JLL MX Office Report Mexico City 2q 2022

Mexico City, Mexico | June 2022
Research
Class A Office Market

Overview
Mexico City. Q2 2022
2 Office Market Overview Mexico City - Class “A” | Q2 2022
Mexico City Office Market
Mexico City’s office supply is

concentrated in 10
sub-markets:
Central
West
South
North
CDMX
Office Market Overview Mexico City-Class "A" | 2Q 2022 3
Total Stock Distribution

as of June 2022
Total stock (square meters) in completed buildings:

7,494,567
2,000,000
1,800,000
1,600,000
1,400,000
1,200,000
Square Meters
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 2Q 2022
Supply Distribution
in completed buildings as of june 2022
15%
Total available stock:
1,759,049 22%
12%
Santa Fe
Fitted out space represents 45% of the Norte
total stock available Polanco
8% Insurgentes Sur
Reforma
Lomas
7%
24% Perisur
6% Interlomas
1% 2% 3% Bosques
Lomas Altas
Available Sq M in Completed Buildings

Q2 2021 vs Q2 2022
Total available stock

Q2 2022 1,759,049 450,000
Q2 2021 1,702,847 400,000
350,000
300,000
Available space has increased by 3% 250,000

when compared to the previous year
200,000
150,000
100,000
50,000
0
Reforma Polanco Lomas Santa Fe Bosques Lomas Altas Interlomas Norte Perisur Insurgentes
Sur
Q2 2021 Q2 2022
Fitted Out vs Shell Availability

as of June 2022
Total available stock :
1,759,049
Fitted out space 450,000
represents 45% of 248,419

400,000
the total offering
79,488
350,000
300,000
302,281
57,012
250,000
Square Meters
73,768
200,000
208,213
150,000 168,524
134,286 87,356 99,345
100,000 82,817
50,000
17,578
46,062 28,320 38,385
22,776 37,907 14,241
4,451 7,823
0
Santa Fe Norte Polanco Insurgentes Reforma Lomas Perisur Interlomas Bosques Lomas Altas
Sur
Shell Fitted out

Total Demand Distribution

as of June 2022
*Closed Square Meters:

247,216
15%
18%
Transaction % Sq.m
Polanco
Net Demand 43% 106,455
Renewal 25% 61,636 12% Insurgentes
Relocation from class “A” to “A” 13% 32,446 Santa Fe
Pre-Lease 3% 8,084
Lomas Altas
Sublease 2% 5,744
Lomas
Pre-Lease previous years 0% 0
Occupation Sales 11% 26,558 9% Reforma
Investment Sales 3% 6,292 Norte
26%
Bosques
TOTAL GENERAL 100 247,216
1%
8% Perisur
*Includes all activity registered during the period Q1 2022 Interlomas
(sales, leases, renewals, etc.) 3%
7%
1%
Source: JLL Research
Total Demand
yearly comparison
Square Meters
700,000
600,000
495,231
500,000
425,926
Square Meters
392,315
400,000
408,200
331,054
293,203
300,000
278,939 247,216
250,021 238,607 231,683
200,000
113,954 153,654
100,000
0
Q2 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Q2 2018 Q2 2019 Q2 2020 Q2 2021 Q2 2022
* Includes all activity registered during the period Source: JLL Research
6 Office Market Overview Mexico City-Class "A" | 2Q 2022
Net Absorption*
From January to June
Net demand as of June 2022:

9,999* 40,000
30,000
The market reached at the end of 26,275
the first half of the year a positive 20,000

net absorption.Although the 15,947
oversupply and moderate vacancy 10,000 7,744

of office space persist, the market 3,699
continues with a gradual recovery 0

-634 -998 -1,420
-
3,438
-10,000
-
11,282
-20,000
-
25,895
-30,000
-40,000
Lomas Altas Polanco Insurgentes Lomas Interlomas Norte Bosques Reforma Perisur Santa Fe
Sur
* Net demand: Supply as of Q4 2021 + new supply delivered during the period Q2 2022 – Supply as of Q2 2022
New Space Absorption

as of June 2022
*YTD positive absorption (square meters):

