When renting office space, the rental price is a determining element, which must include a price-value analysis.

As a result of the pandemic, the corporate market is facing various challenges to absorb part of the vacancy, in an environment where practically no new construction is incorporated.

In Mexico, the average rental prices of all the corporate markets have been adjusted upwards between the first quarter of 1Q22 and 4Q21, due to the impact of the inflationary increase common to all of them.

But despite these increases, Solili pointed out in an analysis, there are more attractive corporate markets in terms of rental prices, as is the case of Querétaro, León and Puebla, which at the end of 1Q22 registered average rents of 14.6, 14.9 and 13.5 dollars per square meter (m2) per month.

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"If we compare the average rental price of offices in Querétaro, Puebla or León with those registered in Mexico City, we will find decreases of USD 7.7, 6.6 and 6.3 dollars per monthly square meter, respectively," the document indicates.

 But if the comparison is made with a medium market like Tijuana, the downward differences with Querétaro, Puebla y León would be even more considerable with lower values of 5.2, 4.9 and 6.30 dollars per m2 per month, respectively.

The analysis explained that although the price is the result of the interaction between supply and demand, there is also a correlation with the cost of producing the real estate, which is the office in this case. Although the direct costs of construction maintain differences between one region and another, they do not justify the differences in prices in their entirety and that is why the cost of the land with infrastructure is key to justify part of the discrepancies.

Querétaro has managed to advance in terms of its inventory, which exceeds 460 thousand m2 and is above entities such as Tijuana, León and Puebla. Also, it had an increase of 10% in the average rent since the beginning of the year and the interaction of supply and demand is key to justify the variation, in the midst of a vacancy that has been adjusted downward and closes with 17.7% in May 2022.

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So far this year, León has recorded the largest movement in rental prices and closes May with 14.0 dollars per square meter per month, while vacancies have increased due to the delivery of a mixed-use building in the Campestre-Country corridor .

Puebla experiences the circumstance of having the highest corporate vacancy at the national level, with 25.8% registered at the end of May this year. During 1Q22, demand in this market was mobilized and Class A real estate in the Angelópolis corridor was activated, so increases in rental prices could be expected.

Under these circumstances, Solili stressed that if any tenant seeks to establish a new corporate operation center in the main cities of the country, they will find in Querétaro, León and Puebla the most competitive rental prices but with spaces that compete in quality with those of the rest of the cities. country cities.

In Solili you can consult industrial warehouses available in Mexico City and Guadalajara

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