The recovery of Mexico’s office market is no longer a statistical mirage—it is a fully consolidated trend. The last three months of 2024 signaled a shift in the cycle, and 2025 confirmed it.
Between January and September of this year, the five most relevant corporate markets—Mexico City, Monterrey, Guadalajara, Querétaro, and Tijuana—recorded nearly 360,000 m² of gross absorption (lease and sale transactions), virtually the same amount registered throughout all of 2024.
In other words: nine months consumed an entire year’s worth of corporate space. And Mexico City has reclaimed its natural role as the country’s leading market.
Mexico City: The Corporate Epicenter
Between January and September 2025, Mexico City accumulated nearly 235,000 m² of gross absorption—74% more than what it observed during the same period in 2024. It is now close to surpassing its total annual absorption.
This is no coincidence. Mexico City is the national and international corporate epicenter. Within the capital, the Central Business District (CBD)—comprised of the Polanco and Reforma corridors—remains the core where the largest transactions tend to close.
Polanco led with +67,000 m²
Insurgentes followed with ~62,000 m²
Reforma added ~46,000 m²
Monterrey: The Country’s Second Corporate City
A similar pattern is emerging in Monterrey. As of September 2025, Monterrey—known as the industrial capital—has already surpassed its total 2024 office market activity, placing 72,000 m², mainly in Margain Gómez-Morín and Valle Oriente, which make up the city’s CBD.
The third quarter had a particular characteristic: activity was dominated by renewals. In the previous quarter, Santa Catarina had taken center stage with one of the most notable new deals—a 6,000 m² closing.
Guadalajara Also Gains Momentum
Guadalajara exceeded its full-year 2024 absorption in just nine months, registering more than 38,000 m².
Once again, absorption is concentrated in the CBD-like corridors. In this case, the Zona Financiera corridor leads with 14,000 m² placed.
The Emerging Markets: Querétaro and Tijuana
Querétaro has also surpassed its previous annual total, reaching nearly 12,000 m² by 3Q 2025.
Tijuana, however, is an exception. Its progress remains slower, with 1,800 m² of gross absorption.
Mexico’s Corporate Market Enters a Stabilization Phase
The appetite for office space has returned to Mexico. Mexico City is strengthening its leadership, Monterrey is accelerating, Guadalajara is confirming its recovery, and emerging markets like Querétaro are beginning to stand out.
2025 is shaping a structural shift in favor of well-located offices with accessibility and corporate value in premium areas.
