Industrial real estate in Morocco — comprehensive 2026 guide
Tanger Med Industrial Platform: 3,000 hectares, 1,500+ companies, MAD 188 billion of industrial turnover in 2025. Atlantic Free Zone Kenitra: ~600 hectares after 2025 expansion. Stellantis, Renault, Gotion: three giants ramping up on the Atlantic axis. Morocco's industrial real estate is no longer a peripheral asset class — it's structural. Tour of zones, legal framework (Law 19-94 ZAI, Charter 03-22), RICS valuation methodologies and investment strategies for executives, MRE entrepreneurs, REITs and OPCI.
Industrial real estate in Morocco gathers warehouses, factories, light industrial, industrial parks, data centers and cold storage. Its dynamics are shaped by export-driven sectors (automotive, aerospace, electronics, agribusiness), a structured legal framework (Law 19-94 on Industrial Acceleration Zones, Investment Charter 03-22) and a fast-growing institutional investor base (Aradei Capital, Immorente Invest, Ajarinvest). This hub gathers ten articles covering specifications, typology, market mapping, RICS valuation methodology, legal framework, and investment strategies.
1. Why Moroccan industrial real estate is changing scale
In 2024, Tanger Med port handled 10.24 million TEUs, confirming its rank as the #1 Mediterranean container port. The industrial platform totalled MAD 188 billion of industrial turnover in 2025 (+6.8% YoY for automotive at MAD 125 billion). Tanger Automotive City was expanded to 1,185 hectares in September 2024 (vs. 517 historically), hosting 150+ Tier 1, 2 and 3 automotive suppliers. Stellantis Kenitra inaugurated in July 2025 the extension bringing capacity to 535,000 vehicles per year, with Smart Car platform launching in February 2026 (target: 400,000 vehicles). Renault Tanger reached a record 410,000 vehicles in 2024 (+9%). Gotion High-Tech launched its battery gigafactory in Kenitra (phase 1: USD 1.3 billion for 20 GWh, Q3 2026 startup, long-term target 100 GWh).
2. What is industrial real estate — typology
Six distinct asset families that don't overlap:
Logistics warehouse (Grade A, B, C) — storage and flow vocation. Grade A specifications: clear height 10-12m, floor load 5 t/sqm, dock density 1 per 1,000-1,500 sqm, ESFR sprinklage.
Manufacturing factory — integrated process. Custom surfaces, HV power, fluids (steam, compressed air, process water), ICPE classification.
Light industrial — mixed production/storage/office buildings, modular, ideal for SMEs and MRE entrepreneurs.
Industrial park — serviced industrial subdivision (utilities, telecom, truck access).
Data center — very high electrical density (10-30 kW/sqm IT), N+1 or 2N redundancy.
Cold storage / cold chain — refrigerated warehouse (+2/+4°C, -18/-22°C, -25°C).
3. Mapping of structural zones 2026
Tanger Med Industrial Platform — 3,000 ha, 1,500+ companies, 145,000+ jobs. Sub-zones: Tanger Free Zone, Tanger Automotive City (1,185 ha post-09/2024), Tetouan Park. Law 19-94 regime.
Atlantic Free Zone Kenitra — MEDZ-operated, ~600 ha (post-03/2025 expansion). Automotive suppliers and EV batteries (Gotion gigafactory).
Midparc Nouaceur — 128 ha, MEDZ-operated, aerospace vocation. Tenants: Safran, Airbus, Spirit, Thales, Pratt & Whitney, Collins.
Casablanca historical — Ain Sebaa-Hay Mohammadi (435 ha), Sidi Bernoussi (400+ ha), Roches Noires. Total ~1,100 ha. Common-law regime, port proximity (723,973 TEUs H1 2025).
Mohammedia — ~800 ha existing + 660 ha new project. Casa-Rabat axis advantage.
