Ten Years Later, Aeroméxico Returns to Reforma 445

At first glance, it may seem like just another move in a market accustomed to corporate relocations. However, returns are rare.

After reviewing more than 6,000 corporate tenants monitored by SiiLA between 2019 and 2026, no clearly comparable cases were identified of companies that completely left a location, operated from another headquarters for years, and later returned to the same place. The uniqueness of Aeroméxico’s case is even greater, given that it is not returning to the same building but to the same site.

The return also comes at a very different moment than its departure. During the years the airline remained away from Reforma 445, the aviation industry experienced the most severe crisis in its recent history, while the company itself underwent a major financial restructuring after voluntarily filing for Chapter 11 protection in the United States in 2020.

Aeroméxico’s restructuring occurred alongside broader changes across the sector. According to SiiLA, between the first quarter of 2020 and the first quarter of 2026, the office space occupied by aviation companies in Mexico City declined by nearly 19%. Even so, Paseo de la Reforma continues to hold particular importance for the industry. Aviation companies account for less than 0.5% of the capital’s gross leasable office inventory, yet nearly three out of every ten square meters the sector occupies in the city are concentrated along this corridor.

The contrast is difficult to ignore. While the sector was reducing its corporate footprint, Aeroméxico was preparing to return to an address historically associated with its operations. After years of downsizing and space rationalization, few decisions appear less consistent with retrenchment than investing in a new corporate headquarters of this scale.

Want to know how major companies are moving within the office market? Visit SiiLA Market Analytics or contact us at contacto@siila.com.mx.