Office rental prices in our country are the result of the interaction of various indicators, among which stand out: the recovery of demand, vacancy and the high-inflation environment that the world is experiencing today and affects costs by replenishing new inventories.

At the end of the third quarter of 2022, the Mexican corporate market registered a demand of almost 270 thousand square meters if we consider the eight markets currently monitored by the Solili platform. Mexico City currently concentrates 65% of this gross demand, where interest in corporations from Monterrey, Guadalajara, Puebla and León is beginning to gain ground, the latter being the most prominent emerging market.

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On the vacancy side, we have seen slowdowns at the level of most markets, highlighting the decrease of 5.8 percentage points for Guadalajara, and decreases of at least three percentage points for the Monterrey, Querétaro, Tijuana y León markets during the last year. elapsed. Mexico City still maintains a stable level, registering a vacancy of 22.6% at the end of 3Q 2022.

The scenario for the evolution of prices is complemented by inflation, which still remains at 8.7%, which could still incorporate more upward adjustments in the remainder of the year, after the next announcements of monetary policy decisions dated for November and December are published. of 2022.

The interaction of these indicators affects the rental prices that we saw reflected at the end of the quarter where the annual variations show the greatest upward increases in the markets of León with more than 15% per year and the markets of Mérida and Querétaro with annual increases of 7.2% and 5%, respectively.

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Mexico City, Mérida and Tijuana closed the third quarter of the year with $21.09, $19.92 and $19.85 dollars per square meter per month, the highest values nationwide. At the other extreme are Puebla, Querétaro and León with $14.17, $13.95 and $11.46 dollars

In the particular case of Mexico City, we were also able to observe corridors with more competitive prices, below the average rental price, as is the case of the Norte and Lomas Altas corridors, which show rents of $16.5 and $19.1 dollars per square meter per month, respectively. .

A similar situation arises in Monterrey where the submarkets of Valle Poniente and Apodaca Aeropuerto reflect rents of $13.95 and $14.07 dollars per square meter per month, lower than the market average.

Another consideration that influences the rent is the preference that is marked in the quarterly closing, whether it is inclined towards spaces in gray work or in conditioned spaces. In Monterrey, the companies that offer equipped office services are growing due to the flexibility in the use of the facilities and contracting, while in Guadalajara the rental of offices benefited thanks to the fact that the buildings offered possibilities to condition a special price, depending on the square meters requested.