Jorf Lasfar — MEDZ park 500 ha + OCP platform 1,800 ha + new ZAI Moulay Abdellah 283.9 ha (approved 03/2024). Chemistry, petrochemistry, metallurgy.
4. Legal and fiscal framework — Law 19-94 and Charter 03-22
Law 19-94 — Industrial Acceleration Zones (ZAI): corporate tax exemption for 5 years from first operation, then 15% reduced rate for companies created from 2020 onwards (8.75% for 20 years for pre-2020 companies). Registration duties exempted on land acquisition (conditional on 10-year activity maintenance). VAT and customs exemptions on inputs.
Investment Charter 03-22 (Dahir 1-22-76 of 09/12/2022, Official Bulletin 7152): common premium, territorial premium, sectoral premium, cap 30% of investable amount (art. 16). Strategic dispositive (art. 17) for projects above MAD 2 billion and 500+ jobs. Article 7 explicit exclusion: real estate sector excluded from main dispositive — productive industrial projects remain eligible. Article 31: guaranteed convertibility for MRE and foreign investors (transfer of net profits and disposal proceeds without limitation).
2023 implementing decrees activated. H1 2024 outcome: 64 projects approved, MAD 25 billion investment, 12,900 direct jobs.
5. RICS methodology for industrial asset valuation
Income Approach (IVS 105) — DCF of projected rents (5-10 years + terminal value) or direct capitalisation (NOI / cap rate). Primary for leased warehouses. Term & Reversion for tenanted assets — Term DCFs the passing rent until lease expiry, Reversion DCFs the ERV thereafter with a higher cap rate (re-letting risk premium).
Cost Approach (IVS 105 + RICS VPGA 5) — DRC (Depreciated Replacement Cost), indispensable for bespoke assets rarely traded: specialised factories, cold storage, data centers. New-build replacement cost less physical, functional and economic depreciation.
Market Approach (VPS 3) — recent transactions on serviced industrial land and standard warehouses. Sample often limited in Morocco — broaden geographically with line-by-line documented adjustments.
Residual method (IVS 410 + RICS VPGA 10) — for industrial land with constructible potential, value derives from the theoretical buildable programme minus serving and construction costs.
6. How to invest — four strategies
(a) Acquire serviced industrial land in an aménagé park (MEDZ, TMSA, AFZA) and build the production tool. Eligible for ZAI regimes if in free zone. 12-24 month timeline.
(b) Long-term lease (3/6/9 commercial lease) — fast deployment in existing park or build-to-suit. Grade A asks 2025: MAD 186-232/sqm/month. No real estate carry.
(c) Sale-and-leaseback — industrial divests its property to OPCI/REIT then leases back. Cash release for core business. Active Moroccan REITs: Aradei Capital (GLA 474,000 sqm in 23 cities at 31/12/2024, 8% industry), Immorente Invest (2024-2025 strategy on Tanger/Kenitra industrial-logistics free zones), Ajarinvest (~MAD 48 billion AUM, ~66% market share).
(d) Promotion-development — buy raw land, convert, service, build spec or build-to-suit, lease or divest. 24-48 month cycle. Use residual method for land valuation.
For MRE/foreigners: Article 31 of Charter 03-22 guarantees free convertibility of net profits and disposal proceeds without limit, including capital gains, when investment is foreign-currency funded.
7. Key actors
AMDIE (2017, accompanied 170 projects in 2023); CRI reformed by Law 22-24 (Dahir 1-24-68 of 20/12/2024) with new Unified Regional Investment Commissions (CRUI); Mohammed VI Investment Fund (initial MAD 45 billion, target additional resources MAD 120-150 billion over 5 years, 14 selected management companies); MEDZ (CDG subsidiary, public industrial parks operator); TMSA (Tanger Med Special Agency); OPCI/REIT industrial market at ~MAD 110 billion total assets.
