Overview of the Mexico City Office Market in 2025
The high-end office market in Mexico City experienced a 39% growth in net absorption of spaces during 2025, according to the latest report by global consultancy firm CBRE. The MarketView report for Q4 2025 revealed that net absorption of Class A/A+ office spaces reached 72,000 square meters (m²) during the period.
This brought the annual total to 247,000 m², marking a 39% increase compared to 2024. The Central Business District (CBD), comprising the submarkets Lomas Palmas, Polanco, and Reforma, accounted for 52% of the annual net demand.
Gross Absorption and Market Dynamics
The gross absorption of office spaces, or the total square meters commercialized, reached 139,000 m² in Q4 2025, accumulating an annual total of 530,000 m² by year-end. This performance reflects a sustained recovery, as detailed by Lyman Daniels, President of CBRE Mexico, Colombia, and Central America.
Approximately 29% of this gross demand was driven by renewals, expansions, relocations, and subletting, indicating a particularly active and diverse market in the corporate leasing sector.
Vacancy Rates and Market Availability
The vacancy rate for Class A/A+ offices in Mexico City closed at 17.6% in Q4 2025, a decrease of 2.9 percentage points from the previous year’s closing rate. This reflects higher occupancy and sustained demand recovery, especially in the CBD, where the vacancy rate was 11.7%, down from 14.8% in the same period of 2024.
Available spaces over 9,000 m² are concentrated in the Santa Fe, Polanco, Reforma, Insurgentes, Bosques, and Azcapotzalco corridors, offering options for large users. The new offerings delivered in 2025, with 49% pre-leased, suggest reduced vacant space availability, according to the report.
Construction and Pre-leasing Activity
The construction sector for these types of offices maintained stable activity by Q4 2025, with 246,000 m² under development across seven active projects, projected for delivery between 2026 and 2028. Approximately 40% of this construction area is already pre-leased.
Nearly 60% of new construction focuses on the CBD, solidifying its leadership. By 2026, an estimated 213,000 m² of new offerings is expected in the Insurgentes, Reforma, Polanco, and Lomas Palmas corridors, potentially influencing future absorption dynamics and vacancy rates.
Sector Leadership and Key Transactions
The top ten operations of the year, averaging over 2,000 m² per contract, demonstrate corporate demand for large-scale spaces. The financial, technology, and corporative services industries led the demand at 20%, 16%, and 12% participation, respectively.
The CBD accounted for 62% of total operations, with Polanco being the most active submarket at 26% of transactions, driven by technology firms. Reforma established itself as the destination for corporative services, while Insurgentes attracted significant activity from the financial sector.
Key Questions and Answers
- What was the net absorption growth in Mexico City’s luxury office market in 2025? The market saw a 39% growth in net absorption of spaces.
- Which sectors led the demand for office spaces in 2025? The financial, technology, and corporative services industries led the demand.
- What were the vacancy rates for Class A/A+ offices in Mexico City at the end of 2025? The vacancy rate was 17.6%, a decrease of 2.9 percentage points from the previous year.
- What is the projected new office space offerings in Mexico City’s CBD by 2026? Approximately 213,000 m² of new offerings is expected in the Insurgentes, Reforma, Polanco, and Lomas Palmas corridors.
