The year 2020 turned out to be one of many challenges for the real estate industry in general, thanks to the measures taken to counter the spread of COVID-19.

Particularly for the industrial and office real estate segments, their behavior was felt differently. The office market nationwide showed signs of oversupply, lower construction volumes and contraction of demand, on the other hand, the industrial segment continued with positive indicators, exceeding demand levels at the national level, stable prices and rising construction volumes in some markets, mostly favored by the increase in demand from electronic commerce and the logistics industry.

According to the results of the January 2021 monthly report prepared by Solili, the office markets continued with the same trend as the previous year. In the case of Mexico City, some movements stand out, such as the rent of a complete building of just over 11 thousand square meters in the Reforma corridor. The western zone, which includes the Lomas-Palmas, Santa Fe and Interlomas corridors, continues to report high volumes of vacancies and during this month the figure totaled just over 22 thousand square meters, mainly from three buildings.

The Guadalajara office market reported the lease of almost 500 square meters in the Providencia and Vallarta-Américas corridors, however, no vacancies were reported. The delivery of two buildings was scheduled for January, developers have delayed delivery.

Despite the fact that the city of Monterrey was one of the markets least hit by the pandemic, since developers continue to bet on this market, during January the vacancy of offices was almost 7 thousand square meters, compared to slightly more than 2 thousand square meters that were leased.

The office market during January 2021 continues without showing signs of recovery, however, vacancy volumes have been lower and corporate developers continue with policies to encourage spaces and make them more competitive.

On the other hand, the industrial real estate segment has remained stable and attractive for the arrival of new companies. During the month of January, markets such as Reynosa, Ciudad Juárez and Saltillo reported outstanding demand figures with 12,903, 79,295, 27,723 square meters, respectively.

Traditionally very dynamic markets such as Mexico City and Monterrey started the year with a month below their usual activity. Monterrey reported a demand figure close to 13 thousand square meters, however, important industrial developers such as Stiva, Avante and Roca Desarrollos left advanced negotiations, so it is likely that next month there will be an increase in demand. Despite this, construction began on two speculative projects in the Apodaca corridor. For its part, Mexico City reported an industrial demand of just over 50 thousand square meters, mostly in the CTT area (Cuautitlán, Tultitlán and Tepotzotlán), however, unemployment continues to be present in this market since during In January, the total sum of this indicator was 150 thousand square meters, spaces that have been commercializing months ago but were vacant until the first month of 2021.

The Bajío area continues with demand rates below the national average, during the month of January, only property acquisitions with tenants stand out. Developers in the region continue to bet on the logistics industry and the reactivation of manufacturing to achieve a new rebound in these markets.

The country's northeast border continued with the good behavior that characterized it during 2020. As of January 2021, the Tijuana industrial market reported a demand figure of almost 15 thousand square meters, which corresponds to a custom-made project in the corridor of El Florido-Boulevard 2000.

With the new monthly reports that Solili brings to its clients, it will allow them to keep up to date with what is happening in the office and industrial markets nationwide. Working with current information gives our clients the possibility of making better decisions.