The Mexican office market begins 2026 in an economic environment marked by interbank interest rates exceeding 7%, reflecting the Bank of Mexico's monetary policy focused on financial stability. This impacts the cost of credit and influences investment decisions in new corporate developments. In this context, the office market maintains solid performance, projecting a start to the year in which space absorption and corporate decisions will guide the expansion of new developments.

The national office market begins 2026 with an inventory of 17.8 million square meters, representing a growth of 300,000 square meters compared to January 2025. No new building deliveries were reported in the country's main corporate markets during the first month of the year.

The market showed positive performance during January 2026, registering demand exceeding 80,000 square meters, double the total observed in the same month of 2025.

The distribution of demand for corporate spaces was concentrated primarily in Mexico City, which captured 48% of occupancy. It was followed by Tijuana, which experienced a surge and ranked second nationally with 16%, Monterrey with 14%, and Puebla with 13% of total demand.

In contrast, office move outs closed January at a total of 25,000 square meters, representing a 30% decrease compared to the same period of the previous year. The majority of vacated office space was reported in Mexico City, which accounted for 87% of the total, followed by Monterrey with 8%, Tijuana with 3%, and León, Guanajuato with 2%. The remaining office markets did not register any vacancies during the period.

At the end of January 2026, the volume of corporate office space under construction in Mexico reached 1.1 million square meters, reflecting a 15% year-over-year contraction in national construction activity. No new projects were started in any of the country's eight main office markets during the month.

The office vacancy rate in Mexico stood at 14.2% at the end of January, equivalent to more than 2.5 million square meters available for immediate lease. The Mérida and Mexico City markets registered the highest vacancy rates in the country, at 15.5% and 15.2%, respectively. In contrast, the lowest levels were found in Tijuana and Guadalajara, with rates of 6.9% and 10.7%, respectively.

The average office rental price in Mexico is $20.18 USD per square meter per month, remaining at a similar level to that recorded in January 2025. The markets that reported the largest annual increases in office rental prices were Mérida, with a 27% rise, driven by new corporate projects added to its inventory in the last year, followed by Querétaro and Guadalajara with annual increases of 8% and 7%, respectively.

The office market begins 2026 showing stable performance, with continued dynamic demand and a still measured pace of investment in new developments. The concentration of occupancy reflects a balanced environment, with a diversified corporate offering that allows clients to adapt to any need. Looking ahead to the rest of the year, the sector's performance will depend on how well existing projects align with demand, outlining a stable landscape with investment opportunities for the country's leading corporate centers.