Goodbye Netflix, Hello Delinea: What Torre Reforma Reveals About the Office Market

Not all buildings, however, behave the same way. Some concentrate significantly more tenant activity than the market average. Torre Reforma is one of them.

According to SiiLA, between the second quarter of 2019 and the second quarter of 2026, Torre Reforma recorded tenant turnover in 22 of the 29 quarters analyzed, a frequency more than five times higher than that of the average office building in Mexico City.²

That pattern, however, must also be understood within the context of the market it serves. In a typical quarter, 17.6% of office buildings in Reforma record at least one tenant movement, compared with 13.0% across the rest of Mexico City.³ The same pattern appears by building class: citywide, 21.0% of Class A+ buildings record tenant activity, compared with 12.1% of Class A buildings and 6.8% of Class B buildings.

The fact that higher-quality buildings located in the city’s leading office corridors—considering that Reforma, together with Polanco and Lomas Palmas, forms part of Mexico City’s central business district—experience greater tenant turnover is consistent with the role they play in the market. Those corridors account for 41% of the city’s office inventory and, therefore, a greater share of the expansion, consolidation and relocation decisions that ultimately shape building occupancy.

In that context, Netflix’s departure and Delinea’s arrival are no longer simply an isolated exchange between two companies. They illustrate how some buildings continuously absorb the adjustments their tenants make as they change size, strategy or location. That renewal process, however, should not be interpreted as immediate, as corporate real estate decisions often take months from planning to execution. Delinea, for example, announced its expansion into Mexico in March 2025 and occupied its space nearly a year later.

That inertia—the result of processes that typically include site selection, lease negotiations, tenant improvements and relocation—helps explain why the office market’s recovery has also been gradual. In fact, once the initial pandemic shock had passed, between 2022 and the second quarter of 2026, every identified tenant departure was followed by 1.6 tenant move-ins, and every square meter vacated was matched by 1.8 square meters occupied, reflecting a recovery in occupancy.

In other words, the market’s recovery has not depended on a handful of extraordinary transactions, but on the accumulation of thousands of corporate real estate decisions that, while almost imperceptible from the street, continue to reshape the inside of office buildings. As a result, the façade changes very little; the companies inside it change far more than it appears.

To learn more about office building performance and tenant turnover across Mexico’s office market, visit SiiLA Market Analytics or contact us at contacto@siila.com.mx.

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¹ The analysis was based on a building-quarter panel comprising 16,877 observations across 608 office buildings in Mexico City between the second quarter of 2019 and the second quarter of 2026. Each building was identified through a unique identifier in SiiLA’s database and observed during the quarters in which it was part of the analyzed inventory. The movements considered include only absorption and vacancy events with identified tenants. Company names were standardized to eliminate differences in spelling, accents and formatting, while duplicate records and temporal inconsistencies were removed through quality-control procedures. Quarters without tenant movements were explicitly incorporated into the panel as zero-event observations for buildings present in the inventory. Floor areas were analyzed in absolute terms, and all indicators were calculated using the full panel.

² The comparison contrasts the share of building-quarter observations with at least one tenant movement in Torre Reforma (22 of 29; 75.9%) with the proportion observed across the full sample (13.5% of building-quarter observations recorded at least one tenant movement).

³ The 13.5% figure refers to the full universe of building-quarter observations across Mexico City. The 13.0% figure corresponds to the subset of building-quarter observations located outside the Reforma corridor. Both percentages were calculated using the same methodology and differ only in the reference universe used for each calculation.