The recovery of offices in Mexico City has a defined geography. Polanco, Lomas, and Reforma concentrate more than three-quarters of the net increase in occupied surface area, according to the MarketBeat 3T2026 report, despite accounting for less than 40% of the city’s total inventory.
This concentration coexists with another relevant signal: the surface area under construction fell 33% compared to the previous year. The market still offers space to choose from, but the reduction in ongoing projects raises concerns about the capacity for choice in the most sought-after buildings and locations in the coming years.
Office Market Trends
The MarketBeat report by Cushman & Wakefield for the third quarter of 2026 reports a net absorption of 147,852 square meters for the city’s offices, considering buildings of all classes. Of this total, 114,323 square meters correspond to Polanco, Lomas, and Reforma, the three submarkets that the report groups as the central area.
This proportion is equivalent to 77.3% of the total net absorption, with Polanco leading the general accumulated absorption with 49,494 square meters, followed by Reforma with 44,377 square meters, and Lomas with 20,452 square meters.
The net absorption measures the change in occupied surface area, which can differ from the volume of contracts signed due to relocations that can fill one building and leave space available in another.
Class A Offices
Class A offices registered a net absorption of 128,314 square meters, equivalent to 86.8% of the general result. Cushman & Wakefield links the demand to properties with higher specifications, connectivity, and amenities, as well as to requirements for energy efficiency and functional plants.
The preference for quality coexists with a considerable volume of available space. The Class A availability rate stood at 18.2%, down from 18.4% a year earlier, a reduction of 0.2 percentage points.
The contrast between zones is more marked, with the central area having a Class A availability rate of 12.2%, while the rest of the submarkets reach 22.4%, Santa Fe registers 29.3%, and Norte reaches 37.1%.
A city average can hide very different negotiation conditions between corridors, even within the same category of buildings. For a property owner, these differences require revising which properties their offer really competes with and what conditions need to be met to attract the next occupant.
Construction and Availability
The surface area with active construction work closed the quarter at 269,550 square meters, representing 33% less than a year earlier and less than a third of the volume under construction seven years ago.
The contraction reduces the surface area of ongoing projects, but by itself does not demonstrate a shortage in the city. The general availability rate remains at 16.5%, and there are approximately 1.36 million square meters of Class A space available.
Tension arises when observing which buildings companies are looking for and where they want to locate. Available space in one corridor does not necessarily replace an alternative in another, as accessibility, configuration, and operational characteristics are part of the decision.
Cushman & Wakefield suggests that the reduction in the development inventory could modify the currently favorable conditions for tenants. They also warn that macroeconomic uncertainty could delay this movement, with the timing and intensity of a potential change remaining open.
Rents show differences, with the weighted average rent for the general market standing at $22.72 per square meter per month, while for Class A buildings it reached $24.06, with an annual increase of 4.2%.
Within Class A, Reforma registered an average rent of $29.60 per square meter per month, with a 12.7% annual increase.
The report situates these changes within a transformation of work, where the combination of in-person and remote work modifies the intensity of space use, while companies raise their demands on the properties they occupy.
For property owners, an improvement in the market average does not ensure that their vacant space will be occupied. For occupants, the city’s wide offer does not guarantee finding a building that resolves location, operation, and budget simultaneously.
The reduced construction adds a variable to this negotiation. Those who must make long-term decisions will have to compare available options with projects that are actually advancing, without converting a possible reduction in alternatives into a shortage that the market still does not demonstrate.