The office market in Mexico City (CDMX) will continue to maintain an absorption rate of 22.5% on average for the year 2025, with a constant decrease in the construction of new spaces. Corridors such as Bosques, Insurgentes, Lomas Altas, Lomas Palmas, Periférico Sur, and Santa Fe stand out by allocating over 40% of the available space in conditioned offices.
In the third quarter of last year, the office market in CDMX managed to drop for the first time in two years below 23% availability, influenced by the pandemic and situational factors. Juan Flores, Director of Marketplace Research & Analytics at Spot2, mentions that uncertainty, along with corporate caution due to Donald Trump's government, has kept the availability rate stable.
Despite the uncertainty in the market, it is expected that aspects such as the lack of new constructions and the need for modernization by companies will affect occupancy levels. Flores highlights that, although drastic changes in the absorption trend are not anticipated, there will be a cautious approach from companies.
CBRE Mexico reports that net office absorption reached 178,000 m2 in the fourth quarter of 2024, with a vacancy rate of 20.44% and average prices of $22.67 per m2 per month. The firm also highlights that between 2025 and 2028, 263,062 m2 of new buildings will be constructed, with an inventory growth of 0.3%.
In this context, global factors such as the return of Donald Trump, the advancement of Artificial Intelligence, and the need to optimize workspace influence the evolution of the corporate market. Knight Frank's study details that these factors impact how the corporate map of organizations is rethought, which in turn affects the demand for spaces in the office market of CDMX.
The office market in Mexico City already reflects the new requirements of companies, where 52% of the total rentable area is in shell condition and 37% of spaces are delivered conditioned, indicating a shift in the delivery conditions of available spaces.
