AMERICAS · REAL ESTATE
Key Facts
—The finding: Latin America posted the strongest two-year gain in office use of any region, in a new JLL report.
—The number: Regional office utilization rose 10 percentage points over two years, outpacing all other regions.
—The demand: Occupied office space across the region jumped 43% year over year in a separate JLL count.
—The contrast: Europe slipped over the same span, while the US recovery stayed patchy across cities.
—Latin American impact: A fuller return to the office signals confidence in the region’s cities and office economies.
Latin America is leading the world back to the office, with the strongest two-year gain in workplace use of any region, according to new data from the property firm JLL.
A Region-Leading Office Rebound
Latin America has staged the strongest office recovery of any world region. That is the headline from a new JLL benchmark report on workplace use. The region’s office utilization rose 10 percentage points over two years, more than anywhere else.
The global picture is improving too, but more slowly. Worldwide office use reached 56% in the report, up from 54% a year earlier. That is still below the pre-pandemic norm of around 61%.
Latin America stood out for closing the gap to its own targets. The distance between actual and planned office use narrowed sharply. For the first time since tracking began, that gap shrank rather than held flat.
Demand for Space Is Climbing
The rebound shows up in leasing as well. In a separate JLL count, occupied office space across the region rose 43% year over year. That was one of the strongest recoveries since the pandemic.
Mexico City offers a clear example. Its office vacancy rate fell to 17.6% at the end of 2025, down nearly three points from a year earlier. In the prime central districts, vacancy dropped to about 12%.
Developers are responding with new supply. JLL data point to fresh construction in Mexico City’s best districts, with a large share already pre-leased. That signals confidence that demand will hold.
How the Region Compares
The contrast with other regions is striking. Europe, the Middle East and Africa slipped over the same period, with office use falling a few points. Latin America moved the other way.
The United States has recovered, but unevenly. Cities such as New York and Miami are near full recovery, while several western markets still lag. National office use sits at around 70% of pre-pandemic levels.
Asia has moved closest to its old norms. Against that backdrop, Latin America’s two-year jump is the sharpest single regional gain in the report. It reverses years of contraction.
Why It Is Happening
Several forces are at work. Many regional firms never shifted as far into remote work as US or European peers. Return-to-office mandates have also landed, pulling staff back to desks.
The debate has moved on. Analysts say the question is no longer whether workers return, but how offices adapt to hybrid schedules. Demand is shifting toward higher-quality, well-located buildings.
There is an economic signal here too. Filling offices reflects steady hiring and corporate confidence. It also supports the downtown businesses, from cafes to transit, that depend on daily foot traffic.
What It Means for the Region
For investors, the trend is encouraging. Falling vacancy and rising rents tend to lift the value of office buildings and the funds that hold them. That can draw capital back to a sector written off elsewhere.
For workers and expats, it reshapes daily life. A fuller return changes commutes, housing choices and the rhythm of city centers. It also firms up demand for offices near transit and amenities.
The caution is that recovery is uneven within the region. Prime buildings are winning while older stock lags. Still, the regional direction is clearly upward.
Frequently Asked Questions
What did the JLL report find?
It found Latin America posted the strongest two-year gain in office utilization of any region, rising 10 percentage points. Global office use reached 56%, up from 54% a year earlier but still below the pre-pandemic norm of about 61%.
How much has demand for office space grown?
In a separate JLL count, occupied office space across the region rose 43% year over year, one of the strongest recoveries since the pandemic. Mexico City’s vacancy rate fell to 17.6% at the end of 2025.
How does Latin America compare to other regions?
It outpaced all others. Europe, the Middle East and Africa slipped over the same span, while the US recovery stayed patchy. Asia is closest to its pre-pandemic norms, but Latin America posted the sharpest single regional gain.
Why is the region returning faster?
Many regional firms never shifted as far into remote work, and return-to-office mandates have pulled staff back. Demand is moving toward higher-quality, well-located buildings as companies adapt to hybrid schedules.
What does it mean for investors?
Falling vacancy and rising rents tend to lift office values and the funds that hold them, potentially drawing capital back to the sector. The recovery is uneven, though, favoring prime buildings over older stock.
Connected Coverage
For the wider economic backdrop, see our reports on the nearshoring trend in Mexico and Mexico’s 2026 economic outlook.
The Rio Times — Latin American financial news — riotimesonline.com
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