Commercial real estate in Mexico - statistics & facts

Commercial real estate in Mexico is poised to grow in the coming years due to the increasing importance of nearshoring. As tensions between the U.S. and China persist, Mexico’s powerful neighbor seeks ways to secure production and supply chains by transferring operations closer to the end destination of the service or product. Mexico’s flourishing manufacturing sector, the country’s proximity to the U.S. market, and the United States-Mexico-Canada Agreement (USMCA) that entered into force in 2020 make the country an attractive nearshoring candidate. Investments in infrastructure, such as buildings, transport, urbanization, electricity, and telecommunications play a vital role in this development. In 2022, the country saw a dramatic increase in construction. Similarly, the country’s 402 billion U.S. dollar commercial real estate market also grew in 2022.

Difficult times for the office market in Mexico City

Every city requires office real estate for its businesses and services to function. In Mexico City, there are several important office corridors, including Santa Fe, Polanco, and Insurgentes. Located in the central business district, Polanco had over 1.4 million of the seven million square feet class A office space inventory. Though with a smaller inventory, Lomas was the market with the most expensive rent. Since 2015, the office sector has suffered declining rental rates, indicating an oversupply compared to demand. This trend is further supported by the increasing share of vacant office space, particularly since the onset of the coronavirus pandemic—a phenomenon not limited to Mexico alone. According to a 2022 survey, approximately two-thirds of office workers in Mexico worked remotely at least one day per week. The shift towards remote work may result in lower overall demand for office spaces, creating a two-speed market dynamic where new and modern offices thrive while older ones become obsolete.

Which are the most important industrial and logistics real estate markets in Mexico?

Besides the country’s capital, Mexico City, other established industrial and logistics markets are Monterrey, Tijuana, and Queretaro. Monterrey is the country’s leading manufacturing city, home to many international companies in sectors including aerospace, automotive, electronics, metals, and packaging. In 2022, the total inventory of industrial real estate in Monterrey stood at 85.1 million square meters, compared to 11.5 million square meters in Greater Mexico City, the market with the second-largest inventory. Unlike offices, the industrial and logistics real estate market is undersupplied. In 2023, vacancy rates across the major markets stood below three percent. Monterrey’s construction pipeline had nearly 14 million square meters of space under construction in the first quarter of the year – a proof of the growing importance of the city in the regional industrial and logistics landscape.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Dec 21, 2023

Key insights

Largest real estate company by revenue
Fibra Uno
Net profit of Fibra Prologis
7.6bn MEX
Number of economic units in the real estate sector in Mexico City
6k
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Editor’s Picks Current statistics on this topic

Rental yield of apartments in Mexico City in 2022, by apartment size and area

Residential Real Estate

Rental yield of an apartment in Mexico City 2022, by size and area

Average monthly asking rent for office real estate in Mexico City in 1st quarter 2023, by submarket (in U.S. dollars per square meter)

Office

Average monthly asking rent for office real estate Mexico City 2023, by submarket

Average housing price in Mexico in 3rd quarter 2023, by state (in 1,000 Mexican pesos)

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House prices in Mexico, by state 2023

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