Research

Mexico City | September 2023

Class A Office Market

Overview
Mexico City Q3 2023

jll.com.mx
 Class A Office Market Overview, Mexico City / Q3 2023

Office Market - Mexico City

Mexico Cityʼs office supply is concentrated in 10 sub-markets:

Central

West

South

North

CDMX

Class A Office Market Overview | CDMX 2

Class A Office Market Overview, Mexico City / Q3 2023

Total Stock Distribution | as of September 2023

2,000,000

7,690,928
1,800,000

1,600,000

Total stock (square meters)

1,400,000
in completed buildings
1,200,000

1,000,000
Square meters

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 Q3 2023

Supply Distribution in Completed Buildings | as of September 2023

18%

10%
21%

1,750,816 8%
Santa Fe
Norte
Total available stock Polanco
Insurgentes Sur
8% Reforma
Lomas
21% 6% Perisur
Bosques
1%3% 4%
Interlomas
Lomas Altas

3 Class A Office Market Overview | CDMX

 Class A Office Market Overview, Mexico City / Q3 2023

Available sq m in Completed Buildings | Q2 2022 vs Q3 2023

sq m
450,000

400,000

Total available stock: 350,000

Q3 2023 1,750,816 300,000

Q2 2022 1,748,520 250,000

200,000

150,000

100,000

50,000

0
Reforma Polanco Lomas Santa Fe Bosques Lomas Interlomas Norte Perisur Insurgentes
Altas Sur
3Q 2022 3Q 2023

Fitted Out vs Shell Availability | as of September 2023

400,000

1,750,816
192,155 71,266
350,000

35,318
300,000
Total available stock 292,824
250,000
Square meters

275,516

200,000
180,626
87,447

42%
150,000

88,140 99,232
100,000
89,161
of total offer is fitted 85,496

out space (subleased space 50,000

49,594
13,185
represents
48,755
35,321 23,513 42,853 12,942
19,078
7% of this space) 0
8,395
Santa Fe Norte Polanco Insurgentes Reforma Lomas Perisur Bosques Interlomas Lomas Altas
Sur

Shell Fitted out

Class A Office Market Overview | CDMX 4

Class A Office Market Overview, Mexico City / Q3 2023

Total Demand Distribution | as of September 2023

18%
18% Santa Fe

492,671 Insurgentes
Polanco

Closed Square Meters 15% Reforma

Norte
Lomas

TRANSACTION % Sq M Perisur
25%
8%
NET DEMAND (NEW SPACE ABSORPTION) 56% 274,563 Interlomas
RENEWAL 12% 59,629
Bosques
RELOCATION FROM CLASS “A” TO “A” 22% 106,113 8%
PRE-LEASE 0% 0 2% 2%3% Lomas Altas
SUBLEASE 2% 10,653
*PRE-LEASE PREVIOUS YEARS 0% 0
OCCUPATION SALES 1% 5,313
INVESTMENT SALES 7% 36,400
TOTAL 100 492,671

*Includes all activity registered during 2023 (sales, leases, renewals, etc.)
*Pre-leases previous years were in buildings delivered during this year
Source: JLL Research

Total Demand | yearly comparison

700,000
646,244
600,334
600,000
556,846
517,748
500,000
492,671
467,776 480,787
square meters

476,559
400,000 430,884
398,182 390,702
307,107
300,000
251,134
245,739
200,000

100,000

0
Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Q3 2017 Q3 2018 Q3 2019 Q3 2020 Q3 2021 Q3 2022 Q3 2023

* Includes all activity registered during the period Source: JLL Research

5 Class A Office Market Overview | CDMX

 Class A Office Market Overview, Mexico City / Q3 2023

Net Absorption*| from January to September 2023

80,000
72,087
70,000

60,000

164,915* 50,000

40,000
35,876
square meters

Net Absorption 30,000 28,361

as of September 2023 26,236

20,000

10,000 8,484
3,733
1,120 248
0
-523

-10,000
-10,708

-20,000
Santa Fe Reforma Insurgentes Polanco Lomas Perisur Lomas Altas Interlomas Norte Bosques
Sur

* Net Absorption: Supply as of Q4 2022 + new supply delivered during the period Q3 2023 – Supply as of Q3 2023
Source: JLL Research

Net Absorption by Quarter

200,000

150,000

100,000
94,388
59,275 47,849
50,000 47,640 52,317
24,087
2,809 15,828 18,210
0 -
1T 2020 2T 2020 3T 2020 4T 2020 1T 2021 2T 2021 3T 2021 4T 2021 1T 2022 2T 2022 3T 2022 4T 2022 1T 2023 2T 2023 3T 2023
-13,261
-58,924 25,416 -14,088
-50,000 -

