Mexico City, Mexico | July 2021

Research

Class A Office Market

Overview
Mexico City. Q2 2021
2 Office Market Overview Mexico City - Class “A” | Q2 2021

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 Office Market Overview Mexico City - Class “A” | Q2 2021 3

Mexico City Office Market

Most important buildings are

concentrated in 10 sub-markets:

Polanco
Central Reforma
Lomas de Chapultepec

Santa Fe
West Lomas Altas
Bosques de las Lomas
Interlomas

Insurgentes
South
Periférico Sur

North Norte

CDMX
4 Office Market Overview Mexico City - Class “A” | Q2 2021

Submarkets Description

Reforma
-Reforma is one of the most prominent office corridors in the country
- Mexico´s most iconic landmarks, museums and embassies are located in this
corridor, as well as first class hotels such as: St. Regis, Four Seasons and the
Sheraton Maria Isabel
- Excellent amenities and transportation including fine restaurants, banks, subway
stations, buses, taxis, bicycle rental
- Includes areas known as Zona Rosa, Cuauhtemoc and Juarez which are mixed
residential and business districts
-Tenants such as the BBVA Bancomer, Mapfre, Monterrey New York Life, Bank of
Tokyo, HSBC, Deloitte and many government agencies are located in this area
-The Mexico City Airport is located within a 20-30 minute drive
-The Reforma corridor is an ideal choice for tenants looking for a central and very
well interconnected location despite the occasional traffic jam or public
demonstration. It provides easy access from all cardinal points and convenient
amenities to their employees, clients or contacts.

Polanco
- Polanco is considered one of the best corridors in Mexico City due to their vast
majority of services such as: public transportation, restaurants and first class
hotels
- Polanco has been currently extended into former industrial areas known as
“New Polanco” which includes Irrigation, Anahuac and the Granada
neighborhoods
- Parking is limited and traffic jams occur due to the high density of companies
working in this corridor
- Tenants such as Nestle, Grupo Carso, Ernst & Young and many retail
companies are located in this area
-The Mexico City Airport is located within a 30-40 minute drive
- Various residential and office developments are under construction since this
area is more flexible in terms in regard of land use

Lomas de Chapultepec

- Lomas de Chapultepec is one of the most demanded corridors by

multinationals in Mexico City
- Excellent location results in providing companies one of the best accesses
from all cardinal points to their employees, clients or contacts
- Mix of residential area and office buildings result in a vast offer of services such
as banks, restaurants and public transportation within walking distance
- Tenants such as Credit Suisse, Facebook, Google, Macquarie Group and many
law firms are located in this area
- The Mexico City Airport is located within a 30-40 minute drive
- Many first class hotels are in close proximity including: JW Marriott, Presidente
Intercontinental and Hyatt Regency
Office Market Overview Mexico City - Class “A” | Q2 2021 5

Submarkets Description

Lomas Altas

- Lomas Altas is a small strip located at the intersection of Constituyentes

and Paseo de la Reforma Avenues
- Lomas Altas has also been the choice of many medical offices due to
the proximity to residential areas
- Very few amenities within walking distance
- The nearest subway line is four kilometers away
- This sub-market features only few Class A buildings
- Mexico City Airport is located within a 30-40 minute drive

Bosques de las Lomas I

- Old Bosques was established in the early 80’s

- Located immediately adjacent to high end single family residential areas
- Lacks sufficient parking facilities for all occupants and visitors
- The majority of the office buildings have been built in a canyon that limits
views and natural light
- Good choice for companies that desire a “low cost” suburban address in a
corporate building
- Mexico City Airport is located within a 35-45 minute drive
- Few large spaces of class “A” office space, vast majority of available space
is located in class “B” office buildings

Bosques de las Lomas II

- New Bosques commenced development in the early 90’s

- The most important project in this sub-market is the Arcos Bosques
Corporativo complex
- Mix of residential area and office buildings result in a vast offer of services
such as banks, restaurants and hotels (e.g. Live Aqua)
- The access to many lines of public transportation is limited as well as its
proximity to a subway station
- Tenants such as Toyota, GICSA, Basham Ringe Correa and many retail
companies are located in this area
- Many of these tenants have self-contained facilities with employee
cafeterias and full service copy centers
- Mexico City Airport is located within a 35-45 minute drive
6 Office Market Overview Mexico City - Class “A” | Q2 2021

