We know that the corporate real estate market in Mexico has undergone various phases of adaptation as a result of the pandemic, as it has in the entire world.

At the end of the day, real estate markets are fed by the human needs of production, entertainment, access to services, work and housing.

The pandemic has left us an important reflection on both demand and supply in relation to corporate spaces.

On the demand side, the awareness of the importance of nuclear power has developed, which leads us to choose properties that increase our quality of life, which includes health and well-being for us and the environments where we develop.

And this leads us to select the job that best suits us based on these characteristics or to negotiate with our employer conditions that were not previously envisioned.

On the supply side, developers have analyzed and detected unserved segments that represent a great business opportunity, locating niches that represent a portion of the real estate market that is small enough to bring together consumers with very similar characteristics and needs, but large enough to carry out projects of interest.

Check here: What awaits the corporate and residential real estate sector?

Thus, we can explain why office projects were started in Mexico City and in the rest of the main cities in the country, still in the midst of a significant oversupply.

In the capital of the country we saw the Gutenberg Tower and Park Hyatt Polanco start in 1Q of 2021 with 6 thousand and 19 thousand square meters respectively in a submarket that still had a 19.7% vacancy as of January 2021.

The Park Hyatt case addresses the mixed-use niche in a very high demand submarket, which is also located on an excellent road within the urbanization.

Mérida is another of the corporate markets that saw construction begin in the midst of a pandemic, between Q4 2020 and Q1 2021, such as The Sky, Aqua Avenue and Escaleno projects, on the Cabo Norte and Montejo submarkets

The Sky aims to be the most iconic building in Mérida with its 12 thousand square meters of profitable net area, in a city that has presented significant demands for other types of real estate such as industrial and residential, so this building would become unique in its style in a locality that receives significant amounts of foreign direct investment.

Of interest: The recovery of the demand for offices in Mexico City begins

Acqua Avenue and Escaleno point to another niche that of boutique buildings, with the new regulations for design, environment and sanitation, which positions it as the first option for those residents who already live in the town.

Monterrey is another example of corporate niches, where the three most representative towers that began construction during the pandemic are BH Life Work, Torre Gentor, and Torre Vinta, with net profitable areas of 28.6 thousand, 14.4 thousand and 11.2 thousand square meters, respectively. 

These large-volume buildings are located on the Santa María and Ricardo Margain-Gómez Morín submarkets.

Other buildings such as Ohrus and Torre Campestre also started during the second and third quarters of 2020, they are aimed at medium sizes of profitable net areas of 3 to 5 thousand square meters, and thus be located in the niche of boutique projects.

The city of Monterrey, despite registering a vacancy of 19.64% in January 2021, started new office construction in a market that registered its most complicated moment in 1Q 2021 with a negative net absorption of just over 12 thousand square meters , but that has an average of 20 to 30 thousand square meters per quarter.