In April 2025, corporate real estate investment decreased. Part of this slowdown was a consequence of the global business climate, which has become unstable due to economic tensions and changes in international policies.

The current outlook has particularly impacted export-oriented industries, which now face higher operating costs and less predictable scenarios. As a result, several companies have chosen to postpone decisions related to expansion or the occupancy of new corporate space.

In this context, cumulative office demand in Mexico during the first four months of 2025 totaled 238,000 square meters, reflecting a moderate pace of activity in the corporate real estate sector. In April, nationwide leasing activity reached 60,000 square meters, representing an 18% contraction compared to the same month last year.

The corporate markets that accounted for the largest volume of office demand were Mexico City, with approximately 70% of transactions during the period. Guadalajara followed with 10%, while León, Guanajuato, and Monterrey each registered an 8% share.

In contrast, office space vacancy in April reached 43,000 square meters, a 38% year-over-year decrease. The markets that vacated the most space were Mexico City, with 90% of the national total, followed by Monterrey, which registered 9% of the vacated space.

While move outs during April increased compared to the first months of the year, the vacated office space is 29% below the leased area during the same period. This difference suggests that despite the exits and although companies continue to adjust their space needs, office demand remains active.

At the end of April, corporate supply in Mexico stood at 2.9 million square meters of vacant space, translating into a vacancy rate of 16.9%, a decrease of 80 basis points over the past year. Meanwhile, the average office rental price in Mexico closed April at $20.25 per square meter per month. Office rental prices nationwide have not shown significant changes over the past year.

Office construction remained unchanged in the country's eight main corporate markets. The area under development remains at around 1.2 million square meters, currently under construction. However, no new project starts were reported in the country during the month of April.

The leasing activity reflects a market that is progressing more slowly, where companies continue to make occupancy decisions, but with a more strategic and selective approach. The lack of new developments suggests that the sector is focused on completing projects already underway and awaiting greater clarity on the evolution of demand.