At the end of 2021, Tijuana maintained a practically constant net demand throughout the year, which was adjusted downward in the first quarter of 2022.

If we analyze the gross demand for offices in the first four months of 2022, the figure exceeds 2.8 thousand square meters, which refers to a behavior similar to what we had registered prior to the pandemic, where this indicator, far from being constant, quarter by quarter , is growing gradually until reaching its highest record towards the end of the year.

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Tijuana has the particularity that it has maintained historical levels of gross industrial demand that have affected a significant contraction of vacancy that reached 0.6%, being one of the lowest at the national level.

During 1Q 2022, we saw the concentration of office rental demand between 54 and 550 square meters of spaces, mostly Class A, which reflected an average rental price between $16.5 and $22.0 dollars per square meter per month.

Tijuana is the only national corporate market that reflects a single-digit vacancy that closed at 9.5% at the end of April 2022, although the average reflects two different realities. Vía Rapida closed with 38.5% vacancy, while the Zona Río submarket only has 2.8% vacancy, although this last submarket concentrates 67% of the city's current inventory.

Landmark Tijuana y Cosmopolitan City Center are the largest buildings under construction, and each of them has a net leasable area of 14,000 square meters.

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These large volumes of construction have mixed uses that seek to dilute the risk for the developer and create an attractiveness of everything in one place for buyers or tenants.

The Tijuana market represents a great opportunity for real estate development due to its geographical location where several vertical projects for residential and complementary uses are currently advancing that generate a change in the profile of heights in the entity.

It is expected that in the remainder of 2022 the offer will increase due to the fact that some projects are in the process of obtaining a license and permits.