At the end of 4Q 2021, the office sector in Mexico City reported a positive net absorption of more than 67 thousand square meters, having registered negative net absorption for six quarters prior to this period.

The occupation was concentrated in Class A and Class B buildings, which registered 73 and 35 thousand square meters, respectively. Polanco with 30.8 thousand square meters and Insurgentes with 28.8 thousand square meters lead the demand. They are followed by Santa Fé and Reforma with 22 and 19.3 thousand square meters, respectively. These four markets concentrate more than 90% of the demand for offices in 4Q 2021.

Close to 75% of the leased spaces correspond to surfaces of less than 950 square meters.

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Another phenomenon observed in the last quarter of 2021 is the decrease in vacancy levels close to 70 thousand square meters, which represents a third less than what was registered in 3Q 2020.

The vacancy was concentrated mainly in Class A offices with almost 50 thousand square meters and another 20 thousand square meters for Class B offices. These vacancies were located above Santa Fe at 25%, Insurgentes with 21%, Polanco 16.7%, Lomas Palmas with 14.9 % and North with 11.5%.

When vacancies are analyzed, nearly three-quarters are registered in offices between 70 and 954 square meters.

Eight new buildings were also added to the inventory, including Corporativo Neuchatel with 38.2 thousand square meters, Distrito Polanco with 60.7 thousand square meters, and Ferrocarril de Cuernavaca with 5.4 thousand square meters, all of them on Polanco.

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In turn, they completed other buildings such as Periferico 2122 on Periferico Sur with 4.1 thousand square meters, Insurgentes Sur 1446 on Insurgentes with 9.7 thousand square meters. The Lomas Palmas submarket also added Volcán 212 and Sierra Nevada 105 to inventory with 876 and 1.6 thousand square meters, respectively.

The strategy of changing the use of buildings under construction has continued, such as the reconversion to a hotel or residence, such is the case of QO located in Polanco, Insurgentes 454, Popocatépetl 536 and Zacatecas 80 located in the Insurgentes submarket.

It is a reality that hybrid work continues to be a good bet for companies seeking to adapt their work models and maintain efficient results as well as give workers security and confidence; This also results in a great transformation opportunity for the office sector by innovating and creating collaboration processes with the various corporations.