The first month of 2023 ends and the capital of the country begins to mobilize again in the demand for offices that closes the month with almost 80 thousand square meters of spaces that are occupied for rent.

Although this has been one of the real estate investment sectors where there has been the greatest skepticism regarding its recovery, economic activity has continued to flow and with it the gradual recovery in the occupation of spaces.

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The accumulated gross absorption of 2022 exceeded 593 thousand square meters in the capital of the country, a figure that increased by 93% to that registered during 2021.

If the performance of the Mexico City office market is compared between 2022 and 2019, the year prior to the pandemic, we will observe that the capital market has already recovered 81% of gross demand and 52% of demand net. Particularly in the analysis of this market, the vacancy rates that arose in 2020 and 2021 created a great weight for the recovery of the sector.

During the month of January 2023, the most active brokers have been Insurgentes, which reports 38% of the traded areas, and Polanco, with 21%. They are followed by the North and Santa Fe submarket with 13% and 11%, respectively.

Once again, we are beginning to see a greater number of closures of surfaces that exceed 800 square meters and that concentrate 66% of the commercialized areas and 30% of the number of operations.

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Regarding large stores in Santa Fe, the closure of 8 thousand square meters was recorded and also in Polanco it was possible to occupy an area of 7.5 thousand square meters.

Nearly 85% of the closings are of existing buildings that manage to negotiate conditions of terms and rental prices that satisfy the requirements of current demand.

Corporate vacancy continues to maintain its decline and closes January 2023 with 21.6%, which reflects a downward adjustment of more than one percentage point with respect to the same month in 2022.

Rental prices remain relatively stable around $21 per square meter per month, an average similar to that observed in parts of the Reforma, Santa Fe, and Insurgentes submarkets.