133,013 21%
Transaction Type % Sq.m 12% Insurgentes

Net Demand 80% 106,455 Lomas Altas
Pre-Lease previous years 0% 0 23% Polanco
Occupation Sales 20% 26,558 Reforma
11% Santa Fe
Total 100 133,013
Norte
Lomas
1%
2% Bosques
9%
5% Perisur
8% 8% Interlomas
*Renegotiations, subleases, investments and relocations from

Class A to Class A Buildings are not included

New Space Absorption*

year on year comparison
300,000
256,464
250,000
211,210
200,000
Square Meters
178,030 173,113
150,000
141,788 133,435 133,013
119,515 132,887
118,052
100,000
105,786
71,162
50,000
29,748
0
Q2 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Q2 2018 Q2 2019 Q2 2020 Q2 2021 Q2 2022
*Renegotiations, subleases, investments and relocations from Class A to Class A Buildings are excluded
New Supply
as of June 2022
*Square meters of new office space:

4,480
100% Insurgentes Sur
One new office building was delivered during
the first half of the year.
11 new buildings are expected to be delivered in
the coming months
Insurgentes: Availability (sqm)

Revolución 633 4,480 sqm
Buildings Under Construction

as of June 2022
Square Meters Under Construction to be delivered in the coming years:

685,631
Insurgentes, Reforma and Polanco will

be the submarkets with the highest
growth in the coming years 29%
33%
Projected Delivery Date and RSM
Insurgentes
of Buildings Currently Under Construction
Number of Reforma
Year Total sqm Avaliable sqm.
Buildings
Polanco
2022 11 235,411 216,393
2023 14 420,220 394,576 Santa Fe
2024 1 30,000 30,000
1% Bosques
Total 26 685,631 640,969
18%
Lomas
6%
13%
Pipeline*
as of June 2022
Square Meters at project planning stage:

1,080,703*
24%
56% of this pipeline is projected to be
constructed in the Reforma and Santa
Fe corridors, however many of these
projects still do not have a start date
due to the oversupply that the market 15%
currently presents. Reforma
Santa Fe
* Construction not yet started 32% Norte
Source: JLL Research Polanco
12% Insurgentes
Lomas
Perisur
6%
2% 4% 5% Lomas Altas
Supply and Demand by year

as of June 2022
2,000
The city´s
1,800
vacancy rate
remained stable 1,600
23.6% 23.5%
during the first 20.1%
half of the year 1,400
1,200
23.5% 15.0% 14.0%
15.0%
1,000
13.0% 13.0%
12.0% 12.0%
800 11.0% 11.0% 11.0%
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*
Supply Positive Net Demand Vacancy Rate
Vacancy Rate by Submarket

Completed Buildings
Vacancy by Submarket as of June 2022

60%
51.5%
50%
40%
35.6%
30% 29.0%
Mexico City
Vacancy
Rate: 23.5% 20% 19.5% 18.1% 18.7% 17.2% 18.1%
15.1%
13.1%
10%
0%
Reforma Polanco Lomas Santa Fe Bosques Lomas Altas Interlomas Norte Perisur Insurgentes Sur

Office Market Snapshot
Number Available Sq. M Available Sq. M Vacancy Rate

Total Stock in Completed in Buildings Under in Completed
of Completed Submarket (Sq. M)
Buildings Buildings Construction Buildings
25 Reforma 885,391 133,418 195,553 15.07%

62 Polanco 1,359,465 265,225 119,967 19.51%
74 Lomas 674,673 122,121 7,240 18.10%
77 Santa Fe 1,437,192 416,942 74,222 29.01%
23 Bosques 325,960 42,835 39,600 13.14%
8 Lomas Altas 118,321 22,064 - 18.65%
15 Interlomas 155,974 55,485 - 35.57%
38 Norte 741,475 381,769 - 51.49%
44 Perisur 646,779 111,136 - 17.18%
72 Insurgentes 1,149,337 208,054 204,387 18.10%
439 Total 7,494,567 1,759,049 640,969 23.47%
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 $25.93

