The corporate market at the national level has been advancing and recovering part of the ground that it had lost in periods of the pandemic.

It is also a reality that the needs for work spaces have changed decisively throughout the world and Mexico is no exception. Companies perhaps demand fewer spaces but are willing to recognize through higher rental prices those offices that provide greater comfort, connectivity and that are decisive in increasing productivity, while sponsoring a greater reflection of corporate culture.

The corporate market with the highest degree of development in Mexico is the country's capital, followed by Monterrey and Guadalajara, whose inventories represent only 17% and 9%, respectively, of the corporate inventory that exists in Mexico City as of November 2022.

Check here: More than 90 thousand m² of offices are leased in Mexico City during November

The strengthening generated by the investment trusts together with the presence of multiple multinational companies that have been looking for long-term contracts with rents in dollars for a dozen years completed the conditions for developers and investors to generate their offers for large buildings that changed the profile of the main capital corridors, such as what we can observe in Reforma, Polanco, Insurgentes and Santa Fe, just to name a few, as well as that of many other markets nationwide.

In medium-sized markets such as Monterrey, Guadalajara, Querétaro and Tijuana, the main corridors already have offers for buildings with more than 30 stories.

However, these markets require a consistent offer that maintains vacancies at acceptable levels so that the balance of supply and demand finally allows sustainable rental prices in the medium and long term, making it possible for the expectations of tenants to coexist with that of investors and developers

Of interest: Zoho projects an operations center in Querétaro with an investment of 10 million dollars

When we analyze the corporate demand of the office markets, the national total exceeds 770 thousand square meters, a figure equivalent to an increase of 77% compared to the same period in 2021.

Although not all markets have grown at the same rate, four markets are above the average: Puebla, León, Ciudad de México and Querétaro. The greatest amount of growth occurs in Mexico City, which almost reaches 520,000 square meters of gross demand in the eleven months of 2022, a figure that is 100% higher than that registered between January and November 2021.

Throughout the year we have seen occupation of entire buildings with surfaces of less than 5,000 square meters in submarkets such as Polanco, Insurgentes and Lomas Altas, while tenant movements have been observed making changes towards spaces that are either modern or better equipped with technology, allowing offices to be rented with better operating and financial conditions compared to their previous locations.

The current conditions allow us to project that the recovery will continue in 2023 and we will continue facing scenarios of downward vacancy adjustments, which will be a determining signal for interest in starting new projects to begin in certain markets and submarkets.