Office real estate development is not picking up. After a year with little demand and suspension of construction, during the second quarter of 2021 the demand for spaces grew 10% compared to the same period, but last year, data from the consulting firm Solili indicate, however, this was the most critical in the country for the total confinement and the cessation of non-essential work.

The building in this sector has not improved either; “In the largest office market in the country, Mexico City, the start of construction of new corporate buildings has been almost nil, even changing the trends in design, location and volumes that were considered until before the pandemic; however, the progress of works that were in execution was maintained ”, says the quarterly report.

The consultancy registered only 15,000 new square meters, since companies have preferred to make renovations, improvements, rehabilitations and reconversions, to adapt to the needs of clients, which changed during the pandemic due to the implementation of teleworking.

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In Monterrey, Nuevo León, another of the country's strong markets, the situation looks better. Gross demand was 80% higher than last year, but it also increased vacancies to 30%.

Also, there were no new constructions; "The behavior of the available supply in relation to the demand is part of the justification for having increased the rental price, maintaining the equilibrium of the market that continues as a bet on investors and developers," Solili points out.

Where they did build new offices was in Guadalajara, despite the fact that demand slowed 28% compared to the previous quarter. 5,200 square meters were added.

In Querétaro, new square meters were included in its inventory, which increased the annual available space by 15%. Although its vacancy dropped to 23%, it is still the highest in the country, Solili says.

León is a city with high real estate development, it has an offer of corporate spaces up to 1,230 square meters per floor within an exclusive office complex.

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