Following the slow recovery of Mexico’s office market in the wake of the pandemic years, Monterrey has achieved a degree of stabilization in its availability rate, bringing it close to its historical average.
At the end of Q1 2026, the availability rate for Monterrey’s office market stood at 11.5%, a decrease of 90 basis points from the previous quarter, which closed at 12.4%.
In terms of square footage, availability declined from 266,000 m² in Q4 2025 to 246,000 m² at the close of Q1 2026, a reduction of approximately 20,000 m² of net leasable area (NLA). Those 20,000 m² are equivalent to the total gross absorption recorded throughout 2025.
Ana Gabriela Bastidas, office market analyst at Datoz, explains that the decline in Monterrey’s office availability rate is driven primarily by two dynamics: on one hand, the steady gross absorption of corporate spaces; on the other, developer caution around launching new projects.
No New Construction Starts in Monterrey
“Monterrey’s office inventory — including buildings under construction and existing stock — stands at 2.1 million m² and has remained unchanged since last year, meaning no new construction starts have been recorded,” noted Ana Gabriela Bastidas.
Currently, only 179,000 m² of office space is under construction in Monterrey, spread across 19 buildings in corridors including San Francisco, San Jerónimo, Margáin-Gómez Morín, Valle Oriente, and Centro, among others.
Steady Demand in the Monterrey Office Market
During Q1 2026, Monterrey’s office real estate market accumulated gross absorption from lease and sale transactions — covering both delivered and under-construction buildings — of nearly 23,000 m².
“The corridor that recorded the highest gross absorption during Q1 2026 was Santa María, with manufacturing and electrical sector companies as the primary tenants. As an additional note, Valle Oriente was the corridor with the highest number of sale transactions,” the office analyst detailed.
Overall, supply and demand in the office market are, in a sense, balanced, and a degree of stabilization has taken hold: on average, 20,000 m² is absorbed each quarter, several projects remain under construction, but caution persists around breaking ground on new ones.
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