$26
$25.45
$25.00 $24.85 $24.75
$24
$24.00 $24.27
$23.47 $23.55
$23.00
$22
$20
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022*
Asking prices do not include OPEX / CAM charges Source: JLL Research
Rental Ranges
(*) Asking Rents
Property Clock
Asking Rent
Submercado (USD / sqm / Month) Short Term Trend
Reforma USD $26.00 - $34.00
Rental Rents
Polanco USD $24.00 - $28.00 Growth Falling
Slowing
Lomas de Chapultepec USD $26.00 - $35.00
Lomas Altas USD $18.00 - $21.00

Rental Rents
Bosques de las Lomas USD $23.00 - $28.00 Growth Bottoming
Accelerating Out
Santa Fe USD $19.00 - $24.00 P(A)
Interlomas USD $18.00 - $22.00 P(A) Guadalajara Mexico City

Monterrey
Insurgentes USD $21.00 - $26.00
Perisur USD $17.00 - $25.00 P(A)
Norte USD $14.00 - $20.00

Market Conditions
P(A) Probability
2022 2023 2024
Increase Decrease Stable
Landlord Favorable
Neutral market
Tenant Favorable
Sale Prices (Asking Price)

Available Office Space (non-leased)
Sale Price by submarket Submarket Sale Price (USD / Sq.M)

in available, (non-leased), office space.
Reforma USD $3,200 - $5,000
Polanco USD $3,000 - $4,500
Lomas de Chapultepec USD $4,000 - $5,500
Lomas Altas USD $3,500
Bosques de las Lomas USD $5,100
Santa Fe USD $3,000 - $5,000
Interlomas USD $3,000
Insurgentes USD $2,400 - $4,500
Perisur USD $2,800 - $3,500
Norte USD $2,400

Source: JLL Research * Asking Prices
Conclusions
Office Market Overview as of June 2022
At the end of the first half of 2022, and despite the still present impact of the pandemic, that led to record high
vacancy rates, the market continues its gradual recovery, with a stable vacancy rate.
Due to oversupply and low demand for office As a result of the implementation of hybrid
space, in addition to the current economic crisis working and the establishment of “home
and the COVID 19 impact, the office market is office”, the vacancy of office space is
tenant favorable and will remain so for at least 2 expected to continue but in a moderate way
more years. compared to the previous two years.
Vacancy rate is at its highest rate, reaching Fitted out space represents 45% of the total
23.5%, due the oversupply combined with a high offering approximately 6% is subleased.
number of tenants vacating premises, however it
remained stable for the last three quarters.
There is a large pipeline of 685,631 square meters in 26 buildings expected to be delivered over the next three
years. This will represent an increase in the current stock of approximately 9%.
Total leasing activity during this quarter showed a 61% rise, when compared to the same period last year.
The market reached at the end of the first half of the year a positive net absorption: 9,999 sq. m. Although
the oversupply and moderate vacancy of office space persist, the market continues with a gradual recovery
The city’s average asking rent remained stable at USD $23.55 /sq.m/mth, compared to the previous quarter.
However, the trend for moderate decreases in rental rates, driven by oversupply and expected pipeline supply, will
continue.
Office Market Overview Mexico City - Class “A” | Q1 2022 13
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
Appendix 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.
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
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
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
- 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
- Many of these tenants have self-contained facilities with employee
cafeterias and full service copy centers
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
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 LÓréal, Crédito Real, Bancomer, PPD, Grupo Bursatil
Mexicano´, Metlife, GNP, Novartis are some of the most important tenants
- Currently there are several buildings under construction in this sub-market
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
- Not easily accessible from the more central business areas of Mexico City.,
e.g. Polanco, Reforma, Lomas, etc.
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
Profile | JLL Mexico
We are a financial and professional services firm LaSalle Investment Management, our investment
that specializes in real estate and investment management business, is one of the world’s
management. A Fortune 500 company with largest and most diverse in real estate with $60.5
annual income of US$18 billion, JLL provides billion of assets under management.
comprehensive real estate services to clients
looking to improve value through real estate In 2019, JLL acquired HFF, a company that is
acquisition, occupation and investment. considered one of the main capital market
consultants in the industry. HFF has a deep
With over 93,000 professionals, JLL renders understanding of US and global markets.
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in 80 countries around the world. The JLL and HFF merge will allow our clients to
benefit from a global team of over 3,700
We are leaders in the property and integrated professionals specialized in capital markets in
facilities management industry with a global 47 countries providing new insight and larger
portfolio of approximately 4.6 billion of square market coverage as well as stronger business
feet worldwide and US$ 179 billion in sales, flows.
acquisitions and financial transactions.
JLL México
JLL México es una subsidiária propia de JLL Inc.
1992
7 Tijuana
Started operations
Offices in Mexico
1650+
Professionals in Mexico
Monterrey
1M m2 Los Cabos
In Construction management Mérida
Querétaro
projects Guadalajara
Mexico City
5M m2 / $2.5B
In transactions
More about JLL Mexico

