At the national level, the corporate markets of León, Mérida and Tijuana could be considered as emerging markets, since recently the activity of offices in single-family buildings was still being developed to a large extent when these cities still did not generate a recognized supply of real estate designed specifically for that end.

Markets such as Guadalajara and Monterrey were ahead as medium-sized markets, where they had transformed their height profiles and created recognized districts and areas for the seat of foreign and local corporations. And finally, the country's capital at the forefront of the corporate market of greater development and institutionalization that competed to be a benchmark for the first places in America.

At the end of the first quarter of the year, the situation has favored emerging markets more than medium-sized markets and Mexico City, since the latter have been more strongly impacted by unemployment.

Check here: Offices remain vacant even though rent increases

Another phenomenon that has occurred in these emerging markets has been the significant participation of mixed-use projects where the combination of residential-offices and offices with retail on the ground floor has been the trigger for construction and leasing activity in the last three quarters.

For example, in Mérida, the gross demand for the first quarter of the year remained above 3 thousand square meters and a new corporate construction of 3.8 thousand square meters began, a sign of confidence in this interesting market that attracts foreign direct investment for both residential and industrial markets.

Mérida is currently advancing with a positive net absorption that exceeds 2.8 thousand square meters in the midst of a rising rental price that has increased by 6% so far in 2022.

For its part, León has managed to absorb part of the industrial dynamism that attracts the manufacturing industry in the lowlands and manages to register at the end of 1Q 2022 a gross demand of 3.1 thousand square meters in the midst of an escalation in the rental price that registered almost $15.00 dollars per monthly square meter that represents an increase of 60% so far this year, still maintaining the lowest rental price at the national level.

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Tijuana, which had been a market without major changes in its gross absorption throughout 2021, which was around 5 thousand square meters quarterly, generated a downward adjustment during 1Q 2022 and reached 2 thousand square meters and although some vacancies were registered net absorption continues in positive territory, being the only market at the national level that still presents single-digit vacancy figures.

In general terms, and faced with a panorama of growing inflation, these markets have been conservative in generating a supply correlated with potential demand, which has been a key factor in preventing an abrupt decrease in the rental price, which guarantees maintaining profitability. long-term of the projects that are built.