Are New Office Spaces in Mexico More Expensive? Not in the Premium Market

So, what does all this mean? That investing in Class A+ real estate doesn't necessarily lose value over time—and that, in many cases, older buildings have gained value, as seen in more mature corporate markets. For developers, the message is clear: charging premium rents requires building structural advantages from day one—operational efficiency, urban integration, certified sustainability, and advanced technology. Otherwise, they'll be competing with already-established buildings—and at a disadvantage.

Still, the advantage of consolidated buildings is not limited to pricing. It also shows up in occupancy.

On average, older buildings have 35% higher occupancy than new ones. But not necessarily because they're in greater demand, but because they've had more time to position themselves, stabilize operations, and build a reputation. In contrast, many new developments—even with better specs—take longer to lease due to intense competition among new properties, flexible lease terms, location, or longer sales cycles in a context where, according to SiiLA, only one in four new buildings is pre-leased and average exposure time often exceeds a year.

But neither pricing nor occupancy tells the whole story. A building's value also lies in its operational performance—in other words, in what it costs to keep it running.

On average, maintenance can add between 10% and 17% to the total rental cost per square meter, depending on the market and building class.

Data from SiiLA Market Analytics shows that Class A+ buildings tend to have the highest operating costs—up to 50% more than Class B properties—driven by stricter standards, additional services, and higher expectations for performance. Even so, age alone doesn't determine efficiency.

In Monterrey, for instance, buildings less than five years old tend to be more cost-efficient than older ones. But in Mexico City and Guadalajara, the opposite is often true: newer buildings can be even more expensive to operate, especially in the A+ segment.

This suggests that operating costs depend less on age and more on product type, management model, and service level, which means that when rent and maintenance are combined, the advantage of newness can fade—or even flip—if there's no operational edge to justify it.

If you'd like more data on rents, maintenance, and occupancy in Mexico's top office markets, visit SiiLA REsource or write to us at contacto@siila.com.mx.