In July 2025, the Mexican office real estate market is showing solid performance despite the challenges the national and international economy is facing as a result of the imposition of tariffs by the US government on various countries and regions around the world. Although the global environment is complex, corporate investments in Mexico remain active, demonstrating the strength of the sector.

Against this backdrop, office demand in Mexico reached 110,000 square meters during July 2025, representing an increase of more than double compared to the same month in 2024. Mexico City accounted for 80% of total occupancy during that period, followed by Monterrey and Guadalajara, which took second and third place with 12% and 6%, respectively.

In July 2025, office vacated space nationwide reached 28,000 square meters, a 22% increase compared to the same month in 2024. Mexico City recorded the highest volume of the move outs, with 90% of offices vacated nationwide, followed by Tijuana with 5% and Monterrey with 4% of the total.

Monthly office leasing activity nationwide remained stable, tripling the volume of vacant space during the same period.

In this context, the national office supply stands at 2.9 million square meters at the end of July 2025, which translates to a vacancy rate of 16.5%, reflecting a decrease of 130 basis points over the last 12 months.

Office construction in Mexico stands at 1.2 million square meters, and despite ongoing corporate expansions, developers and investors remain cautious. Therefore, no new construction starts were reported in any of the country's main corporate markets during the seventh month of the year.

The average national office rental price in July closed at $20.22 per square meter. The nation's capital and Tijuana maintain the highest prices nationwide at $21.50 and $21.00 per square meter, respectively.

The office market in Mexico reflects strength and a moderate recovery, with active demand and steady leasing. Despite developers' caution, available supply remains at healthy levels, with controlled construction of new projects and stable rental prices, demonstrating the resilience of the national corporate sector.