-100,000
-
115,528
135,228
-150,000 -

-200,000

Class A Office Market Overview | CDMX 6

Class A Office Market Overview, Mexico City / Q3 2023

New Space Absorption | as of September 2023

21%
Santa Fe

279,876
Insurgentes
Polanco
30%
Norte
Reforma
New Space Absorption 16% Lomas
Perisur
Bosques
% m² Lomas Altas
TRANSACTION
2% Interlomas
NET DEMAND (New Space) 98% 274,563 2% 13%
PRE-LEASE PREVIOUS YEARS 0% 0 8%
OCCUPATION SALES 2% 5,313 8%
TOTAL 100 279,876
*Renegotiations, subleases, investments and relocations from
Class A to Class A Buildings are not included
Source: JLL Research

New Space Absorption* | year on year comparison

400,000
376,844

350,000

300,000 290,170
269,580
255,813 279,876
250,000
224,704
207,332 220,109

200,000 206,798
202,702
202,508
168,388
150,000

100,000 116,396
79,536

50,000

0
Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Q3 2017 Q3 2018 Q3 2019 Q3 2020 Q3 2021 Q3 2022 Q3 2023

*New Space Absorption does not include renegotiations, subleases, investments and relocations from Class A to Class A Buildings

7 Class A Office Market Overview | CDMX

 Class A Office Market Overview, Mexico City / Q3 2023

New Supply | as of September 2023

Availability ( Sq m.) 50%

Polanco:
Miyana II 49,023 Sq m.

118,365 Torre Gutenberg 4,000 Sq m.

Square Meters of
New Office Space
33%

Lomas: Availability ( Sq m.) 5%

Six new office buildings were Aguiar y Seijas 25 1,542 Sq m. 12%
delivered from January to Montes Urales 405 3,960 Sq m.
September, half of this new
office space is in Polanco
Bosques: Availability ( Sq m.) Reforma: Availability ( Sq m.)
submarket
Agwa Bosques 14,627 Sq m. Downtown Reforma 13,571 Sq m.

Buildings Under Construction | as of September 2023

395,810
42% Insurgentes
18%
Polanco
Square Meters Under Reforma
Construction to be delivered
in the coming years Bosques

Norte
Projected Delivery Date and RSM of Buildings
Currently Under Construction 18%
5%
Santa Fe
Number of
Year Total sq m.
Buildings
2023 4 61,289 52,806 7%
10%
2024 11 293,645 267,579
2025 1 40,877 40,877
Total 16 395,810 361,261

Available sq m.

Class A Office Market Overview | CDMX 8

Class A Office Market Overview, Mexico City / Q3 2023

Pipeline* | as of September 2023

24%
Reforma
Santa Fe
1,274,518* 10%
Norte
Polanco
Square Meters at Project 36%
Planning Stage Insurgentes
10%
Lomas
60% of this pipeline is projected to be Perisur
constructed in the Reforma and Santa 9%
Fe corridors, however many of these 1%3%
3% 4% Bosques
projects still do not have a start date
due to the oversupply that the market Lomas Altas
currently presents

* Construction not yet not started

Source: JLL Research

Supply and Demand per year | as of September 2023

2,000

1,800

23.6% 23.6%
1,600

22.8%
20.1%
22.8%
1,400

1,200
15.0% 14.0% 15.0%
City’s vacancy rate
1,000 13.0% 13.0%
12.0% 12.0%
11.0% 11.0% 11.0%
800

9.0%
600
6.0%
7.0% 5.0%
400

200

0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023*

Supply New space absorption Vacancy rate

Source: JLL Research
* From January to September 2023

9 Class A Office Market Overview | CDMX

 Class A Office Market Overview, Mexico City / Q3 2023

Vacancy Rate by Submarket | Completed buildings

Vacancy Rate, from January to September 2023

60%

49.1%
50%

40%
35.5%

30%
Mexico City 25.0% 23.9%
Vacancy Rate: 21.4% 20.2%
19.6%
22.8 % 20%
14.8%
17.4%
15.0%

10%

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

Office Market | Snapshot

Number of Total Stock Available sq. m Available Sq. M Vacancy Rate

Completed Sub Market in Completed in Buildings in Completed
Buildings sq m. Buildings Under Construction Buildings

450 Total 7,690,928 1,750,816 321,662 22.76%

Source: JLL Research

Class A Office Market Overview | CDMX 10

 Class A Office Market Overview, Mexico City / Q3 2023

Rental Rent Trade | Average Asking Rent (USD / Sq.M / month)

$30

$28.00 $28.00 $28.00

$28

$27.00 $27.00

$26.00 $25.93
$26
$26.00
$25.45 $24.75
$25.00
$24.85
$24 $24.27
$24.00 $24.00
$23.47 $23.53
$23.00
$22

$20
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Asking prices do not include OPEX / CAM charges Source: JLL Research

Sale Prices (Asking Price) | Available Office Space (non-leased)

Sale Price by submarket in available, Submarket Sale price (USD / Sq.M)

