Spotify Stays Put—And the Tech Sector Speaks Without Saying a Word

Spotify renewed its lease during the second quarter of 2025. The platform reaffirmed its place on Torre Virreyes: more than 600 square meters of Class A+ office space that aren’t changing hands—or operating logic.

But this move says more than a simple “we’re staying”: it reflects a prevailing logic in the capital’s tech sector. According to SiiLA, 72% of tech companies haven’t changed buildings in the past five years. The remaining 28%, by contrast, had an average stay of just 2.5 years.

While these figures align with the broader regional average, they stand in contrast to more traditional sectors, where tenant turnover is minimal and stays tend to be long. In government, paper, and food-related industries, for instance, over 85% of companies haven’t relocated in five years, and those that did typically stayed between one and three years.

What stands out isn’t just that, over the past five years, one in three companies has changed buildings, or that 13 square meters have been occupied for every 10 released. What’s telling is that in a sector seen as agile and mobile, tech companies show a high degree of permanence, suggesting that when they find a strategic location, they value stability. Spotify is proof of that.

That permanence not only ensures operational continuity; it also cushions market volatility.

Although the tech sector doesn’t rank among the top ten industries with the highest net absorption surplus in Mexico City over the last five years, it has been one of the key engines offsetting tenant churn—mainly driven by insurance, construction, and real estate firms—and helping keep net occupancy in positive territory. That balance, in turn, helps push vacancies down and improves long-term profitability and competitiveness in the office market.

Still, it’s not just about staying—it’s about building on that permanence. In recent years, tech firms have redesigned their offices with more discipline than most other sectors. Rather than expanding indiscriminately, they’ve cut footage and increased investment per square meter. According to JLL and Envoy, over half of these companies have ramped up spending on design, connectivity, and user experience as part of a strategy that sees physical space not as overhead, but as a competitive platform.

The corollary of this story is clear: space is an extension of the business model. And in 2025, companies like Gigamon, Slalom, and Tata Consultancy Services aren’t just opening offices in Mexico—they’re opening a gateway to Latin America. This suggests the country’s corporate market is no longer just a place to occupy; it’s a regional launchpad.

If you want to learn more about the direction of Mexico’s office market, explore SiiLA Market Analytics or contact us at contacto@siila.com.mx.