The demand for offices in Mexico recovered slowly during 3Q2021, 137 thousand m2 were registered, of which CDMX was the one that led with 67 thousand m2, according to the Solili report.

"The behavior of Mexico City during this quarter meant that the sum of national demand, for the first time after the pandemic, will report numbers in positive territory."

Likewise, the platform indicated that cities such as Guadalajara, Monterrey or Tijuana have had better indicators than Mexico City, which is the one that has suffered the most from the impacts of the pandemic.

For example, in Monterrey during 3Q2021 the demand was 30 thousand m2, 71% higher than that registered in the previous quarter.

While Querétaro, Tijuana and León, Solili indicated that they registered very similar levels of gross demand with 8.9, 7.5 and 7.3 thousand square meters, respectively.

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"These markets are showing an improvement when compared to the second and third quarters of the year, mainly Querétaro, which manages to reduce its vacancy to 22.8% from the peak reached in April 2021 of 24.6 percent."

While in León, the platform observed a great dynamism in the quarterly demand that represents 4.4% of its total inventory size.

Also, in the report it was mentioned that emerging markets such as Querétaro, Mérida or León have been attractive for investors, who see in the presale of corporate spaces an alternative to do business.

In addition, there is some interest from some coworking companies in that type of market for providing flexible space.

For its part, vacancy rates in the country's large markets, such as Mexico City, Monterrey and Guadalajara are located above 20%, which according to Solili indicates that the oversupply remains.

The construction sector was also one of the most affected by the pandemic, before this Solili mentioned that there has been a reactivation.

For example, in Monterrey, he commented that it has maintained its pace of buildings and registered advanced constructions in different phases for 252 thousand m2 during 3Q2021, and that the Valle Oriente, Santa Maria and Centro corridors are the protagonists.

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CDMX, Guadalajara and Querétaro are entities where construction remains down; and it is where they have seen little of the projects that have started work and that there has only been the completion of buildings.

For their part, Puebla and Mérida have had the start of new projects and little new supply, which has had the effect "that the trend in construction volumes in these cities is on the rise."

In the case of Mérida, Solili highlighted that corporate projects where they see an inclination towards mixed developments continue to advance.

In Solili you can consult the National Office Report as of 3Q 2021

Original note