The conversion of offices into medical facilities has given successful results for Fibra Uno (FUNO), after having modified 120 thousand square meters of space to install hospitals, which represents about 10% of its corporate portfolio.

At a press conference, Gonzalo Robina, deputy general director of the Real Estate Investment Trust (Fibra), pointed out that the Covid-19 pandemic made clear the lack of medical and hospital infrastructure in Mexico, which is why they seek to be participants in the development of this sector.

“It is a reflection of the response capacity we have to be able to take the opportunities that the market presents us. Less than 12 months after being aware of the effects of the crisis, today we have 120,000 square meters of office reconversion,” he commented.

Check here: Office occupancy is expected to recover in a time horizon of a year and a half

For his part, Jorge Pigeon, VP of Capital Markets and Investor Relations, indicated that this space is equivalent to the sum of the area of the Torre Mayor and Torre Diana.

It should be noted that the reconversion of offices has not been the only plan of the Trust to take advantage of the demand for medical facilities in the country.

An example of this is the strategic alliance with Axa Seguros to develop Satellite Portal, to which they will allocate a total investment of three thousand 500 million pesos (mdp).

This mixed-use complex with a shopping center, hospital and offices will have a gross leasable area of 66 thousand square meters, located in the municipality of Naucalpan, State of Mexico.

According to the deputy general director of the Fibra, the office sector could recover pre-pandemic occupancy levels between the next 12 and 18 months, although he considers that the recovery of prices to pre-pandemic levels will take even longer.

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“Current unemployment is what we are going to see as the top. From now on we will only see recovery in occupations. The face-to-face return is already here,” he said.

He added that this return to work spaces is beginning to be reflected in the market, since a financial institution is looking for 30,000 square meters for its facilities.

“It is a requirement that we have not seen since 2019, even further back than this. It is an area that covers almost half of the Torre Mayor”.

At the end of the first quarter of 2021, FUNO's corporate segment had an occupancy rate of 74.8%, that is, a decrease of 60 bps compared to 4Q21.

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Original note