The national corporate market has recovered cautiously but steadily, which has allowed demand to advance, retaking part of the ground lost after the pandemic, in the midst of a vacancy that is beginning to adjust moderately downwards.

The main cities of the country, without considering Mexico City, have been gaining participation in the national corporate inventory, where the capital of the country concentrated close to 80% 3 years ago and at the end of 3Q 2022 this participation is 65%. 

The decrease is due to the increase in the markets that participate in Class A real estate and the inclusion of Class B spaces in the markets of  Guadalajara, Monterrey y Querétaro, which were incorporated into the platform this year.

Check here: Monterrey corporate demand is reinvented after the pandemic

Monterrey closed Q3 2022 with a gross demand of 30 thousand square meters, a figure very similar to that registered in the same period of 2022, although it reflected an increase of 14% compared to the second quarter of the year. Guadalajara almost doubles the demand registered a year ago, and reaches an increase of 77% compared to the previous quarter.

The preferences of corporate tenants in Monterrey favor conditioned spaces over gray work spaces, while in Guadalajara the preferences for both options share the quarter's demand.

The average areas of demand for both markets are around 500 square meters, which represents an increase with respect to previous periods and indicates that the return to corporate activity will require increasingly larger surfaces.

Also in the case of net demand, both markets have been presenting a recovery behavior in the last three quarters, closing Q3 2022 with almost 28 thousand and 20 thousand square meters, respectively.

Of interest: Inflation has favored Fibra Uno's performance as of 3Q 2022

Although Monterrey doubled the vacancy of office spaces during 2022 Q3, this did not negatively influence net absorption, since demand remained active.

Another indicator that shows the favorable evolution of these markets is the contraction of the vacancy that decreases by 3.2 percentage points in Monterrey and 4.7 percentage points in Guadalajara, and in the specific case of Monterrey this is accompanied by a relative stability of rental prices. However, in Guadalajara there has been a downward adjustment of 3% compared to the beginning of the year.

If this favorable behavior continues for two more quarters, we will be facing vacancy levels that allow the startup of new corporate works, mainly in the most active corridors of these two entities.