The trend of converting buildings to other uses was already presented prior to the pandemic as an option in foreign markets and in our country, where the main changes that stand out are for hotels, housing, educational centers and hospitals; in buildings that were originally conceived as offices.

Even with mass vaccination underway and the near return to activities derived from the passage to the green light in most states, the recovery of the absorption of the office market will be gradual and part of this oversupply may find a way out in this alternative.

At the end of June 2021, the vacancy of 2.52 million square meters in the capital was concentrated in the Polanco, Santa Fe, Insurgentes and Norte submarkets with 67%.

Polanco, for example, has 369 thousand vacant square meters where 13 buildings account for 71%. Processes for reconfigurations of use were reported here, such as the Miyana complex, which ended up considering a hotel in the master plan.

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Two other important reconversions would be Phase II of Antara, on Ejército Nacional 843 and the Neuchatel Cuadrante Polanco complex led by Grupo Mira. The first corresponds to a global area of 123.2 thousand square meters, where about 25.1 thousand will be used for a hotel. Neuchatel Cuadrante Polanco, which was originally conceived with 5 residential towers and 3 for offices, now estimates a residential tower should be used as a hotel.

Cases of smaller parcels are Melchor Ocampo 323 and Moliere 515, whose land areas with 2,073 and 950 square meters, only modified the permitted construction uses for new hotel projects in the area, the first operated by City Express and the second under the development of Eli Sitt.

In the Insurgentes submarket, the Universidad 1080 development, which would be built as a corporate building, was destined to be a hospital belonging to a major chain in the country.

The General Director of Fibra Uno indicated that they evaluated the "best and highest use" of buildings in their portfolio, indicating the La Viga corporate complex in Mexico City and Portal Satélite in the State of Mexico as viable for restructuring. The first case refers to one of the three buildings in the complex that has already existed for some years and the second corresponds to a development that was just in the foundations phase.

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With these reconfigurations, there would be a reduction of 22 thousand square meters to the existing inventory and around 62.7 thousand in the construction class A of the corporate market in the city.

The evaluations of reconversion of some projects from offices to housing have already begun in Mexico, where buildings of high construction standard and provision of parking spaces necessary for residents, configure a world-class product ideal for reconversion, similar to what is presented in Chicago or Madrid with great success in absorbing the market.

For developers, understanding the characteristics of current needs and changes within the real estate sector will be the key that will allow them to open opportunities to place their offer on the market, through intelligent solutions such as real estate reconfiguration, however, it requires preparing new studies of urban impact, mobility, hydraulic feasibility, among others.