In its results report corresponding to the third quarter of 2021 (3Q2021), the real estate investment trust Fibra Monterrey (Fibra MTY) highlighted an increase in the rent of its office spaces.

In this way, Fibra MTY estimates a recovery of more than 5% in the occupation of its spaces for office use in the coming months.

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“Demand in the office sector shows signs of recovery in the markets where Fibra MTY is present. At the close of 3Q2021 we had negotiations for an amount equivalent to approximately 50% of the vacant office space. After the close of 3Q2021, we have signed part of these negotiations; which gives us evidence of a recovery in occupation, ”commented Jorge Avalos Carpinteyro, general director of Fibra.

Likewise, Fibra MTY indicated that its best operations during 3Q2021 correspond to the renewal of contracts.

Such is the case of Whirlpool in Monterrey, since its anticipated renewal represents almost 20% of Fibra's total revenues.

Check here: Whirlpool renews lease with Fibra MTY

However, total income, net operating income (ION), and EBITDA for 3Q2021 reached 330.5 million pesos (million pesos), 293.1 million pesos and 262.7 million pesos; which is 3.7%, 6.7%, and 8.7%, below 3Q 2020, respectively.

This is due to the unfavorable exchange effect due to the depreciation of the dollar against the peso; as well as to particular situations of the tenants who vacated or reduced their leased space.

Fibra MTY closed 3Q2021 with a portfolio of 59 properties, of which 19 are for office use, 34 for industrial use and six for commercial use. As well as a total of 758,583 square meters of Gross Profitable Area (GLA) and an occupancy rate of 90.7 percent.

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