Mexico City accumulates 557 thousand square meters of corporate demand in the three quarters of 2023. This figure represents an increase of 38% compared to the amount accumulated in the same period of 2022. As a reference, the national average increase was in the 30%.

The gross corporate demand figure reported during the third quarter of the year reaches 177 thousand square meters, concentrated mainly in the Insurgentes, Santa Fe and Polanco submarkets. Class A buildings with almost 120 thousand square meters represent close to 67% of the total demand.

Check here: Solili Offices Report, Q3 2023, accumulated national gross demand exceeds 30% compared to 2022

The trends of returning to the usual workplaces are being consolidated, although a proportion of personnel who work under the hybrid scheme is still maintained, as long as the productivity and performance of the corporate team is not sacrificed.

Another phenomenon observed in Mexico City is a decrease in unemployment by more than 20%, according to figures monitored by Solili between the months of July and August 2023 compared to the same period in 2022.

One of the elements that characterized the demand in the immediate period after the pandemic was the decrease in rental surfaces, motivated by companies reducing their spaces and in some cases whether the difference was negotiated with the tenant or handed over. or allow some sublease agreements to be generated, all in order to not leave these spaces empty.

However, if we analyze the composition of areas demanded in the third quarter of 2023, more than half of them correspond to surfaces greater than one thousand square meters. If we focus on the group of areas between 2.1 and 5.4 thousand square meters, they reach 16% of the surfaces demanded in the quarter.

According to recent statements by a prominent corporate brokerage firm, the recovery in demand for offices in the country's capital is accompanied by the return of large companies that have previously had a significant role in the closure of office spaces. The firm reports that a dozen companies expect that in the next period of 6 to 9 months they could be demanding 135 thousand square meters.

Of interest: Demand drives recovery of the CDMX office market

This demand would be generated by the need for companies to grow or locate in a better area and in a building with superior conditions than those they currently occupy. Services, technology, consumer and financial firms would be the main protagonists.

Finally, about 695 thousand square meters are still progressing under construction while the average vacancy is 21.1%, although highly desirable submarkets such as Polanco, Reforma and Insurgentes are at averages of 17 to 18%.