Sunday, 23 August 2026
Mexico City’s office market strengthened further during the second quarter of 2026, with companies taking additional space, empty offices gradually returning to use and demand becoming increasingly concentrated in the capital’s leading commercial districts. Although a significant amount of office accommodation remains available across the city, the overall figures disguise a growing shortage of suitable modern space in some of the most desirable locations.
Research from several property advisers confirms the improving direction of the market, although individual statistics vary according to the types of buildings and geographical areas monitored. JLL calculated that occupied office space increased by approximately 131,500 square metres during the second quarter and put the share of vacant space at 18.3%. CBRE, which concentrates more heavily on modern higher-quality properties, recorded approximately 55,000 square metres of additional occupied space during the quarter and around 93,000 square metres during the first six months of the year. Its vacancy estimate stood at 17.6%.
Mexican property information provider Solili also recorded strong activity. Approximately 244,000 square metres of offices were leased across Mexico during the second quarter, with Mexico City responsible for around 64% of the total. This suggests that approximately 156,000 to 157,000 square metres of transactions took place in the capital during the three-month period.
The different measurements should not be compared directly. Leasing figures record agreements signed during a period, while changes in occupied space also account for premises that companies leave behind. Nevertheless, the various studies point towards the same underlying development: businesses are becoming more active and Mexico City is gradually working through the large amount of unused office space accumulated in previous years.
Depending on the buildings included in individual surveys, the proportion of available offices is currently estimated at roughly 17% to 20%. Solili put the figure at 17.1% at the end of June, while Colliers measured around 20% within the properties covered by its research. The variation illustrates why Mexico City is increasingly difficult to describe using a single citywide number.
The contrast becomes particularly clear at district level. Polanco, Reforma and Lomas Palmas are considerably tighter than the wider market. CBRE estimated that only around 10.6% of the offices within these central business locations were vacant. These areas continue to benefit from their established corporate environments, transport connections, restaurants, services and concentration of newer buildings.
Other parts of the city remain much more competitive from a tenant’s perspective. Solili calculated vacancy of approximately 31.4% in the Norte corridor, 25.1% in Santa Fe and 23.2% in Interlomas during the second quarter. Companies willing to consider these areas therefore continue to have substantially more choice than those concentrating exclusively on the central districts.
Insurgentes has been another important source of activity. According to CBRE, the corridor accounted for around 45% of the increase in occupied space recorded during the first half of 2026. Polanco, Reforma and Lomas Palmas together represented a further 36%. The figures demonstrate how heavily the recovery is concentrated in a relatively small group of locations.
Rental differences reflect the same pattern. Average advertised rents across Mexico City remain broadly stable, but prices vary considerably according to location and building standard. Solili calculated an average of approximately USD 21.37 per square metre per month at the end of June, while Colliers placed the average for the higher-quality buildings it monitors at around USD 23.
Lomas Palmas was among the most expensive districts, with advertised rents of approximately USD 25.22 per square metre per month. Reforma averaged around USD 23.84, followed by Polanco at USD 23.47 and Insurgentes at USD 22.64. Santa Fe remained lower at approximately USD 20.36, while Norte averaged around USD 17.71.
The differences suggest that the recovery is increasingly being determined by the type of office companies want rather than simply by the amount of space available. Businesses relocating or renegotiating leases are showing greater preference for modern buildings, efficient layouts, convenient transport access and locations offering services for employees. Offices that can be occupied without substantial additional investment are also attracting greater attention.
Technology and information technology companies have been particularly active. CBRE estimated that these businesses represented around 38% of the larger transactions it tracked during the first half of the year. Construction-related companies accounted for approximately 16%, while corporate service businesses represented around 11%.
At the same time, the development cycle is becoming more restrained. CBRE estimates that approximately 260,000 square metres of modern office accommodation is being developed across eight projects scheduled for completion between 2026 and 2029. Around 214,000 square metres could be completed during the second half of this year, primarily in Reforma, Polanco and Lomas Palmas.
A substantial portion of that future space has already found occupiers. JLL reported that approximately 41% of the offices under development and scheduled for completion during the second half of 2026 had been committed before opening. This reduces the amount of genuinely available new accommodation that will reach the market and could increase competition for the best buildings if corporate demand remains strong.
Solili follows a wider selection of projects and consequently calculates a construction total exceeding one million square metres. Despite the difference in coverage, its figures also show that developers are becoming more cautious. New office construction starts across Mexico during the second quarter were approximately 39% lower than a year earlier.
Mexico City nevertheless received a significant amount of new space during the quarter. Solili estimated that around 150,000 square metres of offices were completed across Mexico City and Monterrey, with approximately 94% of those completions located in the capital. This would put Mexico City deliveries at roughly 141,000 square metres.
The ability of the market to accommodate these additions while vacancy generally moved lower is an encouraging sign. It indicates that new corporate requirements are beginning to offset both recent construction and part of the older surplus that has weighed on the market since working patterns changed following the pandemic.
The slowdown in future construction could further improve the balance. Mexico City entered the previous decade with a substantial development programme, leaving the market particularly exposed when businesses subsequently reduced their office requirements. With considerably fewer projects now beginning construction, existing vacant buildings have more time to attract occupiers without competing against a continuous wave of new developments.
This is creating an increasingly divided market. Modern offices in Polanco, Reforma, Lomas Palmas and parts of Insurgentes are becoming more competitive as companies concentrate their searches in these districts. Older properties and buildings in areas with substantial vacancy still need to compete aggressively for tenants, particularly when significant refurbishment is required.
Mexico City therefore entered the second half of 2026 in a stronger position than it has occupied for several years. The city still has a considerable supply of empty offices, meaning tenants retain negotiating power across large parts of the market. However, this is becoming less true for companies requiring high-quality premises in the most sought-after locations.
If corporate demand remains at current levels while developers continue to limit new construction, the amount of unused space should decline further through the remainder of 2026. The next phase of Mexico City’s office recovery is likely to be increasingly shaped by a simple divide: plenty of offices remain available, but the buildings companies most want are becoming progressively harder to find.
Research & Analysis: CIJ.World
