What will come in the face of 2022 will be marked by the pandemic that will still generate uncertainty due to the complexity of the spread of the new variants and how the economies of the entire world, and especially the Mexican economy, react.

The expansion of economic growth for Mexico in 2022 is forecast at 4% according to the IMF, 3.4% according to the OECD, private banking moves in the range of 3.3 to 3.7%, and while the federal government projects 4.1% in its General Criteria for Economic Policy.

With these GDP growth projections and in the economic framework of growing inflation, which impacts the costs of raw materials for construction and goods in general, we are now reviewing the premises for the corporate market in the next 2022.

In addition to this, the behavior of the exchange rate will have to face the onslaught of the economic policies that the United States carries out and that will have an impact on income negotiations that may be more inclined to the peso than to the dollar, at least in the short term.

Throughout 2021 we saw a corporate sector that still shows significant signs of oversupply, which for November 2021 is 22.5% for Mexico City, 20.6% in Monterrey and 20.2% in Guadalajara.

Check here: Solili indicates an increase in the demand for offices in the country

Demand, for its part, continues to have a significant contraction, compared to pre-pandemic periods, but which has been slowly closing the gap in negative net demands, mainly because vacancy no longer reaches the high levels that we saw in mid-2020 and early 1990s. 2021.

The incorporation of new technological tools throughout 2021 will continue into next year, as well as the various adaptations that we will see in the spaces that will increasingly adopt the current demands of the tenants.

Design of open spaces with functional and versatile furniture, the inclusion of leisure or recreation areas with the incorporation of lighting technologies and environmental quality will be the elements that we will see with the greatest presence in the next year.

Prices in general terms registered important adjustments during 2021 and from January to November 2021 they contracted by 5.4% in Mexico City, 7.4% in Monterrey and 6.6% in Guadalajara, with average rental values at the end of November of $ 20.3, $ 17.4 and $ 19.0 dollars per square meter per month, respectively.

We could still have some downward adjustments during the first half of 2022 or at least greater advantages for tenants in the price-to-rent ratio. Now yes, buildings that incorporate sustainability elements will have advantages to close at prices that benefit both parties, since multinational corporations know the value of these attributes and will be willing to consider a reasonable rental price for closing.

Of interest: Mérida, a destination with a corporate offer that attracts international investors

The real estate conversion will be a reality in 2022 since the developers who have their vacant properties will be evaluating their best use and mainly Class B and C buildings in the main capitals will be analyzing the technical and market feasibility for the transformation, in the event that the building allows it.

Another interesting phenomenon that is taking shape in the United States and Europe is the multifamily that will be after the vacant inventories of both housing and offices, looking for options to implement their business model, which we will see in Mexico during 2022.

As for new construction, they will be kept very cautious throughout the year and will only detonate minor projects in submarkets where the vacancy is not yet considerable.

2022 will be a decisive year for the office market in Mexico, despite the fact that we saw demand recovery in the last part of 2021, the behavior of the fundamental indicators will be directly related to the evolution of the pandemic and especially of the return policies that companies take.