The office market in Tijuana, Baja California has shown a rapid recovery in the last two years, where it was observed how the vacancy of corporate spaces was decreasing and as a consequence, prices marked a strong upward trend, an effect that maintains it as the first market with the highest rental prices nationwide.

Of interest: Solili Offices Report February 2024: demand exceeds 163 thousand m² in the first two months of 2024

Throughout 2023, Tijuana maintained a vacancy rate below 2%, where factors such as medical tourism, nearshoring and its privileged position as it is a border area with the United States, and close to the cities of San Diego and Los Angeles position to the border city as one of those that arouses the greatest interest as well as maintaining such high levels of occupancy.

Now, given the low vacancy reported by the Tijuana office market, the average rental price continues to increase and closes the second month of 2024 at $22.26, which only during the last year has registered an increase of 20% if compared with the price reported during the month of February 2023.

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The corporate corridor that has the highest rental price is Vía Rápida, reporting an average price of $25.00 dollars per square meter. In second place is the Zona Río corporate corridor, which is the main investment destination in the city, with a rental price of $22.24 dollars per square meter. Lastly, and with the most competitive average rental price in the city, is the Agua Caliente corporate corridor, where the rental price closes the month of February at $22.00 dollars per square meter.

The demand closes the first two months of 2024 reporting 2.1 thousand square meters leased, and it is expected that the high interest from national and international companies will continue to pressure the market vacancy and directly impact market prices.