The corporate market of Mexico City traveled the road to recovery throughout 2022, registering an annual gross demand of 593 thousand square meters.

This figure, although it represents 81% of what was demanded in 2019, has been increasing quarter by quarter. As an example, we can observe the growth in gross demand for offices in the last quarter of 2022, which reached 191,000 square meters, an amount 76% higher than the gross demand registered in the last quarter of 2021.

Nearly three quarters of the number of operations transacted at the end of 4Q 2022 correspond to sizes between 100 and 1,000 square meters. If we analyze the total surfaces, half are concentrated in offices whose areas range from 500 to 2,000 square meters. Polanco, Insurgentes, Reforma and Santa Fe concentrate 77% of the demand for the quarter, and equally distribute among them the areas that were rented in this period.

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The balance continues to tip over suitable or ready-to-occupy offices, a trend that prevailed in 2022, reflecting the tenants' perception of caution towards making long-term decisions, mainly in the midst of an inflationary scenario that would raise the budget by having to adapt a space in gray work.

Regarding the vacancy, Mexico City still maintains a percentage of 21.7%, a higher figure by more than 7 percentage points when compared to what was registered in December 2019, prior to the pandemic. Although this amount could still be classified as an oversupply, it has been in gradual decline since March 2022, where it reached a maximum percentage of 23%.

The fact that the start-up of new corporate projects was not incorporated between 2020 and the end of 2022 has allowed the construction level at the end of Q4 2022 to reach 812 thousand square meters, the lowest construction level in the last 4 years.

Of interest: Gross corporate demand nationwide increased by 73% compared to 2021

Due to the time that these projects that began prior to the pandemic have been in development, it is between 2023 and 2024 that we will see that most of them will be added to the capital's inventory, so we would still see an attenuated recovery of vacancy in 2023. .

Regarding rental prices at the end of 4Q 2022, we saw a stable scenario that has been maintained during 2022 with a rental price of $21 dollars per monthly square meter, with no downward adjustments projected throughout the year. 2023.

The interesting thing about seeing this information in a numerical and graphical way on the Solili platform is that it allows clients and developers to obtain an updated analysis that is useful when it comes to understanding the commercial opportunities offered by a market such as the corporate one. Having this updated information immediately enhances the ability to increase the customer portfolio for any user of the platform.