The evolution of both corporate vacancy at a national level and rental prices has been key in the path that the office market in Mexico is taking. This real estate investment segment has been the one that has evolved the slowest after the pandemic, if compared to the industrial, commercial, hotel and housing segments that moved at various speeds to adapt to the changes that were set to stay.

During 2023, in general terms, vacancy was adjusted even further downwards, motivated in principle by the continuous recovery in demand that has been most noticeable in the markets of Tijuana, Mexico City, Guadalajara and Querétaro, which registered an increase of 117% , 32%, 16% and 10%, respectively if the annual results are compared with 2022.

Of interest: What was the performance of the CDMX office market at the end of the year?

Vacancy at the national level decreased two percentage points to close with 18.15%, the maximum being recorded in the Puebla market, which exceeded 25%, while the minimum was recorded in Tijuana with 1.6%. The main corporate markets such as Mexico City and Monterrey close 2023 with average percentages of 20.3% and 13.9%, which are equivalent to downward adjustments of 1.5 and 2.3 percentage points, respectively.

The 5 corridors with the largest vacant area in each market nationwide are Santa Fe in Mexico City, Santa Maria in the Monterrey market, Angelopolis in Puebla, Centro Sur in Queretaro and Nueva Zona Financiera in Guadalajara.

In the case of the country's capital, vacancy reaches 2 million 456 thousand square meters and is concentrated almost 80% in five corridors such as: Santa Fe, Polanco, Insurgentes, Norte and Reforma. The vacancy concentrated in these capital corridors represents 62% of the total vacant spaces nationwide.

Check here: 4Q 2023 Offices Report: National gross demand reports an annual increase of 23%

Santa Maria in Monterrey has 82 thousand square meters that represent a vacancy percentage of 25%, while Angelópolis in Puebla and Centro Sur in Querétaro reported vacancies of 24% and 16.6%, which are equivalent to 63 and 42 thousand square meters of spaces. vacancies in these submarkets, respectively.

At the other extreme, the markets with the lowest vacant spaces nationwide, both in areas and percentages, are the three submarkets that make up Tijuana, all below 1.8%, the most critical being Vía Rápida, which reports 0.5% at the end of 2023. As a reference, the number of vacant areas in these markets is below 3 thousand square meters.

Another interesting corporate market such as Guadalajara totals 140 thousand square meters of vacant spaces distributed 80% over 5 main corridors such as Nueva Zona Financiera, Puerta de Hierro, Lopez Mateo-Sur and Vallarta-Américas.