Although the office market is beginning to show signs of recovery in terms of demand, after the impact generated by the pandemic in the last two years, it still faces challenges due to the brake that prevails in construction projects and the current oversupply.

The director of market research for the real estate platform Solili, Pablo López, explained that Querétaro reports high levels of vacancy, of 18.2% in the first quarter of the year, even slightly higher than the pre-pandemic level of 17.7%.

This phenomenon, he said, is also reflected in the care taken in new construction. Currently developers are not starting projects, as they are waiting for a favorable scenario to promote this activity.

The behavior of the vacancy is expected to decrease in coming periods. However, corporate floor space prices have remained stable, without major changes compared to the pre-pandemic period; Although inflation has affected, this has not represented great changes.

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“We believe that this will continue to be similar, there will be a downward trend in vacancies, however, prices have not yet shown an upturn, prices have remained stable, they have not had large fluctuations, they are at pre-pandemic levels; however, they have been influenced by this issue of inflation”, explained the specialist.

The relative stability in prices is related to the fact that new spaces are not being built; it is the incorporation of new developments that drives prices up.

During the first quarter of the year, demand volumes have been positive, without vacancy levels as reported in past quarters.

The demand for spaces for companies seeking to set up their corporate offices in this region of the country is one of the factors that has begun to boost the requirements of this segment.

Of interest: Offices remain vacant although rent increases

"We see that unemployment has stopped and companies are now seeing the Querétaro market as an option to establish some corporations (...) Important strategies are coming that are being developed in Mexico City and that can probably be applied in Querétaro," Pablo Lopez explained.

In the local market, schemes that are currently applied in the country's capital could be applied, to establish flexible rental spaces, which are leased for short periods, even months.

This real estate scheme consists of adapting offices for rent, adapted to shared work systems (coworking), where a company rents them for periods from one month to one year, with contract renewal processes. Through this business model, the levels of oversupply in the market are released.

In Solili you can check available offices in Mexico City, Guadalajara and Tijuana

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