Corporate real estate investment has been one of the sectors that continues to move towards recovery, mainly in the country's capital, which closed the first quarter of the year with an oversupply of 23.1% and was only surpassed by Puebla with 25.9%.

When we analyze the growth rate of inventory in Mexico City, the maximum increase in the last 4 years was recorded in 1Q 2020 where office inventory grew at a rate of almost 8%, while at the end of 1Q 2022 the annual increase it stood at just over 3% after the minimum reached in 3Q 2021 with 2%.

The reduction in inventory growth has been more drastic in Monterrey, which managed to reach its peak with 15% per year at the end of 2Q 2020 and which at the end of the first quarter of 2022 shows an increase of 3%, its lowest level in recent years. 4 years.

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The third market at the national level is located in Guadalajara, which concentrates 5% of the national total and there the situation is opposite since precisely the pandemic created more uncertainty, which slowed down the growth of inventory during 2020 between its minimum value of 3% the 1Q 2020 and the maximum of 6% at the end of 4Q 2020.

These works were accumulated towards the last three quarters of 2021 where a maximum growth of 20% was registered at the end of 3Q 2021 and finally at the end of the first quarter of the year the increase is 14% for an inventory that exceeds 818 thousand meters squares.

In the context in which these three markets develop, vacancy rates exceed 20%, the highest being that registered in Mexico City with 23% in a range of average prices that goes from $18.7 to $21.20, in Monterrey and Ciudad de México. Mexico, respectively.

In general terms, the erratic growth of inventories is explained by two factors; the first, the almost null incorporation of new office buildings under construction, and the second, the delay in the delivery of some buildings that had been under construction prior to the pandemic but that have adapted their final output product in order to increase their chances of being busy.

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The trend in these large markets has favored offices that are available and equipped where the price-value ratio of the rent that is negotiated generates advantages for the tenant, mainly because it is going through a time of high volatility in prices of increasing inflation.

In the remainder of 2022 and the coming 2023, it is likely that the growth in inventories will once again show smoother slopes after part of the uncertainty of the return to offices has already been digested by both the owners of office buildings and by potential occupants.

This situation will allow for a greater adjustment in the use of flexible spaces on the supply side and a mixed adoption of the face-to-face and hybrid model, on the demand side that seeks to meet the expectations of employers and employees to a greater extent.