When Monumental Deals Stop Reaching the Office Market

The decline partly reflects a decrease in the number of companies conducting large-format transactions. During the first quarter of 2026, fewer than 10 companies absorbed spaces of 1,000 square meters or more, compared to a historical average of nearly 49 companies per period. Among the largest moves were transactions involving firms such as AT&T, Döhler, Murata, and Omron Automation.

In addition, the largest corporate absorptions have historically not depended on a single type of occupier, but rather on sector cycles that tend to intensify or moderate over time. While activities such as finance have maintained a relatively constant presence in the largest transactions, other segments—including real estate, manufacturing, telecommunications, electronics, and consumer-related businesses—have shown more episodic expansions that can rapidly alter the market’s quarterly composition. Between 2024 and 2025, for example, large-format transactions were distributed across a broader and more diverse sector base. By contrast, the first quarter of 2026 showed not only lower relevant absorption volume but also fewer sectors simultaneously participating in large corporate transactions, reflecting a more fragmented market driven by fewer concurrent demand catalysts.

Even so, these types of transactions remain critical to the physical structure of the office market. A SiiLA analysis of office inventory as of the first quarter of 2026 shows that suites of 1,000 square meters or more account for roughly 62% of total inventory, as well as similar proportions of both occupied and available space across Mexico City, Guadalajara, and Monterrey.

This means that a significant portion of the market’s operational performance—absorption, vacancy, and leasing velocity—still depends on a relatively limited number of large spaces and occupiers. As a result, when the number of large-scale corporate transactions declines, the effect tends to be quickly reflected in the recovery pace of the country’s main office corridors.

Ultimately, the data suggests that Mexico’s office market is increasingly moving away from the rhythm set by a handful of monumental transactions and instead being sustained by demand that is less synchronized across sectors and more operationally distributed.

More analysis on absorption, vacancy, and sector composition within Mexico’s office market is available through SiiLA Market Analytics or via contacto@siila.com.mx.