At the end of May 2025, the office real estate market in Mexico is developing in a context of trade pressures and tariff adjustments, which significantly impact business investments. Despite this, demand for corporate space remains stable, driven by adaptation to new work modalities and operational efficiency.

During April and May 2025, the office market in Mexico registered a cumulative demand of 129,000 square meters, remaining at levels similar to those reported in the same period last year.

The majority of transactions in this two-month period were concentrated in Mexico City, which accounted for 72% of total demand. This was followed by Guadalajara, with 9%, and León, Guanajuato, with 6% of the total.

Vacated corporate space during the same two-month period was 77,000 square meters, representing a 10% decrease compared to April-May 2024.

The markets with the largest vacated space were Mexico City, which accounted for 91% of total move outs, followed by Monterrey with 5% and Puebla with 3%. The remaining markets recorded minimal vacated levels.

Nationwide office construction activity closed May 2025 with 1.2 million square meters in progress. During April and May, only the Guadalajara market reported new developments, starting construction on 3.6 million square meters; the remaining markets registered no construction activity.

None of the office markets in Mexico added new supply during May, ending the month with a national inventory of 17.6 million square meters, of which approximately 3 million are available for immediate occupancy.

Meanwhile, the average office rental price in the country at the end of May 2025 was $20.37 per square meter per month. The cities with the highest prices were Tijuana at $21.40 per square meter, followed by Mexico City and Mérida at $21.20 and $19.32 per square meter, respectively.

The corporate market in Mexico has shown stability in office leasing activity and a moderate decrease in vacancy. However, construction activity has remained limited, reflecting a reserved attitude among developers regarding market developments. Faced with a volatile global economic environment and transformations in work models, sector players are focusing their strategies on adapting to new labor needs, aiming for more careful planning to ensure market competitiveness.