The Monterey office market has positioned itself as the best performing nationally; and it is estimated that by 2H2022 it will recover its pre-pandemic levels

According to Solili data, at the end of the fourth quarter of 2021 (4Q2021), office vacancy in the Monterrey market reached 5,300 square meters (m²). This represents a drop of 66% compared to last quarter, and 68% compared to 4T2020.

The foregoing was reflected in the net absorption, which, as of 2H2021, presents positive numbers. In this regard, Solili stressed that, if this indicator continues in the same way, a stabilization process could begin in 2022.

Check here: Monterrey office market with the best performance at the national level

During 4Q2021, Monterrey reported a gross absorption of just over 27,000 m², which, although it remains in positive territory, is 11% less than in the previous quarter. However, this figure showed a significant improvement compared to the same period in 2020.

On the other hand, the construction of office spaces in the capital of New Leon maintained a good rate of progress during 4Q2021. In addition, during this period five buildings were completed, adding 40,500 m² of offices to the inventory.

Of these deliveries, the corporate tower of the Galerías Valle Oriente Ampliación complex, owned by Fibra Uno, stands out; it is rented in its entirety and consists of 12,100 m² of area for office use.

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As well as Tower 411, whose realization was in charge of Projects 9; and has 14,700 m² of new offices.

Finally, Solili indicated that the average price closed the month of December 2021 with a rebound of 5% compared to November; thus reaching 18.32 dollars per month, per m².

Trend that was presented in all the submarktes of the city; which is a sign of the recovery of this market.

“The balance that this market holds positions it as the one with the best performance at the national level. It is expected that by 2H2022, if the trend outlined in the last two quarters of 2021 continues, it could reach the levels it had prior to the pandemic,” said the consultant.

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Original note