Demand for offices in Mexico City reacts favorably to advance vaccination
Solili | October 13, 2021 |

After the advance of the vaccination process and the coordinated face-to-face return in educational centers, shopping centers and offices, the corporate market in Mexico City begins to report a trend of recovery in demand coupled with a slowdown in the growth of unemployment.

As we know, the capital authorities drew up a route of actions to rescue the construction activity, mainly on the Reforma submarket and the city center, in knowledge of the importance of the sector to boost employment and prop up the economic recovery in the capital.

These actions are reflected in the figures for the closing of 3Q 2021, where the net absorption has presented more favorable numbers compared to the first quarters of the year, showing a slight increase in demand compared to the previous quarter.

Check here: The recovery of the demand for offices after vaccination is boosted

Class A spaces have been the ones with the highest occupancy, having just over 53 thousand and 14 thousand square meters for Class A and B, respectively.

In this quarter that has just ended, the most requested submarkets were Polanco with almost 20 thousand square meters, followed by Lomas Palmas with 14 thousand square meters and Periférico Sur with 9 thousand square meters. Reforma, Santa Fe and Insurgentes also registered movements in the range of 5 to 7 thousand square meters.

The rented spaces range from 30 to 3,800 square meters, per floor. Starting prices are between $ 22 and $ 42 per square meter per month.

Regarding unemployment, there are also encouraging signs, since during 3Q 2021 close to 106 thousand square meters were registered, which represents a decrease of 19% and 48% when compared to the second and first quarters of the year.

Of interest: How can the recovery of GDP per capita be accelerated?

Class A spaces register about three-quarters of unemployment and are mainly concentrated in Santa Fe, Reforma, Lomas Palmas and Insurgentes with 23.6%, 22%, 17.6% and 14.7%, respectively.

Vacancies range from 55 square meters to 3,300 square meters per floor.

In the capital, the reconversion of spaces continues, such as the case of the building located on Popocatepetl 526, on the Insurgentes corridor and which changes its use to residential.

In the remainder of 2021, the Reforma and Zona Centro corridors are expected to generate a greater movement to start construction motivated by the measures applied to redensify the downtown area

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