According to Solili data, at the end of the second quarter of 2022 (2T2022), the Mexico City office market reported a gross demand of just over 137 thousand square meters (m²); which means that it has managed to recover 85% of what was registered in 2T2019, before the pandemic.

Meanwhile, the vacancy rate, which between 2Q2020 and 2Q2021 registered an increase of 42%, began to soften between 2Q2021 and 2Q2022, where it only increased by 3 percent.

Check here: Office market is on track to report pre-pandemic volumes of demand

“The fact that we could live together and adapt to the evolution of infections has been key to resuming productivity activity; and with it the return to the offices in one of the most populated cities on the planet; where the economic effects of confinement were more costly for society than taking the risks for a return to business as usual," Solili said.

Likewise, it indicated that, at the end of 2Q2022, the Reforma, Norte, Insurgentes and Polanco corridors accounted for 63% of office leasing in the capital; where the closures correspond, mainly, to existing buildings.

Furthermore, companies currently make short-term decisions; which is reflected in the type of properties they rent and in the terms of the contracts. This is due to the environment of high inflation and the volatility of the economy; factors that do not allow companies to plan the occupation of their spaces for five to 10 years as before.

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“Despite the setback that the net demand for offices that CDMX registered during 1T2022, where the Ómicron strain once again raised doubts about a safe return, the current positive figure could continue to advance towards the last two quarters of the year. The decision not to start new office works has been beneficial in favor of balancing the market; that still has 835 thousand m² that are advancing in the submarkets that make up this city”, concluded the consultant.

In Solili you can consult available offices in Polanco, Insurgentes and Reforma

Original note