Narayan AmmachchiGuadalajara’s booming IT sector propelled a remarkable increase in office space occupancy in 2023, reflecting the city’s growing status as Mexico’s “Silicon Valley.”
CBRE, an American real estate investment firm, reports that office space sales surged by a staggering 75% year-on-year, reaching 74,600 square meters.
IT companies were the star players, driving demand and accounting for over 10,700 square meters of purchased space within the metropolitan area. This is followed closely by the pharmaceutical sector at 6,300 square meters.
The rising demand for commercial properties is prompting realtors to construct new office towers across the city, including previously underdeveloped areas. CBRE’s report confirms that the pipeline of projects under construction remains robust, indicating sustained growth in the coming years.
However, the rapid expansion also presents challenges. While Puerta de Hierro currently holds the largest vacancy, with 44,500 square meters, other submarkets like the Financial Zone and López Mateos–Américas also face significant availability.
Alongside the surge in demand for office space, Guadalajara is also experiencing rising rent and home prices. The cost per square meter for both residential and commercial properties has increased by 12.9% annually, reaching 49,445 Mexican pesos (US$2,900) as of the third quarter of 2023, according to data from ABC Appraisers.
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