It is a fact that the demand for corporate spaces at the national level has been gradually recovering at the same time that vacancy has been decreasing.

Gross corporate demand at the national level doubled compared to 3Q 2022 with the same quarter of 2021. If we analyze the increase during the first three quarters of 2022, the figure is 80% higher than that registered in the first three quarters of 2021.

At the end of the third quarter of 2022, the demand in Mexico City represented 65% of the national corporate demand, seconded by the demand for offices in Monterrey and Guadalajara, where each of them represents approximately one tenth of the national total.

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However, the preferences of the tenants have been changing in terms of the size of the spaces and the delivery conditions since the end of 2021 and so far in 2022.

In the last quarter of 2021, the net demand for offices in Mexico City began to register positive numbers after the pandemic and registered 67,000 square meters, but it had a significant setback in the first quarter of 2022, once again registering a significant area of vacant offices that exceeded gross demand. Then, in the second and third quarters of the year, we again saw positive net demand records in 63 and 68 thousand square meters, respectively.

In terms of tenant preferences during Q3 2022, the majority of the leased spaces have been conditioned, followed by spaces in gray works, and the rest have been furnished or Plug & Play.

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Of the total leased areas, 64% correspond to Class A spaces and the rest to Class B offices, motivated by the more solid infrastructure as well as the characteristics and amenities that are found within Class A buildings. The areas traded for rent range from 50 to 29 thousand square meters, the latter area corresponding to a complete building on the Lomas Altas submarket.

In contrast, the gross demand for Class A spaces during 3Q 2021 represented 78% of the total leased, while the areas traded ranged from 30 to 3,860 square meters per floor.

Another characteristic that was observed in this quarter is that close to 57% of the spaces that were vacated were Class B spaces. The preferences of this period leaned towards conditioned spaces motivated by the high uncertainty that companies were still experiencing.