Submarkets Description

Santa Fe
- Santa Fe is the largest sub market of Mexico City and offers large floor
plates in modern Class “A” office buildings
- Provides excellent amenities and services including restaurants, first class
hotels and the Santa Fe Mall, one of the largest in Latin America, but some
areas of Santa Fe do not have access within reasonable walking distance
- Difficult and limited access has been resolved with new access from south
of the city known as Supervía Poniente, but traffic jams occur due to the
high density of companies working in this corridor
- Lack of public transportation, no Subway (Metro) serves the area, a train
serving from Toluca is being constructed and will have a stop in Santa Fe
- Tenants such as Grupo Bimbo, CitiBanamex, GE, Ford and Santander are
some important companies located in this area
- Mexico City Airport is located within a 35-45 minute drive

Interlomas
- Interlomas is located west of Mexico City and inside the State of Mexico,
which represents lower property taxes in this area
- Because of its location, it presents difficult access from all cardinal points of
Mexico City and lacks of public transportation that serves central areas
- There is an abundance of amenities and supporting services in the
immediate area. These include: strip centers, car agencies, restaurants of all
types, grocery stores, big box retailers, entertainment centers, and the Paseo
Interlomas Shopping Center
- Surrounded by burgeoning high-end residential areas
- Tenants such as Procter & Gamble, Henkel, General Mills and Philips are
located in this area
- Mexico City Airport is located within a 50-60 minute drive
Office Market Overview Mexico City - Class “A” | Q2 2021 7

Submarkets Description

Insurgentes

- Insurgentes is one of the most demanded submarkets in Mexico City due to

it´s central location that offers excellent public transportation and services
off all kind in the largest avenues of the city
- Many amenities and services are located within the sub-market including:
restaurants, shopping centers, cultural centers, and entertainment centers
- Tenants such as L´Oréal, Crédito Real, Bancomer, PPD, Grupo Bursatil
Mexicano´, Metlife, GNP, Novartis are some of the most important tenants
located in this area
- Currently there are several buildings under construction in this sub-market
- Mexico City Airport is located within a 30-40 minute drive

Perisur
- Perisur is located on or near the Periférico Sur one of Mexico’s most
important highways
- Very accessible to Mexico City’s high quality southern residential areas
- Several first class business hotels, cultural and commercial amenities
surround the area
- Tenants such as Astra Zeneca, Johnson & Johnson, Adidas, TV Azteca,
Kuehne + Nagel, Government Agencies and many retail companies are
located in this area
- Not easily accessible from the more central business areas of Mexico City.,
e.g. Polanco, Reforma, Lomas, etc.
- Mexico City Airport is located within a 45-60 minute drive

Norte

- The Norte submarket started to grow and it is located on the northern

corridor of Periferico which easily connects the business district in the
State of Mexico
- Very accessible to Mexico City’s high quality northern residential areas
- It is the fastest growing submarket in Mexico City, which will result in high
quality buildings at accessible prices for those companies that look for
relocate its headquarters in the northern tip of the city
- It is the market with the most vacancy in Mexico City
- Tenants such as AT&T, Bancomer, Grupo AXO and many industrial
companies are located in this area
- Mexico City Airport is located within a 50-60 minute drive
8 Office Market Overview Mexico City - Class “A” | Q2 2021

Mexico City Total Stock Distribution

as of june 2021

Total stock (square meters) in completed buildings

7,385,121
2,000,000

1,800,000

1,600,000

1,400,000

1,200,000

1,000,000

800,000

600,000

400,000

200,000

0
Santa Fe Polanco Insurgentes Reforma Norte Lomas Perisur Bosques Interlomas Lomas Altas
Sur
Completed Buildings
Source: JLL Q2 2021

