The office real estate market in Mexico maintains its trend toward sustained recovery during Q2 2026, showing greater dynamism in office segment investments and, consequently, downward pressure on market supply.

The macroeconomic environment features a stable exchange rate of around $17.80 pesos per dollar and a benchmark interest rate that remains at 6.5%, as part of the Bank of Mexico's strategy aimed at balancing inflation control. In this context, companies driving occupancy in the corporate sector have broadened their planning horizons. Nearshoring continues to be a key factor not only in industrial growth but also in the stabilization of the corporate market in Mexico.

At the close of Q2 2026, the national office inventory is close to 18 million square meters, registering an annual increase of almost 400,000 square meters. Mexico City remains the most important corporate hub concentrating 70% of the national inventory.

During the period, market expansion was concentrated in Mexico City and Monterrey, with the addition of 150,000 square meters of new supply distributed across five properties. 94% of deliveries were located in the capital, while the remaining 6% took place in Monterrey.

The national office vacancy rate stood at 15.4% in June 2026, showing a decrease of 150 basis points compared to the same month of the previous year, representing a reduction of more than 190,000 square meters over the past 12 months.

During the quarter, Mexico City registered the second-highest vacancy rate in the country at 17.1%, surpassed only by Puebla at 18.5%. In contrast, the markets with the lowest rates nationwide were Tijuana, Monterrey, and Guadalajara, at 6.4%, 10.7%, and 11.1%, respectively.

Office leasing nationwide totaled 244,000 square meters during Q2 2026, showing a year-over-year growth of 19%. Mexico City was the epicenter of investment, concentrating 64%, followed by Monterrey, which showed a rebound, capturing 18% of total demand, and Guadalajara with 9%.

Office construction in Mexico closed June 2026 with more than 1 million square meters under development. The nation's capital accounted for 50% of the properties under construction, followed by Monterrey with 16% and León, Guanajuato with 11% of the total.

The number of new corporate infrastructure projects totaled 18,000 square meters during the second quarter of 2026. Mexico City led the way with 71% of the total, followed by Querétaro and León, Guanajuato, with 25% and 4%, respectively.

During the second quarter of 2026, office construction starts decreased by 39% compared to the same period of the previous year, reflecting a more cautious approach due to the slowdown in corporate investment in the post-pandemic era.

The average office rental price in Mexico was $20.59 USD per square meter in June, remaining stable with a slight increase of only 1.3% compared to the same month last year.

The markets that reported the largest year-over-year increases in rental prices were Guadalajara and Querétaro, with increases of 4.8% and 3.5%, respectively, reaching $19.90 and $16.40 USD per square meter in June.

In contrast, Puebla and León showed price decreases, with drops of 4.9% and 22.1%, settling at $13.90 and $9.50 USD per square meter, respectively.

As the second quarter of 2026 draws to a close, the Mexican office market maintains a cautious approach, in an environment where companies continue to prioritize cost optimization amidst still-challenging macroeconomic conditions.

Against this backdrop, more institutional markets such as Mexico City, Monterrey, and Guadalajara are strengthening their position by increasingly incorporating LEED certifications and ESG criteria, elements that have become key attributes for complying with global regulations on risk, safety, and sustainability in space occupancy.

Looking ahead, prudence is expected to continue guiding occupancy and corporate expansion decisions, although demand is concentrated on higher-quality assets with specifications that meet the international standards required by global companies.