As of the end of April 2026, the office market in Mexico continues to show signs of gradual stabilization. While leasing activity remains in line with levels observed a year ago, the increase in vacancy and a still-high vacancy rate reflect that the sector's recovery process remains gradual.

During April, national leasing activity reached 59,000 square meters, a figure that remains at similar levels to those reported in the same month of the previous year. Office demand was concentrated primarily in Mexico City, which accounted for 65% of the national total, followed by Monterrey with 21% and Guadalajara with 12%.

Meanwhile, office move outs totaled 51,000 square meters, representing an 18% year-over-year increase compared to April 2015. The release of corporate space was concentrated primarily in Mexico City, which accounted for approximately 96% of the national total.

In April, the national office inventory reached 17.85 million square meters, with a vacancy rate of 15.5%, reflecting a year-over-year decrease of 1.4 percentage points. The highest office vacancy rates in the country were recorded in Puebla at 19.0%, followed by Mexico City at 17.0% and Mérida at 15.7%. In contrast, Tijuana remained the market with the lowest growth rate at 7.2%, followed by Guadalajara at 10.9% and Monterrey at 11.6%.

The total volume of office space under construction at the end of April was 1.15 million square meters, representing a 3.2% year-over-year decrease. Meanwhile, new construction starts in the country remained virtually nonexistent, reflecting a continued conservative stance among market participants.

The average office rental price nationwide at the end of April was $20.15 USD/m²/month. Tijuana registered the highest level at $21.40 USD/m²/month, followed by Mexico City at $20.90 USD/m²/month. In contrast, the markets of León, Guanajuato, and Puebla presented the most competitive levels, at $9.40 USD/m²/month and $13.80 USD/m²/month, respectively.

The corporate office market in Mexico is showing signs of stabilization, with declining vacancy rates and stable demand. These factors reflect a more controlled adjustment environment, where the dynamics are beginning to find greater equilibrium, supported by a moderation in the development of new spaces that points to more balanced conditions in the medium term.