The Monterrey corporate market accumulates a gross demand that between January and July 2023 reaches 75 thousand square meters, a figure that represents 12% of the national total accumulated to date.

The increase that has reflected the gross demand of Monterrey in that period reaches 37% when compared to the same months of 2022, which indicates a resilient market that manages to adapt to the new demands of demand.

This recovery is also reflected in the net demand that includes unemployment, which increased by more than 85% if the first half of 2023 is compared with the same period of 2019, prior to the pandemic.

Of interest: Solili Offices July 2023 Report, Gross demand from January-July increases 36% compared to 2022

Another characteristic present in this market in the north of the country is the stability shown by corporate rental prices, which close in August 2023 with $17.62 dollars per monthly square meter. The difference in the last three years has been minimal, reflecting a plateau in the price graph that symbolizes the stability of the average price.

When the analysis of the prices by submarket is carried out, we observe that the highest rental prices are registered on Valle and Ricardo Margaim-Gomez Morin, which report $22.5 and $21.9 dollars per monthly square meter, at the end of 2Q 2023, respectively.

The rest of the submarkets are between $15 and $18 dollars per square meter per month, while the lowest average rent is in the Valle Poniente submarket, with $13.9 dollars per square meter per month.

Since the end of 2021, vacancy has reflected a significant downward adjustment to close in August 2023 with 13.4%. However, the Santa Maria, Centro and Valle Oriente submarkets are where the largest vacancy is located in this market with 70, 60 and 58 thousand square meters, respectively.

Check here: Class A office construction has grown nationwide in the last 5 years

If we look at the projects that are currently being built, the lowest level of construction in recent years was reached in August 2022, and from there we have seen some works begin that indicate an opportunity for development groups in the area that aim to make the Demand will increase in 2023 and 2024, motivated by the arrival of various investments announced so far this year.

Currently, about 250,000 square meters of corporate spaces are in progress in 25 buildings distributed throughout this market, where spaces from 300 to 11.3 thousand square meters can be found. These spaces also offer the possibility of fragmenting into smaller areas, in a good number of these buildings ranging from 50 to 300 square meters.