Newmark Announces Opening of Cancún Office, Expanding Mexico Commercial Real Estate Coverage
Newmark (Nasdaq: NMRK) has opened a new office in Cancún, Quintana Roo, extending its commercial real estate platform into southeastern Mexico and reinforcing its broader Latin America coverage. The firm announced the opening on September 9, 2026, with Managing Director LATAM Juan Antonio Martínez set to lead client services and business development in the local market.
Newmark Opens a Commercial Real Estate Office in Southeastern Mexico
The Cancún office marks Newmark's entry into the local market, which the firm describes as evolving beyond its historically tourism-driven economy into a broader commercial real estate destination. Giovanni D'Agostino, President of Newmark Mexico and Regional Director for Latin America, framed the move as part of a deliberate push to deepen the firm's on-the-ground presence across the region.
"The opening of our office in Cancún reflects the growth we are driving across Latin America and our commitment to being closer to our clients," D'Agostino said. "Cancun continues to evolve beyond its traditionally tourism-driven economy, emerging as an increasingly important commercial real estate market in southeastern Mexico. Its expanding economic base, growing connectivity and position as a gateway to the region are creating new demand across industrial, office and other commercial sectors, reinforcing Cancún's strategic importance to our continued growth across Latin America."
Martínez emphasized the office's role as a local business hub. "Cancún has a distinct energy that we wanted this office to reflect," he said. "The workplace today is about more than where people sit. It should create opportunities to connect, collaborate and engage with clients and the broader business community. Our new office gives us that environment while establishing a stronger local presence as Cancún continues to grow and evolve."
Industrial Real Estate and Office Demand Drive the Case for Cancún
Newmark's entry into Cancún is underpinned by shifts in the region's commercial real estate fundamentals. The firm points to growing industrial activity supported by logistics infrastructure development, improved connectivity, and the arrival of companies involved in distribution, warehousing, and light manufacturing. Nearshoring — the relocation or expansion of supply chains closer to the United States — has been a consistent demand driver across Mexico, and Newmark's own research found that manufacturing accounted for more than half of Mexico's top industrial leasing activity in 2024.
Nationally, Mexico's industrial market remained active heading into the second half of 2026. Industrial leasing reached 1.263 million square meters in the second quarter of 2026, up 35% from the same period in 2025. National industrial vacancy stood at approximately 5.2% in Q2 2026, reflecting a still-tight supply environment despite new deliveries. Average national industrial rents were running between $7.56 and $7.67 per square meter per month in mid-2026, up roughly 5% to 7% year over year. Rent levels varied significantly across the country, with Mexico City commanding around $10.37 to $10.38 per square meter per month, while secondary and emerging corridors remained materially cheaper — a dynamic that continues to push occupiers toward markets like Cancún.
Capacity and cost pressures in established industrial hubs, including border markets and central Mexico corridors, are creating openings for emerging markets across the country, according to Newmark. The firm's Cancún office is positioned to capture demand from industrial users, service providers, technology companies, international businesses, and regional operations seeking office real estate in southeastern Mexico.
Newmark's Latin America Expansion
The Cancún opening fits within a period of broader financial momentum for Newmark. The firm reported $888.4 million in revenue for the second quarter of 2026, a 17.0% increase year over year, with adjusted EBITDA of $139.2 million. For the first half of 2026, revenue reached $1.7349 billion, up 21.8% year over year. Newmark reaffirmed full-year 2026 guidance of $3.775 billion to $3.875 billion in revenue, adjusted EPS of $1.87 to $1.98, and adjusted EBITDA of $656 million to $694 million.
As of June 30, 2026, Newmark operated from more than 195 offices with more than 10,000 professionals across four continents. For the twelve months ended June 30, 2026, Newmark generated revenues of more than $3.6 billion.
Newmark competes in Mexico against established national and cross-border advisory platforms, including CBRE, Cushman & Wakefield, NAI, and Avison Young, as well as boutique industrial specialists active in nearshoring-related assignments and cross-border tenant representation. A Cancún presence positions the firm to compete for office leasing, tenant representation, investment sales, and client coverage in a region that has historically received less brokerage attention than larger Mexican metros.
Market Outlook for Office and Industrial Real Estate in Southeastern Mexico
Cancún's commercial real estate market is being shaped by several converging trends. In the corporate sector, the city has attracted service providers, technology companies, and regional business operations, generating demand for office development and specialized real estate services. On the industrial side, logistics infrastructure improvements and the broader nearshoring wave have drawn distribution and light manufacturing users to the region.
Mexico's industrial sector has been moving from peak boom conditions into a more selective growth cycle, but demand remains healthy and vacancy in core corridors stays limited. The geographic logic of a Cancún office — serving as a gateway real estate node for the Yucatán Peninsula and southeastern Mexico — reflects an industry-wide pattern of advisory firms following occupier demand as it spreads beyond the most established logistics hubs toward markets offering labor access, distribution reach, and lower occupancy costs.
Newmark's Cancún office will be led by Juan Antonio Martínez, who will manage client relationships and business development across the local market.
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