Supply Distribution
in completed buildings as of june 2021
14%
Total available inventory :
1,702,847 22% 12%

Fitted out space represents 43% of Norte

total stock available Santa Fe
Polanco
8%
Insurgentes Sur
Reforma
Perisur
6%
Lomas
23% Lomas Altas
6%
Bosques
3%
3% 3% Interlomas
Office Market Overview Mexico City - Class “A” | Q2 2021 9

Available sq m in Completed Buildings

Q2 2020 vs Q2 2021

Total available stock :

1,702,847
450,000
Q2 2021
400,000
Q2 2020 1,283,074 350,000

300,000

Available space has increased by 33% 250,000

when compared to previous year
200,000

150,000

100,000

50,000

0
Reforma Polanco Lomas Santa Fe Bosques Lomas Altas Interlomas Norte Perisur Insurgentes
2Q 2020 Q2 2021

Fitted Out vs Shell Availability

as of June 2021

Total available stock :

1,702,517
Fitted out space represents 43% of total offering

450,000

226,049
400,000

67,417
350,000

300,000
304,687

250,000
55,911
Square meters

84,332
200,000
189,060

150,000
162,686

126,373 78,232
100,000
72,325
73,687
50,000
59,424 16,274 15,530
33,386 38,855
21,739 38,365 32,936
5,246
0
Santa Fe Norte Polanco Insurgentes Reforma Perisur Lomas Interlomas Lomas Altas Bosques
Sur

Shell Fitted Out

10 Office Market Overview Mexico City - Class “A” | Q2 2021

Total Demand Distribution

as of June 2021

*Closed Square Meters:

153,654 25%

Transaction % sqm

Net Demand 33 50,732 15%

Renewal 34 52,083
Relocation from Class “A” to “A” 13 20,533
Pre-Lease 0 0
5 7,206 34% Insurgentes
Sublease
10% Reforma
Pre-Lease Previous Years 13 1 9,952
0 478 Polanco
Occupation Sales
Santa Fe
Investment Sales 2 2,670
8% Lomas
Total 100 153,654 1% 6% Perisur
Norte
Bosques
*Includes all activity registered during the period (sales, leases, renewals, etc.)
Lomas Altas
Interlomas
Source: JLL Research

Total Demand
yearly comparison
*Square meters

700,000

600,000

495,231
500,000
Square meters

425,926
392,315 408,200
400,000

331,054 293,203
300,000
278,939
250,021 231,683
238,607
200,000

113,954 153,654
100,000

Source: JLL Research 0

2Q 2010 2Q 2011 2Q 2012 2Q 2013 2Q 2014 2Q 2015 2Q 2016 2Q 2017 2Q 2018 2Q 2019 2Q 2020 Q2 2021

* Includes all activity registered during the period

Office Market Overview Mexico City - Class “A” | Q2 2021 11

Net Demand*
From January to June 2021

40,000
Net Demand as
of June 2021: 20,000
15,643
-160,644*
0

Square meters
-
1,003 - 2,011
- 2,836
- 9,394
- 13,932
-20,000 -15,326

-29,590
-35,094
Resulting from the high amount of -40,000

office space vacated during the first

half of the year, the market showed a -60,000
negative net absorption. Almost 35% of -
67,100
this space is under sublease. -80,000
Polanco Lomas Altas Bosques Interlomas Reforma Perisur Lomas Insurgentes Norte Santa Fe
Sur

* Net demand: Supply as of Q4 2020 + new supply delivered during the period – Supply as of Q2 2021

Positive Net Demand Distribution*

as of June 2021
*YTD Positive Absorption (square meters):
71,162
28% of net demand comes from pre-leases
registered in previous years and delivered during 43%
the first quarter of 2021.
17%

Transaction Type % m²
Insurgentes
Net Demand 71 50,732 Reforma
Pre-lease Previous years Polanco
28 19,952
Perisur
Occupational Sales 1 47 Norte
16% Santa Fe
Total 100 71,162 1%
3% Lomas Altas
Lomas
8% 9% Interlomas
*Renegotiations, subleases, investments and relocations from
Class A to Class A Buildings are not included Bosques

