Monterrey’s office market continues to perform favorably, driven by increased leasing activity and a decline in metropolitan vacancy. Between January and September 2026, cumulative gross absorption reached 108,000 square meters, a 25% year-over-year increase. Among the city’s main business districts, Santa María and Valle Oriente stood out for their share of demand, with a marked preference for higher-quality corporate space.

Of interest: Office Report: Solili | Third Quarter 2026

The Santa María submarket recorded gross absorption of 27,000 square meters during the first nine months of 2026, a 70% annual increase. Valle Oriente, for its part, registered 25,000 square meters over the same period, up 33% from the prior year. Demand in both submarkets was concentrated mainly in Class A buildings, which accounted for 97% of occupied space in Santa María and 86% in Valle Oriente. This distribution confirms the preference for higher-quality corporate space among companies looking to establish themselves in Monterrey’s main business districts.

On the supply side, Santa María posted a vacancy rate of 17.6% at the end of September 2026, the highest among Monterrey’s main submarkets. However, the rate fell 2.9 percentage points year over year amid stronger demand. By category, Class A buildings had a vacancy rate of 19.7%, compared with 9.4% for Class B. Valle Oriente, meanwhile, closed September with a vacancy rate of 9.1%. Availability was similar across Class A and Class B buildings, at 9% and 9.4%, respectively, reflecting balanced performance between the two categories.

In terms of pricing, the average rent in Monterrey’s office market stood at $20.75 USD/m²/month in September 2026, up 2.0% year over year. Among the main corporate submarkets, Santa María recorded an average rent of $18.29 USD/m²/month, a 1.2% annual increase, while Valle Oriente reached $20.34 USD/m²/month, remaining in a range similar to September 2025.

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Monterrey’s office market continues to evolve positively, with demand concentrated in higher-quality space and a reduction in metropolitan vacancy. Monitoring these indicators will show whether the market can sustain leasing activity and move toward a better balance between supply and demand.