Coworking in Malls: More Than a Bet, a Signal of Change

Some shopping malls in Mexico are beginning to incorporate functions—such as flexible workspaces—that were previously outside their operating logic.

In just over half a year, Patio Universidad and Portal Centro, properties of FIBRA Uno, have added coworking spaces of 80 and 60 square meters, respectively. Free to use and equipped for work—with internet, tables, and lighting—these spaces are more than just mall amenities.

As of the fourth quarter of 2025, FIBRA Uno reported 83% occupancy in its office segment, the lowest across its portfolio—in line with national real estate trends—compared to 94% in retail and 98% in industrial. In that context, initiatives such as WORKLAB can be read not only as visitor services but also as tools for observing patterns of use, dwell time, and demand within flexible work formats.

More than a finished product, they are testing environments. At a small scale, they measure the willingness to operate outside traditional lease structures. And within a portfolio with nearly 200,000 square meters of available office space, that insight is no longer marginal.

The question, however, is not only whether the model can scale, but under what conditions it would be economically viable for an owner whose income structure has historically been anchored in long-term leases, as it complements rather than replaces that scheme.

For an institutional vehicle, the tension is clear. Short-term contracts introduce volatility into cash flows designed to be stable. However, within a largely stabilized portfolio, that risk opens the door to more flexible schemes without compromising aggregate income, while capturing demand that would otherwise remain outside the market.

Under this logic, it is not a change in the model, but an added layer of yield: smaller in size, higher in turnover, and with significant informational value, where what matters is not only occupancy, but the insight these spaces provide into how, when and under what conditions office demand is being redefined.

In retail, the effect is more immediate. These spaces not only increase dwell time but also lead consumers to adopt more frequent usage patterns, with potential impact on spending within the shopping center itself. Cases such as Santander Work Café suggest that integrating financial services, flexible work and consumption can generate operational synergies, though not necessarily replicable in all contexts.

While it is still unclear whether WORKLAB responds to FIBRA Uno's corporate strategy or to asset-level decisions, its presence in shopping centers across its portfolio aligns with the company's efforts to reorganize and diversify its business lines. Hence, rather than an isolated experiment, it can be read as an early signal of assets beginning to integrate functions that previously operated separately—such as working, consuming or accessing services—within a single space.

In that sense, what is at stake is not only the incorporation of new uses but the way assets are beginning to generate information about their own demand. And in an environment where that demand is increasingly unpredictable, the ability to measure it may become as valuable as the ability to lease it.

Understanding these shifts—in usage, dwell time and demand—requires a level of analysis that can be addressed with greater precision through SiiLA Market Analytics or via contacto@siila.com.mx.