According to SiiLA, 165,000 sqm of office space were absorbed in the country’s main markets—Mexico City and its metropolitan area, Guadalajara, Monterrey and Querétaro—during the third quarter of 2025, a volume 10% higher than in the same period of 2024. In other words, on a year-over-year basis, the market is maintaining its pace and positioning 2025 as the year with the strongest sustained recovery since the pandemic.

However, that recovery is not unfolding in a straight line. True to its seasonal pattern, the quarterly pace slowed compared to the start of the year. This does not reflect a decline in activity, but rather an adjustment in leasing timelines. Negotiations are taking longer, deal closings are clustering toward the end of the year, and demand—cautious but steady—continues to drive the market.

The combination of strong gross absorption, lower churn—net absorption increased 11% year over year this quarter—and a limited delivery of new inventory kept vacancy on a downward trend, now at 15.7%. Behind those figures, tenant behavior points to more diversified, strategic demand.

In total, nearly 200 companies took space during the quarter, with average deals around 400 sqm—evidence that the recovery does not hinge on large corporates but on a broad base of users expanding cautiously. The most active sectors—business services, legal, real estate, finance, technology, and construction—accounted for nearly two-thirds of transactions, reflecting demand increasingly oriented to support and specialization.

The same logic shows up in the type and location of occupied space. Eighty percent of the area absorbed was in Class A+ and A buildings, underscoring the preference for modern, efficient, well-located assets, which in turn explains the market’s geographic distribution. While Greater Mexico City—the country’s business nerve center—concentrated 63% of the total, Monterrey, Guadalajara, and Querétaro— with 18%, 10%, and 9%, respectively—remained diversification hubs that help balance the national corporate cycle.

Within that landscape, several specific moves illustrate the breadth of demand.

Mary Kay absorbed about 4,500 sqm of Class B space at FIBRA Monterrey’s OEP Plaza Central in Monterrey; Mexico’s Federal Public Defender’s Office took 3,500 sqm at Céntrika Oficinas, also in Monterrey; Vitamédica leased 2,400 sqm of Class A+ at Antara Corporate I in Mexico City; T-note, 2,300 sqm at UpTown Querétaro Corporate Tower II; and Globant, 2,100 sqm at Torre Carracci in the capital. Five deals differing in size, sector, and location—tied by the same thread: confidence in well-positioned, operationally solid corporate space.

In general, the aggregate indicators confirm the market’s structural balance. The mere 5% gap between the first nine months of 2025 and 2024 reflects the natural passage of a cycle stabilizing after continuous expansion, amid stable rents—with a roughly 1% compound annual increase over the past five years—that temper income returns but preserve occupancy.

That stability rests on the real economy’s foundation. According to the Mexican Economy Secretary, the corporate sector’s GDP has expanded by an average of 3% annually since 2020, driven by a structure in which more than 95% of companies are MSMEs and around 65% are domestically owned. This means the market’s balance does not come from a handful of giants, but from a broad, diversified business base that sustains demand—even as the economic cycle moderates.

To learn more about the corporate market’s evolution, visit SiiLA Market Analytics or write to contacto@siila.com.mx.