The corporate market in Mexico City has gone through relatively stable behavior in both rental and vacancy prices in the last 6 months.

The accumulated gross demand for 2022 reached 593,000 square meters, a figure that exceeded the total registered in 2021 by 94%. So far in 2023, the demand figure is already at 125,000 square meters and has grown at a slightly higher rate. more than what was registered in the same months of 2023, although we will have to wait for the results of the month of March where several negotiations in process were pending.

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This behavior of the demand together with the constructions that are finalized and will be incorporated into the inventory affect that there is no further decrease in vacancy. As of February 2023, vacancy in the country's capital closed at 21.6% when a year earlier it registered 22.9 %.

80% of the vacancy during the fourth quarter of 2022 was concentrated in five submarkets: Insurgentes, Santa Fe, Norte, Polanco and Reforma. Insurgentes, which is the submarket with the largest vacant area, has 447 thousand square meters, which represents 18.7% of its total inventory.

The submarkets with the lowest percentage of vacancy are Periférico with 16.7%, Bosques with 17.8% and Lomas Palmas and Polanco, each with 18%. Although these percentages still look relatively high, they have been registering a slight downward adjustment, which has remained constant since March 2022.

Regarding the average rental price, the market closed in February 2023 with $21.8 dollars per monthly square meter when it was located at $20.9 dollars per square meter a year earlier.

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As of February 2023, the North submarket registered the lowest average rental price in the capital with $16.7 dollars per monthly square meter and the maximum average rental price is located in the Lomas Palmas submarket with $27.1 dollars per monthly square meter. Those submarkets where a large part of the availability is located, such as Polanco, Reforma and Santa Fe, move between $21 and $23 dollars per monthly square meter.

The projections anticipate that the gross demand of the first quarter of 2023 will exceed that registered in the first quarter of 2022. Only during the months of January and February 2023, 141 square meters of gross demand were registered, a figure that is 58% higher than what was registered in the first three months of 2022.