In February 2025, the office real estate sector in Mexico is going through a complex situation, affected by growing economic distrust as a result of the possible implementation of new tariffs by the United States government in Mexico. These measures, focused on the imposition of tariffs on products from Mexico and Canada, have generated concern among both investors and companies operating in the country.

The current outlook has caused greater instability in the market, beginning to slow down the demand for corporate spaces and affecting the start of new office projects in the main cities of Mexico, so adaptability and the assessment of commercial changes have become essential to face the new challenges.

The office inventory, made up of the eight main markets in the country, closes February with a total of 17.5 million square meters. During the first two months of the year, 15 thousand square meters of new spaces were added to the national inventory.

The country's office leasing activity during the months of January and February totaled 118 thousand square meters, reporting a decrease of 27% compared to the first two months of 2024. The markets that concentrate the demand for offices were Mexico City, Monterrey and Guadalajara with 64%, 24% and 7% of the total, respectively.

In the first two months of 2025, office markets are beginning to be affected by the intense trade relationship between Mexico and the United States. In the country's capital, demand registered a decrease of 40%, while in Guadalajara the drop was 31%, compared to January-February 2024. In contrast, Monterrey experienced growth, doubling its office demand compared to the same period of the previous year.

Office move outs during January and February reached 56 thousand square meters, which represents a decrease of 19% compared to the same period in 2024. Mexico City concentrated the largest volume of vacated space with 80% of the total.

Office space construction nationwide ends the month of February with 1.2 million square meters, with Mexico City and Monterrey accounting for the largest number of projects with 62% and 15% each.

During January-February 2025, construction starts in the corporate sector showed a slow pace. Guadalajara was the market with the highest activity, registering the start of 1.6 thousand square meters of new projects, followed by Mexico City, where 1 thousand square meters of office construction were added.

The average rental price for offices nationwide at the end of February is $20.16 dollars per square meter. During the last year, the markets that have experienced the largest increase in rental prices are Mérida, with an increase of 8.7%, and Monterrey, with an increase of 4.4%, compared to the month of February 2024.

The national real estate market is going through a moment of uncertainty caused by the new trade policies of the United States. The implementation of additional tariffs has affected investment optimism, and as a result, the office sector in Mexico faces a period marked by caution, in a situation in which investors constantly monitor market conditions before making any move.