Inside 2.7 million square meters of offices in Mexico City, nothing can be heard other than the echo produced by remaining empty. Despite the fact that COVID-19 infections have decreased and the economic recovery is advancing, in the country's capital, 23% of the inventory is unoccupied, during the first quarter of the year.

The figure has not improved over time. The period is two percentage points higher than in 2021, despite the fact that this year the opening of new buildings is carried out at a lower rate. Before, the inventory grew at an annual average rate of between 7 and 10%, currently the figure is 3%, according to data from the consulting firm Solili.

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Despite the fact that the demand has decreased, the rental cost increases (or in the best of cases, it remains the same), due to the inflationary phenomenon that stood at 7.29% during 1Q22 and from which developers cannot separate .

Mexico City and Guadalajara have kept the cost similar to the quarter of the previous year, when they were at 21.30 and 19.88 dollars respectively. Monterrey, had an increase of 70 cents of the dollar, remaining at 18.74 dollars and in León, Tijuana, Mérida and Querétaro the cost increased by more than one dollar. In 2021 they were placed at 8.84, 18.78, 17.91, 13.36 dollars each.

The situation has caused companies to be more cautious when building, in addition to adopting reconversion strategies. During the first three months of the year, the construction of only four buildings in the country began, which together add up to 23,000 square meters, distributed between Mexico City and Mérida.

Of interest: Office real estate market affected by Inflation and Omicron during 1Q 2022

Solili specifies that the buildings are class B, that is, of more than 150 square meters and less than 400, and located in traditionally residential areas.

As good news, the consultant highlights that with the green traffic light throughout the country there has been a higher rental of spaces, representing an increase of 27% compared to the previous year.

In Solili you can consult available offices in Tijuana, Puebla and Querétaro

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