During the first quarter of 2026, the national corporate market showed stable performance across its main indicators, supported by consistent demand that has contributed to a gradual decrease in availability levels. This positive outlook has fostered greater confidence in investment decisions within the sector.

Within this context, the national office inventory closed the first quarter of 2026 at 17.8 million square meters, representing a 1.3% year-over-year increase. During this period, more than 43,000 square meters of new office space were completed, with the Querétaro and Guadalajara markets leading the way in new supply, accounting for 32% and 27% of the total volume of deliveries, respectively.

As of the end of March 2026, the national vacancy rate stood at 15.3%, with an available supply of 2.7 million square meters. This figure represents a reduction of 1.8 percentage points compared to the same period in 2025.

Tijuana has the lowest office vacancy rate in the country at 6.9%, followed by Guadalajara at 11.2%. At the other end of the spectrum, Puebla and Mexico City have the highest vacancy rates, at 18.9% and 16.5%, respectively.

During the first quarter of 2026, the national office market reported leasing activity exceeding 250,000 square meters, representing a 40% year-over-year increase compared to the same period in 2025.

Mexico City, Monterrey, and Tijuana accounted for the highest demand during this period, capturing 66%, 15%, and 6% of total national leases, respectively.

In the country's most important corporate hubs, Mexico City and Monterrey registered year-over-year increases of 37% and 10%, respectively, in office demand, while Guadalajara experienced a 44% contraction compared to the first quarter of 2025.

As of the end of March 2026, the volume of office space under construction in Mexico stood at 1.2 million square meters. This figure represents a slight contraction of 1.2% compared to the same period in 2025, reflecting a cautious approach to initiating new developments given current availability levels.

Office construction starts during the period from January to March 2026 reached 157,000 square meters, distributed across 5 new buildings. The markets of León, Guanajuato, and Mexico City led investments in new projects, accounting for 46% and 43% of the national total, respectively.

The average office rental price nationwide closed the first quarter of the year at $20.18 USD/m²/month, similar to levels recorded in the same period of 2015.

The highest rental prices in the country at the end of March were found in Tijuana at $21.25 USD/m²/month, followed by Mexico City at $20.98 USD/m²/month and Mérida at $19.90 USD/m²/month. In contrast, the León, Guanajuato market remains the most competitive option, with a price of $9.44 USD/m²/month.

Among the markets that showed the largest year-over-year increases in rental prices were Querétaro with a 4.7% rise, followed by Guadalajara with 4.0% and Mérida with 3.0%.

The dynamism of domestic demand during the first quarter of 2026 confirms a solid market recovery, exceeding the activity levels of the previous year. At the same time, a cautious approach to initiating new projects has allowed supply to be absorbed steadily. In this context, a balanced scenario is emerging for the coming months, reflecting the sector's ability to adapt efficiently to the current environment.