In the current economic context, the Bank of Mexico decided to apply a new cut of 25 basis points in the interbank reference rate, standing at 10.5% during the first half of November 2024. This measure, which represents the third consecutive decrease, was taken in response to the similar action of the United States Federal Reserve, which also adjusted its rate in the same proportion, reflecting a synchronization between the monetary policies of both countries.

Under this scenario, the national office market reports a total inventory of 17.5 million square meters and an offer of 3 million square meters at the end of November 2024.

During October-November, office leasing activity totaled 145 thousand square meters. In the two-month period, the markets that concentrated investments in office space were mainly the capital of the country, with 77%, followed by Monterrey, with 10%, and Guadalajara, with 5% of the total national occupancy. The demand for offices from January to November 2024 totaled 743 thousand square meters, reflecting an annual decrease of 26%.

In the two-month period from October to November 2024, the office vacancy activity nationwide was 47 thousand square meters, which is equivalent to a third of the total offices leased during the same period. Mexico City is the market that reported the largest volume of vacated space, concentrating 28% of the total nationwide.

At the end of November 2024, the construction of corporate buildings reached a total of 1.3 million square meters under development, which represents an increase of 12% compared to the same month in 2023. In the months of October-November, the construction of 40 thousand square meters of offices began. The markets that concentrate the new projects were Tijuana, with 62% of the space under development, followed by Mexico City, which accounts for the remaining 38%.

The average rental price for offices nationwide remains stable at $20.02 USD/m²/month at the end of November 2024. Tijuana remains the market with the highest office prices nationwide at $21.70 USD/m²/month while the most affordable prices are found in the city of León, Guanajuato at $11.90 USD/m²/month.

The national office vacancy rate ended November at 17.2%, which reports a decrease of 90 basis points compared to November 2023. The markets that report the highest vacancy rates are Puebla and Mexico City with 25% and 19% respectively, while the lowest vacancy rates are found in Tijuana and Mérida with 6% and 8% each.

The office real estate sector in Mexico shows important challenges, where factors such as the reconfiguration of work spaces, the adoption of hybrid schemes and economic recovery influence the leasing and demand dynamics. The office sector is in a process of transformation, in which both developers and companies must adapt to a new economic and labor environment to make the most of investment opportunities.