According to Solili, during the month of November 2021 there was an increase in the capacity of office spaces in the country; In addition, a growth in demand is projected for the end of the year and the beginning of 2022.

This is due to the fact that, despite the fact that the recovery of the office market has been slow, compared to the industrial and housing sectors, and that a recovery is projected until 2023, various markets and submarkets have presented specific initiatives to accelerate this recovery.

At the national level, the platform indicated that, at the end of November, a gross demand was reported with a level similar to the previous month; with a total of 95,000 square meters (m²) so far in the fourth quarter of the year (4Q2021).

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In the case of Mexico City, in the October-November two-month period there was a gross demand of 63,000 m²; as well as a vacancy level of 58,000 m², which is slightly lower than that observed in previous periods.

Also, during the month of November the vacancy remained stable in the capital of the country, with 22.4%; in a market that has adjusted its rental price by about 6% in the last year.

“In other words, although vacancies are still high, it seems that the advancement slope has softened. Since the companies have already completed, for the most part, the adjustments of the spaces they demand; adapting to the varied range of offers that the market now has, "said Solili.

On the other hand, the platform highlighted that the capital authorities have worked to facilitate the start-up of residential and corporate projects; such as the Facility Agreement on Reforma Avenue, which includes 17 projects that have already begun to be mobilized.

For its part, in the capital of Jalisco so far in 4Q2021 there has been a gross demand of almost 15,000 m²; although no buildings were completed or the construction of new office spaces began.

This corporate market slightly decreased its vacancy during the month of November; with a rental price that has been adjusted downward by 4.3%, in annual terms.

In addition, Solili mentioned that the level of buildings under construction was located, throughout 2019 and much of 2020, in the order of 150,000 m², although today this figure is only around 35,000 m²; since the projects have been completed without new construction being started.

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Finally, the Monterey office market, at the close of the penultimate month of the year, completed about 15,000 m² of office projects that are added to inventory.

In addition to starting the construction of almost 3,000 m²; being the only market that registered activity at the national level in relation to the start of construction.

During November 2021, vacancies of just over 2,000 m² were reported in the Monterrey capital; although it is expected that for the end of 4Q2021 the projection of a net demand will continue in positive numbers.

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Original note