(non-leased), office space Reforma USD $4,000 - $5,500

Polanco USD $3,000 - $4,500

Lomas de Chapultepec USD $3,200 - $5,500

Lomas Altas USD $4,000

Bosques de las Lomas USD $3,000 - $5,000

Santa Fe USD $3,200 - $4,500

Interlomas USD $3,000

Insurgentes USD $3,800 - $4,500

Perisur USD $2,800 - $3,800

Norte USD $2,500

*Asking Prices Source: JLL Research

11 Class A Office Market Overview | CDMX

 Class A Office Market Overview, Mexico City / Q3 2023

Rental Range | (*) Asking Price

Property Clock
Class A

Rental
Submarket Asking Rent Short term
Growth Rents
(USD / Sq. M / Month) trend
Slowing Falling
Reforma USD $27.00 - $34.00
Polanco USD $24.00 - $28.00
Lomas de Chapultepec USD $25.00 - $35.00 Rental Rents
Lomas Altas USD $19.00 - $22.00 P(A) Growth Bottoming
Bosques de las Lomas USD $23.00 - $27.00 Accelerating Out
Santa Fe USD $18.00 - $24.00 P(A) Guadalajara
Interlomas USD $19.00 - $22.00 P(A)
Insurgentes USD $22.00 - $28.00
Perisur USD $21.00 - $25.00
Mexico City Monterrey
Norte USD $16.00 - $23.00 P(A)

Class B

Submarket Asking Rent Short term

(USD / Sq. M / Month) trend

Reforma USD $18.00 - $23.00

Polanco USD $20.00 - $25.00
Lomas de Chapultepec USD $23.00 - $33.00
Lomas Altas USD $14.00 - $15.00 P(A)
Bosques de las Lomas USD $20.00 - $23.00 P(A)
Santa Fe USD $17.00 - $21.00 P(A)
Insurgentes USD $18.00 - $24.00 P(A)
Perisur USD $19.00 - $21.00 P(A)
Norte USD $14.00 - $16.00 P(A)

P(A) Probability Increase Decrease Stable

Source: JLL Research

Market Conditions
2023 2024 2025

Landlord favorable
Neutral market
Tenant Favorable

Class A Office Market Overview | CDMX 12

Conclusions
Office Market Overview as of September 2023

1
At the end of this period, the market continues
its recovery, reaching a positive net absorption
during the last six quarters:
Total office demand at the end of the 3rd quarter
showed a 26% rise, when compared to the same
period last year.
3
There is a large pipeline of 395,810 square meters
expected to be delivered over the next two years in
16 new office buildings. However, these buildings
are advancing at a lower pace than the times when
the market was more active. Approximately 60,000
square meters will be added to the current stock

4
Due to the recovery in market activity, the net
absorption reached 165,000 Sq.m, and has
remained with positive absorptions since the last
six quarters.

The city’s average asking rent remains stable

with a slight upward trend: USD $24.00 (USD/Sq.
M /m) JLL considers that Mexico City’s office
market, has already reached the lowest point of
this cycle and the beginning of a slight recovery
can be expected.
Due to oversupply, the new office space delivered,
and the gradual recovery of the market, the office
market is tenant favorable, and will remain so for at
least 2 more years. during the last three months of

2
this year.

Vacancy rate continues with a slight downward

trend going from 23.6% at the end of 2022 to
22.8% at the end of this period.

13 Class A Office Market Overview | CDMX

Annex I
Class A vs. B | Differences

Concept Class “A” Class

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-op- and products.There are no separate ducts for the voice, data and
tics 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

Annex II
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.
Submarkets Description

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

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
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

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 buildingscoche.
Submarkets Description

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

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
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
JLL Mexico
JLL starts operations in Mexico in 1992, as a fully owned subsidiary of
JLL Inc.
We are a financial and professional services firm that specializes in real estate and investment management. A Fortune
500 company with annual revenue of US$20.9 billion, JLL provides comprehensive real estate services to clients looking
to improve value through real estate acquisition, occupation and investment.
With over 103,000 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 4.6B of
square feet managed worldwide and 37,500 leasing transactions, totaling 1.07B square feet leased.

+2100 8 5M sqm
Professionals in Mexico Offices: Mexico City, Guadalajara, Country transactions
Monterrey, Tijuana, Los Cabos,
Queretaro, Merida, Ciudad Juarez

$800 M 3.7M 1.5M

USD Sqm In construction Sqm of Property under
in transactions management projects management

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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$19.4
billion, JLL provides comprehensive real estate services
to clients looking to improve value through real estate
acquisition, occupation and investment. With over
102,000 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
4.6B of square feet managed worldwide and 37,500
leasing transactions, totaling 1.07B square feet leased.
JLL’s research team delivers intelligence, analysis and insight through
market-leading reports and services that illuminate today’s
commercial real estate dynamics and identify tomorrow’s challenges
and opportunities. Our more than 400 global research professionals
track and analyze economic and property trends and forecast future
conditions in over 60 countries, producing unrivalled local and
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strategies and optimal real estate decisions.

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