The office market in Mexico suffered the changes produced by the pandemic, which resulted in a last quarter with improvements in its indicators. Due to this, the corporate inventory showed a cautious growth that left an average 3% at the national level.

Although this figure still remains below the 8 and 10% reported in pre-pandemic periods, entities such as Mérida, Querétaro and Guadalajara showed improvement. Since, they completed work and increased their offer by 23%, 19% and 14%, respectively.

Likewise, in the last quarter of the year, there was an improvement in demand indicators, by locating rental prices below what was reported at the beginning of the year. This, in entities such as CDMX, Monterrey and Guadalajara.

Check here: The net demand for offices spins two quarters with positive figures in the country

Despite the fact that prices have not yet shown a recovery, the demand for the last two quarters has shown positive net figures. Consequently, the commercialization of spaces began to exceed vacancy.

On the other hand, during 4Q2021, no new constructions were started, due to the fact that the market was in an investment brake. In spite of this, in the quarter, the interest of the developers to carry out projects that were in the planning phase increased.

In 4Q2021, the total office lease was 170,000 square meters. Of which, Mexico City contributed with a demand of 110,000 m², followed by Monterrey with 27,000 m² and Guadalajara with 20,000 m² in its contribution.

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Regarding total leasing, this showed a decrease of 12%, which when compared with results obtained in previous years, demand increased fivefold. In other words, in 4Q202 there was a demand of 31,000 m² to almost 170,000 m² in 4Q2021.

In mid-2021, demand exceeded vacancy and downward trends were reported. What Solili reports as signs of recovery in the office real estate sector in Mexico

Under this premise, Mexico City in 4Q2021, reported a net demand with positive figures, which symbolized an important moment for the sector. Since 80% of the country's class A inventory is centered in the capital.

Despite this, the oversupply of offices in Mexico continues, especially in CDMX, Guadalajara and Monterrey, entities where the vacancy exceeds 20 percent.

It is estimated that the developers will continue with a trend towards mixed spaces. Likewise, it is expected that 2022 will be a year where conversions continue to increase, which will give space to flexible spaces that, with the help of the consumer, will set an important guideline in the evolution of the market.

In Solili you can also check available offices in Tijuana and Puebla 

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