In August 2024, the Board of Governors of the Bank of Mexico decided to reduce the target interest rate by 25 basis points, placing it at 10.75%, despite the inflationary acceleration observed in July. This decision was driven by the downward revision of the Gross Domestic Product growth projections, which went from 2.4% to 1.5%.

The cumulative demand for office space during the period from January to August 2024 reached 546 thousand square meters nationwide. Although leasing activity remains dynamic, this figure represents a 20% decrease compared to the cumulative demand at the end of the same period in 2023.

During the period from July to August 2024, the demand for offices nationwide reached 119 thousand square meters. Mexico City accounted for 70% of this demand, reaffirming its position as the main center of business activity. Monterrey, with 11.2%, and Guadalajara, with 7.2%, consolidating their relevance for the growth of the north and west of the country.

On the other hand, the vacancy of corporate spaces reached 52 thousand square meters during July and August 2024, a figure that was reduced by half compared to the same period in 2023. Mexico City accounted for 90% of this freed space in the two-month period.

The average office rental price for the end of August 2024 is $20.00 per square meter, while the Tijuana and Mexico City markets report the highest prices in the country with $21.50 and $20.90 per square meter, respectively, being the only markets that are above the national average.

Construction activity for corporate buildings nationwide totaled 1.2 million square meters. Mexico City and Monterrey lead as the main expansion centers of the corporate real estate segment. However, during the month of August, the market did not register the start of new office projects in the country.

The high leasing volume indicates stability in the corporate market. Demand is driven by key factors such as adaptation to new work modalities, company expansion, and the arrival of new investments to the market. Business activities continue to concentrate in the main corporate centers of the country, which act as development engines for the national corporate infrastructure. However, the office market continues to face challenges in achieving pre-pandemic occupancy levels, highlighting the need to develop new real estate strategies to adapt to changing corporate market conditions.