When we review the Solili platform, which monitors corporate markets nationwide, Mexico City is of special importance since at the end of 2Q 2022 it groups 70% of the country's corporate inventories.

In turn, within the country's capital, the North submarket with 1.18 million square meters represents about 10% of the capital's inventory.

This submarket is located on the inner circuit to the north of the city and geographically overlaps important industrial submarkets such as Naucalpan and Tlalnepantla, where a broad dynamism of industrial demand in search of last-mile spaces has been witnessed.

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When reviewing the current availability on the north submarket, we find from mini offices of 30 square meters to important surfaces in buildings that allow housing 51.7 thousand square meters, in the same building.

The rental prices in the northern submarket averaged $16.47 dollars per monthly square meter while the average for the capital is $22.8 dollars per monthly square meter, that is to say that the rental prices of the northern submarket are 27% cheaper than those of Mexico City as a whole. At the other extreme, the maximum average rental price is located on Lomas Palmas with $27 dollars per square meter per month.

Another important characteristic of the North submarket is that it exhibits the highest absolute percentage of vacancy with 461 thousand square meters. The North, Insurgentes, Polanco and Santa Fe submarkets are the ones that accumulate the highest amounts and that together account for 60% of the capital's vacancy.

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As for construction, about 835,000 square meters remain at different stages of progress, however on the north submarket there are only 10,000 square meters of corporate projects still underway, one of the lowest amounts in the capital.

But if we analyze the gross demand for the second quarter of 2022, which just ended, the North submarket maintains an absorption of close to 27 thousand square meters, sharing similar amounts in this quarter with the Reforma, Polanco and Insurgentes submarkets, which indicates that it maintains the dynamism and interest of potential tenants in this area of Mexico City.

Let us remember that in the corporate market of Mexico City, the net absorption that includes the behavior of vacancies must be one of the indicators of special monitoring since it manages to pass almost to the positive figure of 63 thousand square meters at the end of 2Q 2022, for so we will continue to monitor the evolution of this indicator in the next 12 months to come.