PriceWaterhouseCoopers (PwC) pre-leased more than 16,800 square meters of Class A+ office space at Corporativo Reforma 445, located on Paseo de la Reforma in Mexico City—executing one of the most significant transactions of early 2025 and leaving more than just a contract: a tangible signal of confidence in the real estate market.

The transaction comes amid a prolonged slowdown in new inventory deliveries and tenant turnover. Combined with a gradual rebound in demand, this has pushed down the office vacancy rate in central Mexico, which now stands at 18%. In the first quarter of 2025 alone, Mexico City absorbed nearly 270,000 square meters of office space—the highest quarterly volume recorded in the region since SiiLA began tracking.

Against that backdrop, PwC’s lease—whose terms and duration have not yet been disclosed—stands out for its scale and potential to reshape the local corporate real estate landscape.

It remains unclear whether the new Reforma offices will replace PwC’s current headquarters in Polanco or serve as a secondary location. However, once the building—next to the St. Regis Hotel—is completed by late 2026, it will likely become the firm’s new flagship office in the capital.

PwC currently occupies about 22,400 square meters in a Class A office building on Mariano Escobedo. That space is complemented by another 4,400 square meters across Guadalajara, Monterrey, and Querétaro. With this new location, the firm strengthens its footprint and remains among the top three consulting sector tenants in Mexico, alongside Deloitte and KPMG, which lease 48,000 and 23,000 square meters, respectively, across the country’s main office markets.

The chosen building is no small matter. Reforma 445 will offer nearly 63,000 square meters of gross leasable area, spread across 32 floors of offices with floor plates of over 2,000 square meters. In January 2025, it earned LEED Gold precertification for its sustainable core-and-shell design, placing it among a new generation of buildings designed to meet operational and environmental demands.

According to its developers, the building will feature its own potable water well, a wastewater treatment plant with at least a 4-liter-per-second capacity, a rainwater harvesting system, and solar panels with an installed capacity of 13.7 kW. This infrastructure will be essential to meet the new Complementary Technical Standards for Architectural Projects taking effect in June 2025 in Mexico City. These regulations will require all new office buildings over 50,000 square meters to generate 100% of their annual electricity consumption from renewable sources and to reduce their water footprint starting from the design phase.

To date, major companies have already pre-leased nearly half of Reforma 445’s space, suggesting the building will hit the market with secured critical occupancy.

In a landscape where leases remain selective and developers proceed cautiously, deals like PwC’s do more than shift the numbers—they suggest that, under the right conditions, office demand hasn’t disappeared. It was simply waiting for the right address.

For more insights into Mexico’s office market, visit SiiLA REsource or email us at contacto@siila.com.mx.