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We are a financial and professional services firm that LaSalle Investment Management, our investment management
specializes in real estate and investment management. A business, is one of the world’s largest and most diverse in real estate
Fortune 500 company with annual income of US$18 with $60.5 billion of assets under management.
billion, JLL provides comprehensive real estate services In 2019, JLL acquired HFF, a company that is considered one of the
to clients looking to improve value through real estate main capital market consultants in the industry. HFF has a deep
acquisition, occupation and investment. With over understanding of US and global markets.
93,000 professionals, JLL renders services to its clients
through 300 offices located in 80 countries around the The JLL and HFF merge will allow our clients to benefit from a global
world. team of over 3,700 professionals specialized in capital markets in
We are leaders in the property and integrated facilities 47 countries providing new insight and larger market coverage as
management industry with a global portfolio of well as stronger business flows.
approximately 4.6 billion of square feet worldwide and
US$ 179 billion in sales, acquisitions and financial
transactions.
jll.com.mx | @jllmexico
More about JLL
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Mexico City, Mexico | June 2022

Class A Oﬀice Market

Mexico City Oﬀice Market

Mexico City’s oﬀice supply is

Total Stock Distribution

Total stock (square meters) in completed buildings:

Source: JLL 2Q 2022

Available Sq M in Completed Buildings

Total available stock

Q2 2021 1,702,847 400,000

Available space has increased by 3% 250,000

Fitted Out vs Shell Availability

Fitted out space 450,000

represents 45% of 248,419

Shell Fitted out

Total Demand Distribution

*Closed Square Meters:

Source: JLL Research

Net demand as of June 2022:

the first half of the year a positive 20,000

oversupply and moderate vacancy 10,000 7,744

continues with a gradual recovery 0

New Space Absorption

*YTD positive absorption (square meters):

Transaction Type % Sq.m 12% Insurgentes

*Renegotiations, subleases, investments and relocations from

Source: JLL Research

New Space Absorption*

Source: JLL Research

*Square meters of new oﬀice space:

Insurgentes: Availability (sqm)

Buildings Under Construction

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

Insurgentes, Reforma and Polanco will

Square Meters at project planning stage:

Supply and Demand by year

Supply Positive Net Demand Vacancy Rate

Source: JLL Research

Vacancy Rate by Submarket

Vacancy by Submarket as of June 2022

Source: JLL Research

Oﬀice Market Snapshot

Number Available Sq. M Available Sq. M Vacancy Rate

25 Reforma 885,391 133,418 195,553 15.07%

Source: JLL Research

Rental Rate Trend

$28.00 $28.00 $28.00

$26.00 $26.00 $25.93

Lomas Altas USD $18.00 - $21.00

Interlomas USD $18.00 - $22.00 P(A) Guadalajara Mexico City

Perisur USD $17.00 - $25.00 P(A)

Norte USD $14.00 - $20.00

Source: JLL Research

Sale Prices (Asking Price)

Sale Price by submarket Submarket Sale Price (USD / Sq.M)

Polanco USD $3,000 - $4,500

Lomas de Chapultepec USD $4,000 - $5,500

Lomas Altas USD $3,500

Bosques de las Lomas USD $5,100

Santa Fe USD $3,000 - $5,000

Interlomas USD $3,000

Insurgentes USD $2,400 - $4,500