~USD 90M (actual rent + minimum absorption); a developer with build-to-suit + leaseback (yield ~8-9% in USD) takes a slice before the leader appears. estim
effect
Orders Añelo's urban-industrial growth (today warehouses in areas without services), construction and park-operation employment, and decongests the operation. thesis
calculate it
Concentration Low-medium. The STOCK is concentrated in public parks (slow, incomplete services), but the private class A segment is atomized and forming (DIRN, ZLT, Nodo Las Cortaderas, Alberta; 3-4 new developers, none >15-20% of the new flow, all starting up 2025-2026). There is still no champion of Vaca Muerta industrial real estate: competitive window open.
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:
The ~2,500 SMEs of the chain and the service companies without their own base, via a direct B2B rental contract with the park developer (warehouse ~USD 10-15k/month). It's the beachhead: the addressable market is precisely the one that does not tie up capital in bricks.
ZLT, DIRN and Las Cortaderas 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 DIRN. The large buyer reserves ownership, does not rent — another door, another customer.
The model opposite to buying: the developer builds the base to measure and the OFS rents it with a long anchor contract and yield ~8-9% annual in USD. The product already exists —ZLT offers turnkey warehouses—; the leaseback as such is the entry play, not yet widespread.
It's not 'what breaks it': it's the dashboard to enter at the right moment. The physical base precedes the operation, so the data point that signals is not the well but how many companies are setting up — and what pipeline of projects is pushing them.
Every company that sets up in a park is land and warehouse absorbed: the count of establishments —and the speed at which the parks fill up— is the direct gauge of occupancy, distinct from the well (which measures activity, not square meters). The official registry of the Undersecretariat of Industry lists the parks and their occupancy, and rises with each new entry. There is no public census of annual absorption, but the stock filling up marks the trend.
Undersecretariat of Industry of Neuquén (industria.neuquen.gov.ar/parques) — stock and establishment by park; no monthly absorption series ↗The most forward-looking driver is the RIGI pipeline: every megaproject filed (YPF LLL USD 25,000M, Pluspetrol USD 12,000M and Tecpetrol USD 2,400M filed in 2026; Pampa USD 4,500M already approved, Jun-2026) triggers the search for a physical base 6-18 months before drilling. The base precedes the operation: the project's filing signals the demand for warehouses before it shows up in the park. prob · Apr 24, 2026 ↗
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
Every figure is checked against its source before we publish it. Here we show what backs it — and where the verified data ends and our estimate begins.
We lowered the number from USD 180-320 to 90-170M by removing the rent imputed to properties that the large companies bought, not rent: that value is collected by no one. The prices are anchored on-site —the new ZLT industrial park in Añelo, 35 hectares and USD 115 per m² (trade press, probable)—. What remains as an estimate are the quantities: there is still no occupancy census, so we take the conservative floor, only actual rent to third parties.
11registered sources3official or agencies3of high reliabilityEvery data point on the site links to its source.
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