The Mexican corporate market maintained a favorable dynamic during April and May 2026. Leasing activity accelerated compared to the same period of the previous year, while supply continued to adjust downward, in an environment of more selective expansion and greater caution in investment in new projects.

During April and May 2026, gross demand for office space nationwide reached nearly 200,000 square meters, representing a 55% increase compared to the same period in 2025.

Mexico City concentrated most of the leasing activity during the two-month period, accounting for 70% of the transactions registered in the country. Monterrey ranked second with a 17% share, followed by Guadalajara with 8% of the national total.

Meanwhile, the accumulated move outs during April and May reached 130,000 square meters, 67% higher than the figure observed in the same period of 2025. Despite this increase, occupancy continued to outpace vacated space in most major corporate markets.

During the two-month period, Mexico City led the way in vacated corporate space, accounting for 95% of the move outs registered nationwide, while the rest of the office markets maintained moderate levels of releases.

The national office inventory stood at 17.9 million square meters at the end of May 2026, 260,000 square meters higher than the inventory recorded in the same month of 2025. There were no deliveries in May, as no office buildings were completed during that month.

Office construction closed May 2016 with over 1.1 million square meters under development, a level consistent with the previous year. The slowdown in construction activity reflects a more cautious strategy by developers, in an environment where demand continues to recover and availability levels are trending downward.

In April and May, construction starts were restrained, totaling 635 square meters of new projects. As of the end of May, most construction activity was concentrated in Mexico City, which accounted for approximately 55% of the space under development, followed by Monterrey with 15% and León, Guanajuato with 10%.

In May, office vacancy in Mexico stood at 2.7 million square meters, translating to a vacancy rate of 15.3%, a decrease of approximately 1.5 percentage points over the past year. At the market level, Puebla registered the largest year-over-year reduction in the vacancy rate, reaching 19.1% at the end of the month, representing a decrease of 5 percentage points compared to 2025.

In May 2026, the average office rental price nationwide was $20.13 USD/m²/month. The markets with the highest rents were Tijuana, at $21.20 USD/m²/month, and Mexico City, at $20.90 USD/m²/month.

Querétaro registered the largest increase in rental prices, with a 5.7% year-over-year rise to $16.50 USD/m²/month, followed by Guadalajara, with a 3.5% increase, reaching $19.60 USD/m²/month, compared to May 2025.

The performance of the office market during April-May 2026 reflects a consolidation phase for the corporate sector. Growth in demand, coupled with a reduction in vacancy rates, points toward more balanced market conditions. While construction activity remains cautious, the sustained recovery in leasing strengthens the outlook for stability in the country's main corporate markets for the remainder of the year.