Half of Class A+ and A Offices Enter the Mexican Market with Green Certification

Over the past 15 years, Mexico's Class A+ and A office market has made a significant shift towards sustainability. According to SiiLA Market Analytics, 50% of new inventory entered the market with environmental certification. This marks a profound change from the past when the real estate sector was just beginning to adopt sustainable practices. This evolution, though gradual, has been steady and is a testament to Mexico's commitment to environmental responsibility.

Today, 31% of the gross leasable area (GLA) of high-quality offices (Class A+ and A) meets strict energy efficiency and environmental responsibility standards, reflecting a trend focused on operational efficiency, cost savings, and a positive public image.

Looking ahead, the future of sustainable buildings in Mexico looks promising. Several certified developments are in the pipeline in the country's major office markets, such as Corporativo Jaime Nunó in Mexico City and Darío Business Center in Jalisco. This indicates a continued growth of sustainable buildings in the country, fostering a positive outlook for the real estate sector's environmental sustainability. In this context, how does Mexico compare with other countries in Latin America and the Caribbean in terms of environmental certifications and sustainability?

Data from the U.S. Green Building Council (USGBC) indicates that Mexico and Brazil have the most certified GLA in the region. Brazil has 414 corporate buildings with LEED certification, representing 32% of the certified GLA in Latin America and the Caribbean. Mexico, meanwhile, has 305 certified properties, accounting for 27% of the regional GLA.

Following these nations, Chile, Argentina, Peru, and Colombia have the most certified office spaces, with 462 properties collectively making up 33% of the LEED-certified GLA.

Sustainability: Key in High-Quality Offices

For this SiiLA REsource article, we relied on data from the USGBC to analyze sustainability in the Mexican real estate sector. This is due to the rigor and international recognition of LEED certification, as well as the accessibility of its data, which allows for standardized comparisons and objective analyses between projects and regions.

According to the data, a significant 62% of the properties certified by the U.S. Council are at the "Gold" level. The rest are distributed among "Silver" (19%), "Platinum" (13%), and "Certified" (6%).

These levels of "Leadership in Energy and Environmental Design" (LEED) certification indicate the degree of sustainability and efficiency of buildings. LEED evaluates various categories such as "Sustainable Sites" (up to 10 points), "Water Efficiency" (up to 11 points), "Energy and Atmosphere" (up to 33 points), "Materials and Resources" (up to 13 points), "Indoor Environmental Quality" (up to 16 points), "Integrative Process" (1 point), "Innovation" (up to 6 points), and "Regional Priority" (up to 4 points).

The "Certified" level implies meeting the minimum sustainability requirements (40-49 points), while "Silver" denotes an intermediate commitment to sustainable practices (50-59 points). In contrast, the "Gold" level reflects a high commitment to sustainability and many green features (60-79 points), while "Platinum" signifies the highest level of operational efficiency and environmental benefits (80-110 points).

The predominance of "Gold" certifications suggests that Mexico is in an advanced stage of adopting sustainable practices, prioritizing a balance between investment and environmental benefits. It also reflects a growing maturity in the Mexican real estate market, where sustainability is no longer an option but a strategic necessity.

However, Mexico still faces the challenge of overcoming deceptive sustainable and green practices (such as "greenwashing") and ensuring that companies make additional efforts beyond obtaining basic environmental certifications ("pale green") that allow them to operate with a green label, albeit without a deep or genuine commitment to their environment. This will be essential to attract investments, strengthen market credibility, and ensure sustainable development.

For more information on trends and performance in the commercial real estate market, explore SiiLA REsource or contact us at contacto@siila.com.mx.