The office market in Mexico is undergoing a redefinition phase, with space absorption beginning to gain momentum. Key markets continue to drive national performance, while developers and occupiers adjust their strategies in response to new labor dynamics and a more selective economic environment.

As of the end of February 2026, the Mexican office market had an inventory of approximately 17.8 million square meters. Of this total, 2.5 million square meters are vacant, representing a vacancy rate of 14.1%.

The national office market registered a cumulative demand of 160,000 square meters during the first two months of 2026, a 35% increase compared to the same period of the previous year.

Mexico City saw the greatest activity in transactions during January and February, capturing 66% of national demand. It was followed by the Monterrey and Tijuana markets, with shares of 10% and 7%, respectively.

In contrast, move outs for corporate spaces in the country showed moderate growth, registering a total of 38,000 square meters during the January-February 2026 period. This figure represents a 32% decrease compared to the same two-month period in 2025.

As of the end of February, the construction of corporate buildings in the development pipeline stood at over one million square meters nationwide. Mexico City accounts for the largest share of the space under construction, with 57% of the total, followed by Monterrey with 29%, solidifying their positions as the main centers of expansion for the corporate market in the country. It is worth noting that no new office projects were started in any of the eight corporate markets during February.

The corporate market in Mexico offers a diversified supply, capable of meeting different demand profiles with high-quality spaces and competitive standards. Availability is concentrated primarily in the country's major metropolitan areas, led by Mexico City with over 1.8 million square meters of vacant space, followed by Monterrey with 280,000 square meters and Guadalajara with approximately 140,000 square meters.

The average office rental price in the country was $20.17 USD/m²/month during February, remaining at levels similar to those recorded the previous year. Tijuana continues to be the market with the highest rates, at $21.20 USD/m²/month. Mexico City, meanwhile, registered an average of $21.00 USD/m²/month. These two markets remain the only ones with rental prices above the national average.

The Mexican office market continues to show signs of recovery, supported by more active demand and less pressure from vacancies. While the market supply is ample and developers are maintaining a cautious approach to launching new projects, the indicators reflect greater equilibrium, suggesting a positive market trend, subject to the pace of leasing and the country's economic conditions.