2025 poses a challenging outlook for the office market in Mexico, affected by a series of internal and external factors. The evolution of the global economic environment, coupled with possible changes in trade policies resulting from the new presidential administration in the United States, could generate significant impacts on the corporate real estate market.

Donald Trump's victory as president of the United States generates a climate of uncertainty for the Mexican office market, which remains awaiting possible changes in tariff policies and a review of the Treaty between Mexico, the United States and Canada (T-MEC). These changes could have a direct effect on investment flows, affecting the dynamics of the office real estate sector in the country.

In contrast, the implementation of new trade policies could encourage the transfer of operations of companies seeking proximity to the United States, positioning the Mexican market as a strategic option. Therefore, it is crucial to take advantage of the new opportunities that arise in the market.

In this context, the office inventory in Mexico reached 17.5 million square meters at the end of 2024, distributed across the eight main corporate markets in the country. Vacancy stands at 3 million square meters, representing 17.1% of the total, remaining at levels similar to those reported during the 4Q of 2023.

Office leasing activity reached 220 thousand square meters at the end of the 4Q of 2024, reflecting a decrease of 23% compared to the same quarter of the previous year. Mexico City led the commercial dynamics, concentrating 67% of the quarterly occupancy, followed by Monterrey with 21% and Guadalajara with 6%.

Throughout 2024, the accumulated demand for office space reached a total of 817 thousand square meters occupied. This figure represents a 25% decrease compared to the total recorded during 2023, reflecting a slowdown in occupancy activity.

Office vacancy in Mexico during Q4 2024 totals 89 thousand square meters, of which 93% corresponds to the Mexico City office market. Vacancy activity remains at moderate levels, representing 40% in relation to leasing activity for the quarter.

Office construction nationwide totals 1.3 million square meters, reflecting an annual increase of 10%. Mexico City remains the country's main corporate hub, concentrating 58% of the developments in progress. Monterrey follows with 17% and Guadalajara with 8%, consolidating themselves as the most relevant corporate markets after the country's capital.

In the last quarter of 2024, construction began on 42 thousand square meters of offices nationwide. Tijuana led the development of new projects, concentrating 61% of the space under construction, followed by Mexico City with 33% and Monterrey with the remaining 6%.

New supply during the 4Q of 2024 added a total of 36 thousand square meters to the national corporate inventory. Mexico City led the delivery of new projects, contributing 65% of the completed space, followed by Guadalajara with 24% and Monterrey with 11%.

Throughout 2024, office rental prices have remained stable, without registering significant variations, reflecting a corporate market that has adjusted to current economic conditions

The average office rental price nationwide during December 2024 stood at $20.10 USD/m²/month, remaining unchanged compared to the value recorded at the end of 2023. The highest rental prices are found in the Tijuana office market with $21.70 USD/m²/month and in Mexico City with $20.99 USD/m²/month.

The most competitive prices nationwide are found in the León, Guanajuato office market, with a cost of $11.79 USD/m²/month, which represents almost 40% below the national average.

The corporate sector has adopted a conservative behavior throughout 2024, with demand reflecting signs of slowdown, static prices and construction volumes that, although they have not decreased, continue to be characterized by caution in investing in new corporate infrastructure projects.

Factors such as economic uncertainty, the continued adoption of hybrid work models and adjustments in corporate strategies are key elements that are shaping the behavior of demand for office space.

The Mexican office market faces a series of significant challenges for the rest of 2025, marked by the presidential change in the United States, which could bring with it a series of economic policies that impact bilateral trade relations. In this context, the corporate sector will have to adjust to the new conditions to continue growing and preserve investor confidence in the market.