The national office market faces a complex outlook due to the implementation of tariffs by the United States administration. This situation has generated a climate of uncertainty that has slowed the pace of investment.

Of Interest: Solili Office Report Q1 2025: Vacancy Rate Decreased Half a Percentage Point in the Last Year

At the close of the first quarter of 2025, office demand in Mexico reached 178,000 square meters, representing an 11% decrease compared to the same period in 2024. This contraction is primarily attributed to trade tensions with the United States.

The office markets that registered the largest decreases in corporate space occupancy were Querétaro and Guadalajara, with drops of 40% and 33%, respectively. Mexico City, meanwhile, reported a 16% decrease.

See here: Office Investments Grow in Mérida: Double During the First Quarter of 2025

At the end of March 2025, the national office vacancy rate stood at 17.1%, reflecting a 0.5 percentage point decrease compared to the same month in 2024.

Despite the slowdown in leasing activity, net market demand reached 118,000 square meters during the first quarter of 2025, representing a 2% increase compared to the same period in 2024.