- Identify target zone and applicable regime (Law 19-94 ZAI vs common law)
- Verify land title status (titled vs Moulkia) and zoning (I2/I3)
- Calculate Charter 03-22 premium eligibility (common + territorial + sectoral, 30% cap)
- Project foreign-currency funding flow to activate Article 31 convertibility
- Obtain independent RICS Red Book valuation (DCF + comparable + DRC cross-check)
- Verify ICPE classification and Law 12-03 EIA requirement
- Confirm utilities (HV power, water, fluids, fibre) at lot boundary
- Structure entity (operating co + property co separation if relevant)
- Land use restriction more than 10 years pending registration finalisation
- ZAI tax benefit conditional on activity maintenance not stress-tested
- Cap rate quoted without source documentation
- Comparable rents drawn from listings (Mubawab, Avito) rather than closed transactions
- DRC valuation without cross-check by income approach
- ICPE classification implying multi-year remediation expense
- Free-zone regime taken at face value without verifying activity eligibility
FAQ
What is the difference between Free Zone and Industrial Acceleration Zone (ZAI) in Morocco?
The 'Free Zone of Export' regime (Law 19-94, Dahir 1-95-1 of 26 January 1995) was renamed 'Industrial Acceleration Zone (ZAI)' by the 2020 Finance Act, with adjusted post-exemption tax rate (15% for companies created from 2020, instead of 8.75% for 20 years under the transitional regime). The substance remains: corporate tax exemption for 5 years, then reduced rate; registration duty exemption on land acquisition (conditional on 10-year activity maintenance); VAT and customs exemptions on inputs; free currency repatriation regime.
Are Investment Charter 03-22 premiums available for industrial real estate?
Article 7 of Law 03-22 (Charter) explicitly excludes pure real estate projects (residential promotion, commercial development) from the main support scheme. However, industrial projects in their productive dimension — factories, logistics warehouses operated by an operator, integrated industrial platforms — remain eligible: common premium (art. 12), territorial premium (art. 13), sectoral premium (art. 14), capped at 30% of investable amount (art. 16). Strategic projects above MAD 2 billion and 500+ jobs benefit from negotiated dispositive (art. 17).
Can an MRE invest in Moroccan industrial real estate and repatriate profits freely?
Yes. Article 31 of Charter 03-22 guarantees Moroccan nationals established abroad and foreign individuals/entities making foreign-currency-funded investments in Morocco a convertibility regime ensuring full freedom to transfer net post-tax profits without limitation of amount or duration, and to transfer the proceeds of total or partial sale or liquidation, including capital gains. Foreign-currency funding is the activating condition.
How are Grade A logistics warehouses priced in Morocco in 2025?
According to the Morocco Real Estate Outlook 2025 H2, Grade A warehouse asks rents range from MAD 186 to MAD 232 per sqm per month (variation 0 to +2% over 6 months). Moroccan OPCI rental yields range from 6% to 9% depending on asset type and location. Industry-specific cap rate breakdowns by sub-segment are not publicly released by CBRE, JLL or Knight Frank for the Moroccan market — case-by-case benchmarking via a RICS expert operating locally is required.
What RICS valuation methodology applies to a custom Moroccan factory?
For a bespoke factory rarely traded (specialised manufacturing line, cold storage, data center, integrated process), the Cost Approach codified by RICS VPGA 5 — Depreciated Replacement Cost (DRC) — is the primary methodology. New-build replacement cost is computed, then physical, functional and economic depreciation is deducted. Cross-check by capitalisation of economic rent is mandatory to validate the defensibility of the result. For a leased warehouse, primary is Income Approach (DCF or direct capitalisation), Term & Reversion if there is a lease in place.
Related reading
- Technical specifications of industrial property in Morocco
- Typology of industrial property in Morocco
- Industrial zones mapping 2026
- Valuing an industrial asset — RICS methodology
- Investment Charter Law 03-22 — complete presentation
- Charter 03-22 and industrial property — premiums and cumul
- Free zones and special regimes
- How to invest — four strategies
- Case study — Mohammedia warehouse (VPGA 5 + DCF)
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