Polanco’s Industrial Side: Behind Banks and Consultants, the Physical Economy Also Operates

The occupancy pattern of these and other companies reflects how part of modern industry also requires office space from which to manage suppliers, imports, engineering, distribution, and regional operations. In many cases, those functions require proximity to clients, corporate services, specialized talent, and international connectivity more than physical proximity to manufacturing facilities.

In that sense, the data show that the presence of these companies is not limited to functional or lower-tier office space. Between 2019 and 2026, companies in manufacturing, energy, logistics, and productive supply chains accounted for nearly 39% of Class A+ office absorption in Polanco, compared with roughly 36% in Class B assets.

Currently, more than 250 industrial companies maintain a presence in Polanco. Together, they represent more than one-third of the occupied space and more than one-third of the submarket’s occupiers. Yet, this participation is not recent. Historical absorption records show these firms have maintained a recurring presence in the corridor since 2019, accounting for nearly 20% to almost half of quarterly absorption at different points during the period.

Despite the natural tenant rotation within the submarket, industrial companies have shown less pronounced fluctuations than traditional corporate sectors in Polanco. Between 2019 and 2026, except for five specific quarters in 2019 and 2020, both companies, linked to productive supply chains and traditional corporate activities, maintained positive net absorption, absorbing more than 2 square meters for every square meter they vacated, according to SiiLA. Financial, technology, and service-related activities, however, recorded higher levels of expansion and vacancy, partly because of their larger market share. This shows that, together, both groups have contributed to sustaining office demand in the corridor, where the vacancy rate has maintained a downward trend since early 2024 and currently stands near 10%.

More analysis on absorption, vacancies, and sector composition in Mexico’s corporate real estate market is available through SiiLA REsource or by contacting contacto@siila.com.mx.

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¹ Methodological note: The analysis was developed using three SiiLA databases corresponding to Mexico’s corporate and industrial real estate markets. The first contains historical office absorption and vacancy data from 2019 to 2026, including quarterly information by submarket, asset class, tenant, subindustry, and occupied or vacated square meters. The second integrates occupied office space as of Q1 2026, while the third concentrates occupied industrial space for the same period. To enable cross-database matching, company names were standardized through text normalization processes—including the removal of typographical variations, accents, special characters, and corporate suffixes—in order to reduce duplicates and improve identification consistency across datasets. Subindustries were subsequently grouped into two major analytical categories: 1) sectors linked to manufacturing, logistics, energy, physical trade, and productive supply chains; and 2) corporate and service-related sectors. Based on this classification, relative shares of occupancy, absorption, and vacancy were calculated by submarket and asset class, as well as the specific weight of companies with industrial footprints within the corporate market. The analysis also incorporated a cross-reference between office occupancy and industrial infrastructure to identify companies with simultaneous presence in corporate and industrial assets in Mexico. Additionally, a quarterly historical series of absorption and vacancy in Polanco between 2019 and 2026 was constructed to observe the relative evolution of industrial and corporate firms within the corridor, including metrics on net absorption, rotation, and relative volatility. The results identify patterns of sector composition, occupancy persistence, and spatial concentration within the corporate market. However, the analysis does not seek to demonstrate direct causality between nearshoring and office occupancy, but rather to identify structural correlations and business location trends within specific corporate corridors.