Global Environment Impacts Mexican Office Sector
The office sector in Mexico is navigating a complex global environment, influenced by geopolitical tensions and evolving international trade, which has been reflected in this real estate segment by the end of the first half of 2025.
From April to June of this year, office leasing in Mexico reached 205,000 square meters (m²), marking a 15% increase compared to the first quarter of 2025 but an 11% decrease from the same period in 2024, according to data from consulting firm Solili.
Sector Insecurity Amid International Uncertainty
“Looking ahead to the second half of 2025, the Mexican office real estate sector is going through a phase of instability heavily influenced by the international climate. Although the current situation has limited the market’s growth pace, office demand maintains a solid behavior,” states an analysis by the firm.
In response to international uncertainty, office sector actors have embraced more flexible models, from contracts to space designs to attract new tenant profiles.
Currently, the available offering for immediate occupation nationwide stands at 3 million square meters, with a vacancy rate of 16.9%, indicating a slight improvement of 100 basis points compared to the second quarter of the previous year.
Mexico City Dominates Office Market Activity
Mexico City remains the national market leader, concentrating 75% of investments intended for office leasing. This confirms its position as the country’s primary financial, political, and economic hub, with key corridors like Reforma, Santa Fe, and Insurgentes remaining among the most dynamic.
Following Mexico City, Guadalajara, Jalisco, captured 7% of corporate space rental activity, driven by its growing tech ecosystem and the arrival of startups and global companies.
Meanwhile, Monterrey, Nuevo León, placed third with 6%, supported by its manufacturing and logistics industry.
In contrast, markets like Tijuana stand out for their price and vacancy balance. This border city maintains the highest office rental price in the country at $22.20 per m² per month, which is 10% above the national average ($20.33 per m² per month).
Flexible Leasing and Strategic Planning Crucial for Mexican Real Estate Growth
“In the current scenario, adopting flexible leasing schemes, repositioning existing assets, and strategically planning new projects are fundamental for the growth of the Mexican real estate sector, not only to address market conditions but also to capitalize on potential opportunities in the medium term,” Solili indicated.
Key Questions and Answers
- Q: What is the current state of the Mexican office sector? A: The Mexican office sector is facing instability due to international uncertainties, with a 15% increase in leasing from Q1 2025 to Q2 2025 but an 11% decrease compared to the same period in 2024.
- Q: How does Mexico City compare to other major markets in terms of office leasing activity? A: Mexico City dominates the market, accounting for 75% of investments in office leasing, followed by Guadalajara (7%) and Monterrey (6%).
- Q: What strategies are being employed by the office sector to adapt to current challenges? A: The sector is adopting more flexible leasing models, repositioning existing assets, and strategically planning new projects to ensure growth.
- Q: How do rental prices compare across different Mexican cities? A: Tijuana has the highest office rental price at $22.20 per m² per month, 10% above the national average of $20.33 per m² per month.
