As 2025 draws to a close, the Mexican corporate market is progressing in an environment defined by the sector's current financial conditions. The recent cycle of interbank interest rate cuts, including the 25-basis-point reduction announced by Banxico in November, which placed it at its lowest level in three years, continues to influence the sector's occupancy and expansion dynamics.

The national office market closed November 2025 with an inventory of 17.6 million square meters across the country's eight main office markets. Guadalajara was the only market that registered an increase in its inventory during the month, with the addition of a new project, while the other markets did not report any new deliveries during that period.

In the two-month period of October-November 2025, office leasing activity nationwide reached a total of 152,000 square meters, 5% higher than the figure reported during the same period in 2024.

85% of leasing transactions were concentrated in Mexico City, reaffirming its position as the country's leading corporate market. Querétaro ranked second, with 5% of the bimonthly demand, followed by Guadalajara with 4%.

The cumulative demand for 2025 exceeded 850,000 square meters, representing a 15% increase compared to the amount accumulated during the months of January through November 2024.

Regarding move out activity, approximately 66,000 square meters of corporate space became available between October and November, showing a 40% increase compared to the same months of 2024. Mexico City accounted for the majority of these movements, concentrating 95% of the vacated space during the period.

Office construction in the country reached 1.2 million square meters by the end of November. Most of this office space under construction is located in major corporate cities, with Mexico City accounting for 58%, Monterrey 16%, and Guadalajara 8%.

The average rental price for Class A and B office space in Mexico during the penultimate month of 2025 was $20.20 USD per square meter per month. Prices in the corporate market remained stable, with no changes compared to November 2024. Tijuana registered the highest rents, at $22.00 USD per square meter, 10% above the national average. In contrast, León, Guanajuato, had the lowest prices, at $9.40 USD per square meter per month, 45% below the average.

At the end of November, the office real estate sector in Mexico showed a market in adjustment, with demand indicating a recovery and supply gradually declining. Price stability and constant activity in occupancies reflect a sector that maintains a trend of adapting to new business needs.