What the Technology Sector Reveals About the New Phase of Mexico City’s Corporate Market

The growth of the technology sector in Mexico City is not always announced through large space take-ups, but it does leave clear marks on the country’s most strategic corporate corridors. SiiLA’s recent decision to establish operations on the 40th floor of Torre Mayor, along Paseo de la Reforma, illustrates how technology companies are redefining their presence in the main urban business centers, with effects that far exceed their direct real estate footprint.

In just the past year, at least four technology companies—including SiiLA—signed lease agreements along Paseo de la Reforma, jointly occupying close to 2,600 square meters. That volume represents roughly one quarter of all space absorbed by the technology sector in the submarket over the past three years and contributed to cumulative growth of 14% during that period. As a result, technology ranked as the third-fastest-growing sector among the ten largest office occupier groups on Reforma.

Paseo de la Reforma is not just any corridor. Together with Polanco and Lomas Palmas, it forms the country’s most important central business district (CBD), concentrating corporate headquarters, financial firms, professional services and business decision-making at a national scale. Within this cluster, Reforma accounts for around 35% of the CBD’s gross leasable area and close to 16% of Mexico City’s total office inventory, helping explain why occupancy movements in this submarket often foreshadow broader shifts in the capital’s corporate dynamics.

Within this ecosystem, and unlike space-intensive sectors, the occupancy patterns of technology companies respond less to operational requirements tied to physical scale—such as production capacity or storage—and more to strategic considerations, including access to specialized talent, proximity to corporate clients, institutional visibility and connectivity to the financial and professional services ecosystem. As a result, even relatively modest leases can carry disproportionate value in terms of positioning and organizational efficiency.

At an aggregate level, economic literature supports this pattern. Studies of advanced economies (e.g., Moretti, 2012) show that the concentration of technology firms in central areas generates significant multiplier effects on employment and urban activity, with each high-tech job capable of triggering, over the long term, up to five additional jobs in professional services, commerce and business support activities. This helps explain why their location often has an impact greater than what their direct footprint in square meters would suggest.

Accordingly, the growing presence of technology companies—accounting since 2022 for roughly 6% of office absorption and about one in every 28 tenants on Reforma—suggests that the value of major urban nodes will increasingly be defined by their ability to attract talent, connect business ecosystems and offer competitive urban environments, even when individual transactions are not large in scale.

In this context, understanding the evolution of the corporate market requires looking beyond the size of space take-ups and focusing on how and where these companies choose to locate. For a detailed analysis by sector, corridor and asset type, consult SiiLA Market Analytics or write to contacto@siila.com.mx.