At the end of Q2 2025, the Mexican real estate sector faces a global environment characterized by geopolitical tensions and changes in international trade dynamics. Sector professionals are opting for more cautious strategies and focusing on optimizing their space to respond to new market needs.

During the month of June, the Bank of Mexico made its fourth consecutive reduction in the benchmark interest rate, cutting 50 basis points to 8.0%. This measure was implemented with the intention of encouraging new investments and boosting economic activity in the country, amid a still challenging environment.

In this context, the office market in Mexico closed the second quarter of 2025 with a total inventory of 17.6 million square meters, which registered an annual growth of only 200,000 square meters, compared to a typical increase of over one million square meters in pre-pandemic periods. The office space available for immediate occupancy stands at around 3 million square meters, representing a vacancy rate of 16.9%, a 100-basis-point reduction compared to the same quarter in 2024.

The markets that registered the largest increases in vacancy during the second quarter of 2025 were Mérida, which doubled its vacancy volume, reaching 22,000 square meters, and Querétaro, which saw an increase of 16,000 square meters. In contrast, León, Guanajuato, saw the largest decrease, with a decrease of 10,000 square meters, as a result of the improvement in leasing activity during this quarter.

During the first half of 2025, cumulative office demand nationwide remained stable, reaching a total of 382,000 square meters, equivalent to 90% of the volume registered in the first six months of 2024.

Meanwhile, during the second quarter of 2025, national office leasing registered 205,000 square meters of occupancy, representing a 15% increase compared to the first quarter of this year. However, this figure is 11% below the volume recorded in the second quarter of 2024.

Between April and June, Mexico City accounted for 75% of total investment in the office market, reaffirming its importance as the country's financial, political, and economic center. During this period, Guadalajara ranked as the second most active market, accounting for 7% of national leasing. Monterrey, on the other hand, ranked third, with 6% of total leasing.

Office construction activity in Mexico closed June 2025 with approximately 1.2 million square meters under construction. This figure remains unchanged from the same period in 2024, suggesting greater caution in market expansion and reflecting a more cautious stance on the part of developers.

During the period between April and June 2025, construction began on approximately 31,000 square meters of office space nationwide. New projects were concentrated primarily in Mexico City, which accounted for 34% of the total, followed by Querétaro with 14%, Guadalajara with 12%, and Puebla with 6% of new developments.

During the quarter, building deliveries in the country was limited, with just over 16,000 square meters added to the national inventory. This activity was concentrated in the Tijuana and Guadalajara markets, which accounted for 65% and 35%, respectively.

At the end of June 2025, office rental prices in Mexico remained stable, with a national average of $20.33 USD/m²/month, a slight increase of just 18 cents compared to the same month in 2024.

The Tijuana market maintains the highest office rental prices nationwide, at $22.20 USD/m²/month, 10% above the national average, as it is the market with the lowest vacancy rate in Mexico. In contrast, León, Guanajuato, offers the most competitive prices in the country, with rents 40% below the average.

Looking ahead to the second half of 2025, the office real estate sector in Mexico is experiencing a period of instability largely influenced by the international climate. However, despite the current situation limiting the pace of market growth, office demand remains strong.

In this scenario, the adoption of flexible leasing schemes, the repositioning of existing assets, and the strategic planning of new projects are essential for the growth of the Mexican real estate sector, not only to address current market conditions but also to take advantage of opportunities that may arise in the medium term.