Office buildings have been for longtime subject of analysis in real estate research. Valuation of office buildings consists on the difficult task of weighting the various characteristics that comprehend such heterogeneous goods. The research main argument states that contrary to what most theory and common knowledge states it is not all about ‘location, location and location’ and that little scientific relevance has been given to specific characteristics of the building.The main objective of the research is to investigate de dynamics behind financial performance of Monterrey office buildings within a context of a changing supply and demand, measured by achieved rents over 2003 – 2012 period. Addressing the economic fundamentals of driving value of ‘image and prestige’.