Mexico City Office Market Reports 22.5% Availability in 4Q24

Global professional real estate services company Colliers provided an update on the office sector in Mexico City for 4Q24. The total inventory in 10 submarkets amounts to 7.39 million m², with 4.86 million m2 classified as Class A+ and 2.53 million m2 as Class A properties.

According to Colliers, over 1.66 million m², representing 22.5% of the total inventory, was available for lease in 4Q24. Additionally, there were 481,000m2 under construction across 16 properties in various stages of development. The average monthly rental price across the market is US$22.33/m², with Class A+ properties commanding US$23.25/m² and Class A properties at US$20.49/m². The firm notes the demand for shared office spaces saw a 30% increase, due to ongoing trends in workplace flexibility.

Colliers reports that three submarkets make up 52% of the total office inventory in Mexico City. Santa Fe and Polanco are the largest contributors, each accounting for 18% of the market, followed by Insurgentes, which represents 16% of the total inventory.