The Guadalajara office market maintains a vacancy rate of 14.8% at the end of February 2023, thus registering a decrease of more than 80 basis points in the last year. This is due to the gradual recovery of gross demand that accumulates in 2022 just over 67 square meters, a figure 28% higher than that registered in 2021.

Net demand has been showing positive numbers during 2022, which represents the confidence that companies and tenants continue to maintain after the pandemic period. At the same time, the construction in process continues to advance, currently exceeding 78 thousand square meters of works, which is equivalent to more than 6% of the current inventory of the city.

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Jalisco accumulated a total of 2,396.1 million dollars in Foreign Direct Investment from January to September 2022, exceeding the total captured during all of 2021.

This dynamism has marked the performance of the industrial sector whose accumulated net demand in 2022 increased by 33% between 2022 and 2021, which also positively influences the gradual growth that the office market has registered.

In January 2023, we saw the start of a Class A corporate project located on the Providencia corridor, which involves the construction of almost 8,000 square meters of office space.

This project is conceived for mixed uses combining residential, with commerce, offices and ample parking lots, where the modern and functional design of the office spaces with great views seeks to privilege the use of spaces and time for the occupants and tenants.

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Meanwhile, these offices begin to compete with a hundred spaces distributed in the main corridors of the city. Half of the available surfaces are made up of just over a dozen spaces that exceed 5,000 square meters to 13.8 thousand square meters, which would be the largest space in the same building located on the Vallarta submarket. These modern buildings create an offer profile that competes hand in hand with markets such as Monterrey y Ciudad de México.

The projections for 2023 for this market focus on the institutional strengthening of investments in infrastructure, which will be a priority for western Mexico to continue developing. Initiatives such as the Jalisco Tech Hub Act are making progress in attracting large international companies in the technology sector, which will impact the demand for offices in the coming quarters.