Source: JLL Research

12 Office Market Overview Mexico City - Class “A” | Q2 2021

Positive Net Demand*

yearly comparison

300,000

256,464
250,000

211,210

200,000
Square meters

178,030 173,113

150,000
132,887 141,788 133,435
118,052
119,515
100,000 105,786

71,162
50,000
29,748

0
Al 2Q 2010 Al 2Q 2011 Al 2Q 2012 Al 2Q 2013 Al 2Q 2014 Al 2Q 2015 Al 2Q 2016 Al 2Q 2017 Al 2Q 2018 Al 2Q 2019 Al 2Q 2020 Al Q2 2021

** Pre-leases and pre-sales for occupation from previous years are excluded
Source: JLL Research *Renegotiations, subleases, investments and relocations from Class A to Class A Buildings are excluded

New Supply
as of June 2021

*Square meters of new office space:

71,133*
80%
4 new office buildings were delivered during the
first half year of 2021

53% of this space is still available

Polanco Availability
Distrito Polanco 27,856 Sq.m
Fairview 0 Sq.m

20%

Insurgentes Sur Availability

Terrazas San Angel 948 Sq.m
Insurgentes 1446 9,047 Sq.m

Source: JLL Research

Office Market Overview Mexico City - Class “A” | Q2 2021 13

Buildings Under Construction

as of June 2021

Square Meters Under Construction to be delivered in the coming years:

798,004

Reforma, Insurgentes and Polanco will

be the submarkets with the highest 25%
growth in the coming years

Projected Delivery Date and

RSM of Currently Under Construction Buildings
29%

Number of Available
Year Total sqm. Reforma
Buildings sqm.
Insurgentes
2021 18 260,808 241,639 Polanco
21%
2022 16 468,907 438,756 Santa Fe
2023 2 68,289 67,464 1% Bosques
2% Norte
Total 36 798,004 747,858 3%
Perisur
5%
14% Lomas

Pipeline*
as of June 2021
23%
Square Meters at Project Planning Stages:
1,040,115*
14%
56% is expected to be constructed in
Santa Fe and Reforma
Reforma
33% Insurgentes
Polanco
* Construction has not yet started 12% Santa Fe
Bosques
Source: JLL Research Norte
7% Perisur
2% 4% 5% Lomas
14 Office Market Overview Mexico City - Class “A” | Q2 2021

Supply and Demand by year

as of June 2021

2,000 30%
The city's vacancy
rate increased during 1,800
the year to 1,600 23% 25%
20%
23 % 1,400
20%
1,200
15% 14% 15%
1,000 13% 13% 15%
12% 12%
800 11% 11% 11%
9% 10%
600
7% 6%
400 5%
5%
200
0 0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Source: JLL Research Supply Net Demand Vacancy Rate

Vacancy Rate by Submarket

Completed Buildings

60%
50.1%
50%
41.0%
40% 35.1%
Mexico City
Vacancy Rate 27.1%
30%
23 % 19.2% 18.7%
20% 15.6% 16.3%
14.3% 13.5%

10%

0%
Reforma Polanco Lomas Lomas Altas Bosques Santa Fe Interlomas Insurgentes Perisur Norte

Source: JLL Research

Office Market Overview Mexico City - Class “A” | Q2 2021 15

Office Market Snapshot

Number of Available sq.m Available sq.m Vacancy Rate

Completed Total Stock in Completed in Buildings in Completed
Submarket
Buildings (sq.m) Buildings under construction Buildings

25 Reforma 884,927 137,657 161,053 15.56%

57 Polanco 1,276,759 244,970 189,074 19.19%
72 Lomas 668,621 95,427 10,356 14.27%
77 Santa Fe 1,437,101 388,735 101,483 27.05%
23 Bosques 325,960 44,102 39,600 13.53%
8 Lomas Altas 118,321 48,466 - 40.96%
15 Interlomas 155,900 54,639 - 35.05%
38 Norte 742,316 372,105 10,151 50.13%
44 Perisur 646,779 105,711 22,422 16.34%
69 Insurgentes 1,128,436 210,706 213,719 18.67%
428 Total 7,385,121 1,702,517 747,858 23.05%

