Offices in Mexico: More Companies, Fewer Square Meters, and a Shifting Challenge in 2026

In 2026, Mexico’s office market will face moderate growth, still-restrictive rates, and increasingly fragmented demand. In that environment, asset performance will depend less on tenant volume and more on the ability to convert interest into effective operations, controlling timing, costs, and tied-up capital.

En 2025, la oficina promedio absorbida se mantuvo por debajo de 600 m², como en el caso de Sony en Torre Prisma (CDMX). Foto: SiiLA.

In 2025, the average office space absorbed remained below 600 sqm, as in Sony’s case at Torre Prisma (Mexico City). Photo: SiiLA.

Por: SiiLA News

27/01/2026

Entre 2020 y 2025, la base de ocupantes de los principales mercados de oficinas del país creció a una tasa compuesta anual de 4%. En términos absolutos, ello implicó la incorporación promedio de alrededor de 190 nuevas empresas por año.

Sin embargo, ese dinamismo en el número de inquilinos no se tradujo en una expansión equivalente del espacio corporativo ocupado. Durante el mismo periodo, el área total ocupada se incrementó a una tasa anual de apenas 1.7%, es decir, a menos de la mitad de la velocidad a la que aumentó el número de empresas.

La divergencia entre ambos ritmos revela un cambio estructural en la dinámica del mercado.

Mientras el tamaño promedio histórico de los ocupantes se ha mantenido cercano a 1,700 metros cuadrados por empresa, el crecimiento reciente está impulsado por compañías cuya huella espacial es sustancialmente menor. Medido en términos marginales¹, cada nueva empresa incorporada al mercado entre 2022 y 2023 absorbió, en promedio, unos 2,000 metros cuadrados; para el periodo 2024–2025, esa cifra cayó hasta los 500 metros cuadrados.

En otras palabras, el mercado de oficinas no está creciendo menos: está creciendo distinto. El aumento en el número de ocupantes ya no viene acompañado de una expansión proporcional del área, sino de una fragmentación progresiva de la demanda, donde más empresas compiten por una cantidad de espacio cada vez más limitada. Este desplazamiento explica por qué el crecimiento agregado² del inventario ocupado luce moderado, aun cuando la base de inquilinos sigue expandiéndose de forma continua.

The number of companies increased faster than the space they occupy, underscoring a sustained reduction in the average size of new occupancies.

In this context, sustained growth in the number of companies does not automatically translate into proportional improvements in an asset’s structural indicators. Because a more fragmented demand raises operational complexity, pressures fit-out costs, and tends to lengthen effective leasing timelines—particularly in buildings designed for larger occupancies. The challenge, therefore, lies not in a lack of demand, but in the ability of assets—and their owners—to adapt to an increasingly flexible market.

That realignment is also unfolding against a macro backdrop that points to moderate growth and heightened risk sensitivity. Banxico estimates Mexico’s GDP will grow around 1.2% in 2026, with a subsequent rebound, amid continued uncertainty around trade policy and the North American framework, which is influencing investment and planning decisions. In parallel, financing costs will remain a key operational factor, with still-restrictive rates expected in 2026—reinforcing a market reading focused on cash flows, timing, and operational risk rather than recovery narratives.

Thus, in 2026, the office market’s adjustment will be decided by execution. With more granular demand, competitive advantage no longer lies in attracting tenants, but in reducing friction: adapting spaces quickly, meeting specifications without efficiency losses, and sustaining more frequent fit-out cycles without eroding returns. Otherwise, misalignment will not show up immediately in prices or occupancy rates, but in eroded returns—additional months between fit-out and start-up, idle capital, and longer operating cycles that ultimately dilute asset performance even as buildings remain occupied.

As a result, in the months ahead, value will not be lost for lack of interest, but through immobilized capital. Reading the market, therefore, requires data that anticipates where capital becomes stuck before it is visible. To do so, consult SiiLA Market Analytics or write to contacto@siila.com.mx.

***

¹ “Marginal terms” refers to the average area associated with the net increase in companies over a given period, calculated as the change in occupied area divided by the change in the number of tenants.

² Aggregate growth refers to the total change in occupied area in the market, regardless of how space is distributed among individual companies.

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