The markets of León and Mérida, which we can consider as emerging corporate markets, together with medium-sized markets that are already more consolidated such as Tijuana and Querétaro, have managed to accumulate 91% of the national gross demand at the end of the first quarter of 2022, although they have a global participation 7% of current inventories in the Mexican market.

This circumstance can be explained by the fact that these markets during 2021 and so far in 2022 managed to sustain positive net demands, even despite the crisis left behind by the pandemic, keeping vacancies under control well below gross demands. that were recorded.

Another factor that supported the balance of these markets was the minimal start of new constructions, allowing gross absorption to consume part of the spaces available in each entity.

At the end of April 2022, the León and Querétaro markets maintained vacancies of 18.1% and 16.2%, while Mérida and Tijuana with 11.6% and 9.5% had the lowest national vacancies relative to the size of their inventories.

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Under the performance of these indicators, rental prices in these markets, during the last year, have remained on the rise.

León has registered the highest increase with 43% per year, closing in April 2022 with $13.3 dollars per square meter per month. Mérida follows with an annual increase in rental price of 10.7% with a price that is positioned in April 2022 at $19.8 dollars per square meter per month.

For its part, Tijuana has maintained a reasonably stable rental price for the last two years, proof of this is that it registered $18.7 in April 2020 and today in April 2022 it registers $19.8 dollars per square meter per month, which makes it one of the most stable corporate markets nationwide.

In Tijuana, the highest rental prices are found in the Agua Caliente submarket with $21.6, followed by Zona Rio with $19.05 and Vía Rapida with $15.8 dollars per square meter per month.

For its part, in Querétaro, the office market has also shown a relatively stable rental price behavior with increases of 5.7% since the beginning of 2022 and 3.2% in annual terms, mainly motivated by the gross demand of 1Q 2022 of just over 11 thousand square meters.

In this period, the average size of the rented spaces increased above 400 square meters, where Juriquilla accumulated 73% of the total demand.

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Each of these markets have reasons that support a gradual recovery in corporate demand. León and Querétaro in the lowlands will be influenced by the recovery boom in industrial demand that has been recorded in Guanajuato and Querétaro, which partially permeates the office market.

Tijuana will also benefit from the intense industrial activity and will advance hand in hand with a more modern office market equipped for the new requirements that will come in the coming years.

Finally, Mérida consolidates its growth in the important investment profile that is generated in the area mainly by foreign capital, as recently reviewed by the 2022 State Competitiveness Index of the Mexican Institute for Competitiveness (IMCO), where it ranks first in all indicators. associated with the physical and financial security that investments appreciate so much.