Source: JLL Research

Rental Rate Trend

Average Asking Rent (USD /sq.m/ month)

$30

$28.00 $28.00
$28.00
$28
$27.00 $27.00

$26.00 $26.00
$26 $25.93

$25.45
$25.00 $24.85 $24.75
$24
$24.00 $24.27 $23.93

$23.00
$22

$20
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021*

Asking prices do not include OPEX / CAM charges

Source: JLL Research

16 Office Market Overview Mexico City - Class “A” | Q2 2021

Rental Ranges
(*) Asking Rents

Asking Rent
Submarket (USD / sq.m / Month) Short term trend Property Clock
Reforma USD $26.00 - $33.00

Polanco USD $24.00 - $28.00

Lomas de Chapultepec USD $28.00 - $35.00

Rental Rents
Lomas Altas USD $18.00 - $21.00 P(A)
Growth Falling
Bosques de las Lomas USD $23.00 - $27.00 Slowing

Santa Fe USD $18.00 - $24.00 P(A) Rental Rents

Growth Bottoming
Interlomas USD $18.00 - $22.00 P(A)
Accelerating Out
Insurgentes USD $21.00 - $26.00
Monterrey /
Perisur USD $23.00 - $31.00 P(A) Guadalajara
CDMX
Norte USD $14.00 - $20.00

P(A) Probability Increase Decrease Stable Source: JLL Research

Market Conditions 2021 - 2024

Market Conditions
2021 2022 2023 2024

A Tenant Fabourable
Neutral Market
A Landlord Fabourable
Office Market Overview Mexico City - Class “A” | Q2 2021 17

Sale Prices
(*) Asking prices Sale price by submarket

Submarket Sale Price (USD / SQM)

Reforma USD $3,750 - $5,000

Polanco USD $3,000 - $5,400

Lomas de Chapultepec * -

Lomas Altas USD $3,500

Bosques de las Lomas USD $5,500

Santa Fe USD $2,900 - $5,000

Interlomas USD $3,200

Insurgentes USD $2,850 - $4,500

Perisur USD $3,000 - $3,500

Norte USD $2,500 - $4,500

* Asking Prices
** Currently no available spaces for sale Source: JLL Research

Conclusions
Office Market Overview as of June 2021

More than one year on from the beginning of the COVID 19 pandemic and its impact on the office market continues
causing negative effects. Vacancy rates are at their highest and demand remains stagnant.

Vacancy rate is at its highest rate, There is a large pipeline, 800.000 square
reaching 23%, due to oversupply meters in 36 buildings are expected to be
combined with a high number of tenants delivered over the next three years. This
vacating premises. Available space will represent an increase in the current
increased 33% when compared to the stock of approximately 11% and will increase
previous year. the vacancy rate.

During the first half of the year, new

supply reached 71,333 square meters Total leasing activity during this quarter
delivered in 4 new office buildings. 53% of showed a 34% drop, when compared to the
this new space is still available. An same period of the previous year.
additional 260,808 square meters is
expected to be delivered this year

Resulting from the high office space vacated during the first half of the year, the market showed a
negative net absorption, -160,644. Almost 35% of this space is under sublease.
18 Office Market Overview Mexico City - Class “A” | Q2 2021

- Conclusions

Positive net absorption reached 71,162 square meters, almost 50% below from the same period of 2020.

Approximately 28% of this positive net absorption comes from a pre-lease of previous years, in a building
delivered during Q1 2021.

The city’s average asking rent decreased slightly to USD $23.9 (Sq.m/month), when compared to the
previous quarter. The trend of moderate decreases in rental rates, due to oversupply, expected new supply and
depreciation of the peso, will continue.

Due to oversupply and low demand for office space, in addition to the current economic crisis and the COVID 19
impact, the office market is tenant favorable, and will remain so for at least 2 more years.

