During the first months of 2022, high volumes of covid infections were reported, as of mid-February this figure began to decrease and since March 21 all Mexican entities are located at a green traffic light, where one of the sectors most favored by the measure is precisely that of the offices.

As of the first quarter of the year (1Q22), according to the indicators monitored by Solili, the corporate sector continues to recover, even in the face of important challenges.

During the period, a total of 72 thousand square meters (m2) with seven new buildings were added to the inventory of the monitored markets, highlighting Mexico City (CDMX), with more than 22 thousand m2, with two new class B buildings, while a new class A building was registered in Puebla, which incorporated just over 17 thousand m2.

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In previous periods, inventory grew at an annual average of between 7 and 10%, but currently corporate inventories grow at rates of approximately 3%.

These vacancies continue to report oversupply, which nationally exceeds 22%, while the CDMX market stands at 23%, two percentage points more than what was reported in the same quarter of the previous year, with 2.7 million m2 unoccupied.

Only the three office markets that report less vacancy than that registered a year ago are the cities of Querétaro, Mérida and Tijuana.

In this context, the CDMX government approved in March the reconversion of ten office corridors, including the five that exceed 80% of the vacancy in the capital, such as Polanco, Santa Fe, Insurgentes and Reforma, according to data from Solili as of 1Q22.

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Given the current scenario of oversupply, construction maintains a downward trend. According to Solili, in 1Q21, there were almost 1.3 million m2 under construction, almost 500 thousand m2 less than a year ago, thus representing a decrease of 25%.

During 1Q22, the construction of only four buildings began in the eight markets monitored by Solili, totaling 23 thousand m2. Only Mexico City and Mérida reported activity in this indicator.

During 1Q22, a leasing activity of 140,000 square meters was registered, 27% more than that recorded in the same period of the previous year, with Mexico City being the market that concentrated 65% of this activity.

In Solili you can check available offices in Guadalajara and Puebla

Original note