Pent-up office demand in Mexico City experienced a 22% annual decline during 2024, reflecting a slowdown in the capital's corporate real estate market. However, Mexico City remains the nerve center of commercial activity in the country, concentrating 67% of national demand in Q4 2024, with 158 thousand square meters of occupancy.

The city's most important corporate areas, such as Polanco, Insurgentes, and Reforma, continued to be the main leasing destinations. These corridors remained active throughout 2024, although activity failed to reach the levels recorded in previous years.

Of interest: Solili Office Report 4Q 2024: Demand in 2024 decreased 25% compared to 2023

The accumulated demand for offices throughout the year was 605 thousand square meters, a figure that reflects a clear slowdown compared to the same period in 2023.

Among the reasons for this decrease in demand, the uncertainty derived from the change of administration in the United States stands out, which could imply new tariff policies that would affect the commercial dynamics of the corporate segment.

These external factors, added to other elements such as the transition to hybrid work models and economic uncertainty, have influenced the reduction in demand for office space in the city.

See here: Tijuana leads the start of new office projects during 4Q 2024

Despite this decrease, the market remains dynamic, with certain areas such as Polanco, Insurgentes and Reforma maintaining their relevance in terms of occupancy, suggesting that companies continue to look for strategic spaces in the best locations in the city.