During 2025, the Mexican office market continued its adjustment and recovery process after a period of caution, with more active demand and a restrained supply. Throughout the year, sector activity reflected a gradual improvement in space occupancy, a reduction in availability levels, and greater discipline on the part of developers and investors, in an environment that has gradually improved certainty in the corporate market.

In this scenario, the national corporate inventory closed the year reaching 17.7 million square meters. During the last quarter of 2025, the new office supply registered the delivery of nine corporate buildings, which together added more than 150,000 square meters to the total inventory. 65% of this new area is located in Mexico City, followed by Monterrey with 18%, while Mérida and Guadalajara accounted for 10% and 7%, respectively.

The national office vacancy rate closed December 2025 at 14.3%, equivalent to more than 2.5 million square meters of available space. This figure represents a reduction of approximately 500,000 square meters compared to the previous year. The markets with the highest vacancy rates are Puebla, with a rate of 25%, followed by Mexico City with 19%. In contrast, the markets with the lowest vacancy rates are Tijuana and León, both with rates of 7%.

Leasing activity in the national office market during Q4 2025 showed positive performance, totaling more than 250,000 square meters, a 14% increase compared to the same period in 2024. During the quarter, the markets with the highest demand were primarily Mexico City, which accounted for more than 80% of the total, followed by Querétaro and Guadalajara, with shares of 7% and 4%, respectively.

Office leasing activity in Mexico throughout 2025 accumulated more than 950,000 square meters, a figure that is 17% above the demand accumulated during 2024.

At the close of 2025, office space construction in Mexico reached approximately 1.1 million square meters under construction, representing a 15% year-over-year contraction in the area under development.

Mexico City is consolidating its position as the main hub for corporate growth, concentrating 65% of the projects, equivalent to more than 600,000 square meters under construction. However, other markets such as Monterrey, Guadalajara, and Tijuana are also registering significant expansion, with 172,000, 89,000, and 76,000 square meters under development, respectively.

In the last quarter of the year, office construction starts in the country totaled more than 25,000 square meters, distributed across seven new corporate projects. These new buildings were primarily concentrated in Querétaro, which accounted for 38% of the total construction starts, followed by Monterrey with 30%, Mexico City with 20%, and Guadalajara with 12%.

At the end of December, the average office rental price nationwide stood at $20.36 USD per square meter per month, registering a 1.3% year-over-year increase. Most markets showed stable performance throughout the year; however, Mérida positioned itself as the market with the highest price growth, with a 25% increase, followed by Guadalajara and Querétaro, which registered increases of around 7%.

In contrast, the only markets that showed year-over-year decreases in rental prices were León, Guanajuato, with a 23% drop, and Puebla, with a 5% reduction.

In terms of price levels, Tijuana remains the market with the highest rents nationwide, at $22.00 USD per square meter per month, placing it about 8% above the national average, while León, Guanajuato, registers the most competitive prices, at $9.10 USD per square meter per month, placing it approximately 55% below the average.

The Mexican office market closed 2025 with signs of stabilization and a gradual recovery, driven by a sustained improvement in corporate activity. Throughout the year, demand showed more dynamic behavior, while supply advanced more cautiously, reflecting greater discipline on the part of investors.

The outlook for 2026 points to a more balanced environment, with moderate growth focused on well-located projects aligned with new corporate needs, stable rental prices, and continued prudent and selective decision-making by industry professionals.