Appendix I
Class A vs. B | Differences
Concept Class “A” Class “B”
Parking Rule rentable square meters 1 per each 45+ rentable square meters
Ceiling Height 3.5+ meters =< 3.5 meters
Age <20 years 20-40+ years

High Speed : high and low rise divisions for buildings Regular Speed : elevators when available, some with
Elevators with 10+ floors, with smart card access; service/freight elevators
freight elevators
Emergency = > 2 stairs < 2 stairs
Staircase Pressurized emergency and service staircase Non- pressurized

Emergency Highest Standards – International Standards Standards based on Mexican Codes

Fire Alarms, hydrants, smoke detectors, sprinklers Some may include fire alarms, hydrants, and smoke detectors, no
systems
and emergency generators sprinkler system and emergency generators in some cases

Most of the buildings are not designed for today's technology

Technology Fiber-optics and products.There are no separate ducts for the voice, data and
electrical connection
Air Conditioning Available Not always available
Efficient: Not efficient:
• Regular shapes • Irregular floor plates
Floor Efficiency • Few columns / Perimetral • Several Columns / Non-perimetral
• Over 500 square meters • Under 500 square meters
• Over 80% efficiency • Up to 80% efficiency

LEED Yes (some buildings) No

Certification
Office Market Overview Mexico City - Class “A” | Q2 2021
Profile | JLL Mexico
We are a financial and professional services firm
that specializes in real estate and investment
management. A Fortune 500 company with
annual income of US$18 billion, JLL provides
comprehensive real estate services to clients
looking to improve value through real estate
acquisition, occupation and investment.
With over 93,000 professionals, JLL renders
services to its clients through 300 offices located
in 80 countries around the world.
We are leaders in the property and integrated
facilities management industry with a global
portfolio of approximately 4.6 billion of square
feet worldwide and US$ 179 billion in sales,
acquisitions and financial transactions.
JLL México
JLL México es una subsidiária propia de JLL Inc.
5 Tijuana
Offices
1650+
Professionals in Mexico
1M m2
In Construction management
projects
5M m2 / $2.5B
In transactions
19
LaSalle Investment Management, our investment
management business, is one of the world’s
largest and most diverse in real estate with $60.5
billion of assets under management.
In 2019, JLL acquired HFF, a company that is
considered one of the main capital market
consultants in the industry. HFF has a deep
understanding of US and global markets.
The JLL and HFF merge will allow our clients to
benefit from a global team of over 3,700
professionals specialized in capital markets in
47 countries providing new insight and larger
market coverage as well as stronger business
flows.
1992
Started operations
in Mexico
Monterrey
Los Cabos
Mérida
Querétaro
Guadalajara
Mexico City
More about JLL Mexico
JLL Mexico City JLL Monterrey JLL Tijuana JLL Merida

Gabriela Morales Larry Mejía María Gutiérrez Adriana Ceballos

Market Research
gabriela.morales@am.jll.com
t. +52 (55) 5980 4850
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Market Research
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About JLL
We are a financial and professional services firm that
specializes in real estate and investment management. A
Fortune 500 company with annual income of US$18
billion, JLL provides comprehensive real estate services
to clients looking to improve value through real estate
acquisition, occupation and investment. With over
93,000 professionals, JLL renders services to its clients
through 300 offices located in 80 countries around the
world.
We are leaders in the property and integrated facilities
management industry with a global portfolio of
approximately 4.6 billion of square feet worldwide and
US$ 179 billion in sales, acquisitions and financial
transactions.
LaSalle Investment Management, our investment management
business, is one of the world’s largest and most diverse in real estate
with $60.5 billion of assets under management.
In 2019, JLL acquired HFF, a company that is considered one of the
main capital market consultants in the industry. HFF has a deep
understanding of US and global markets.
The JLL and HFF merge will allow our clients to benefit from a global
team of over 3,700 professionals specialized in capital markets in
47 countries providing new insight and larger market coverage as
well as stronger business flows.

jll.com.mx | @jllmexico

More about JLL

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