Offices at a Million Pesos a Month: Why Major Companies Prefer to Rent

In the past five years, average office rents in Mexico City have barely budged: a nominal annual compound increase of just 0.3%, which, when adjusted for inflation, amounts to a real yearly decline of 4.1%.

Today, average asking rents hover around $22.5 per square meter. But in the capital’s most sought-after submarkets, rents can exceed that figure by over 30%, depending on location, building class, and lease conditions. The result: monthly rents that easily surpass one million pesos.

In the first half of 2025 alone, Corporativo Reforma 445—set for delivery in 2026—closed a seven-year triple net pre-lease agreement with PriceWaterhouseCoopers, which will pay around 7.6 million pesos ($388,000) per month for a space of more than 16,800 square meters.

Netflix also signed one of the year’s most notable contracts, leasing over 8,500 square meters in Miyana’s Tower II. The five-year triple net agreement translates to a monthly rent close to 4.5 million pesos ($223,000).

Other major tenants—such as Sekura, Dow Chemical, Schlumberger, DLA Piper, SSA Marine, and Penguin Random—are paying between 1.0 and 1.5 million pesos a month for spaces ranging from 1,800 to 3,000 square meters.

The recent transaction map confirms the growing stratification of the market. Among the 100 most significant deals recorded by SiiLA this year, 10% exceed one million pesos in monthly rent, and 26% fall between half a million and one million. Most (50%) pay between 100,000 and 500,000 pesos, and another 14% pay less than 100,000.

The variation is mostly due to size, not price per square meter—but there are exceptions. Companies like Sumitomo Mitsui Banking Corporation, Terminal Logistics, and Spotify are paying more than $38 per square meter in Torre Virreyes, making them some of the most expensive leases proportionally, even if the total monthly outlay is around half a million pesos.

The concentration of these deals in high-end buildings underscores where the most active demand is heading. More than nine out of ten leases were signed in Class A+ and A buildings; the rest were in Class B. Additionally, one in three deals was structured as a triple net lease—pointing to tenants with greater capacity to absorb costs and commit long-term.

But even with such high rents, large companies prefer leasing. So why not buy?

The answer lies in financial strategy. Buying may be a solid investment, but it locks up capital that could otherwise be allocated to higher-yield areas—technology, talent, operations—instead of being tied up in square footage.

There’s also a tax rationale: rents can be fully deducted as operating expenses¹, which immediately reduces the tax burden. Owning, by contrast, only allows for gradual depreciation over up to 20 years. Additionally, lease payments can include deductions for related costs²—maintenance, services, insurance, or repairs—and sometimes come with a purchase option, offering flexibility without compromising liquidity.

Renting also makes it easier to adjust to mergers, downsizing, or hybrid work models, reduces risk concentration in a single asset, and protects key financial indicators like leverage. That combination is hard to match through ownership, even when buying proves more profitable over time.

Ultimately, leasing isn’t giving up ground—it’s about retaining liquidity, maneuverability, and decision-making power. Check out the “Transactions” section in SiiLA Market Analytics or write to contacto@siila.com.mx to explore the most relevant movements in the market.

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¹ According to Articles 25 to 30 of Mexico’s Income Tax Law (LISR), leasing properties used in business operations is deductible as an essential expense.

² According to Article 34 of the LISR, buildings may be depreciated at a maximum annual rate of 5%, implying a tax depreciation period of up to 20 years. In contrast, furniture and office equipment can be depreciated at 10% annually.