The office real estate market in Mexico concluded 2025 in a recovery phase, marked by growth in occupancy, a reduction in vacancy, and increased activity in traditional corporate corridors, although it has not yet reached pre-pandemic levels.
Mexico City at the Forefront of Recovery
According to CBRE data, Mexico City spearheaded this performance, recording an occupancy of Class A and A+ offices totaling 247,000 square meters (m²) by the end of the year, representing an annual growth of 39%. In parallel, information from Datoz indicates that the total volume of commercialized spaces in the capital exceeded 530,000 square meters. This figure includes new occupations, as well as relocations, renewals, and expansions, reflecting the market’s dynamism throughout the year.
This rebound led to a reduction in the vacancy rate, which stood at 17.6% at the close of 2025, nearly three percentage points below the level observed a year earlier, according to CBRE’s MarketView Office Report for Mexico City.
“This performance reflects a gradual but sustained recovery of the office market in Mexico City, particularly in the Business Center,” stated Lyman Daniels, president of CBRE Mexico, Colombia, and Central America.
CBD Reclaims Demand Concentration
According to CBRE, Mexico City’s Central Business District (CBD) – comprising Polanco, Reforma, and Lomas Palmas – accounted for more than half of the annual net occupancy, re-establishing itself as the primary engine of the corporate market. Within this area, vacancy decreased to 11.7%, below the city average, while Datoz data indicates that the Insurgentes and Polanco corridors stood out for the number and size of transactions conducted during the year.
Demand was primarily driven by the financial, technology, and corporate services sectors, with significant operations by companies such as GNP, Plata, and Mercado Libre. There was also a return of larger-scale transactions, with average areas exceeding 2,000 square meters, according to Datoz records.
Stable Inventory and New Supply for 2026
At the close of 2025, the inventory of Class A and A+ offices in Mexico City remained at 7.4 million square meters, with a moderate annual growth of 0.6%, according to CBRE data. Meanwhile, construction activity ended the year with 246,000 square meters under development, of which approximately 40% was already pre-leased.
For 2026, CBRE anticipates the incorporation of 213,000 square meters of new supply, primarily in the Insurgentes, Reforma, Polanco, and Lomas Palmas corridors. This will test the market’s capacity to absorb new inventory without reversing the positive trend in vacancy reduction.
Regional Markets Show Differentiated Dynamics
Outside the capital, Datoz data shows that Monterrey solidified its position as the second most dynamic corporate market in the country, with approximately 82,000 square meters commercialized during 2025. This was mainly driven by companies in the automotive and manufacturing sectors, with Valle Oriente being the most active corridor.
In Guadalajara, the volume of commercialized spaces was around 45,000 square meters, with Puerta de Hierro as the main activity hub, propelled by consulting and logistics companies, according to the same firm.
For its part, Querétaro closed the year with nearly 14,000 square meters commercialized, concentrated in the Juriquilla and 5 de Febrero corridors. In Tijuana, with approximately 3,000 square meters, activity remained focused on Zona Río, according to Datoz data.
Source: El Economista
