Within this framework, the market is entering a phase in which marginal changes in occupancy begin to have visible effects on negotiations and asset positioning. As vacancy declines and competition for space intensifies, its role as a buffer for tenants moderates—even as operational slack persists in both markets—and starts to shape incentives, pricing, lease-up timelines, and renewal decisions.

Thus, rather than signaling expansion, the environment taking shape toward 2026 is one of greater selectivity, where asset quality, location, and operational fit gain weight amid demand that remains active, though more cautious.

This higher degree of selectivity is not new, but rather an intensification of a structural trend. Over the past five years, 85% of the gross leasable area absorbed in Mexico City and Monterrey corresponded to Class A+ and A buildings, categories that represent roughly 86% of the total inventory across both markets.

Far from shifting toward lower-quality assets, the recent cycle reaffirmed the centrality of well-positioned inventory, even in an economy with moderate growth.

However, the main risk emerging from this adjustment lies not in market behavior, but in its interpretation. Mistaking a cycle of record absorption for a homogeneous improvement in conditions can lead to decisions that overlook the growing differentiation among assets. At that point, as room for maneuver narrows, assuming that all properties will face the same operating scenario becomes a source of vulnerability more significant than any macro variable.

Reading this adjustment correctly requires moving beyond aggregates and analyzing performance through the specific logic of each asset. For a detailed analysis, consult SiiLA Market Analytics or write to contacto@siila.com.mx.