The Covid-19 pandemic and working from home still continue to affect the occupancy level of offices in Mexico City.

The pandemic and working from home still continue to affect the occupancy level of offices in Mexico City, as indicated by Solili, at the end of August where 22% of the offices remain vacant, only in Mexico City .

However, between July and August, the vacancy of offices has softened, since vacant buildings ready for rent are no longer being opened, but the change in use of these spaces is reflected in the available square meters.

The transformation of empty office buildings into clinics, educational spaces, housing, hotels and even some storage warehouses has been recorded.

Office vacancy during the July and August two-month period reached 103 thousand square meters in the country, of which 78 thousand correspond to Mexico City.

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The Norte, Reforma, Polanco, Santa Fe and Insurgentes submarkets continue to lead the vacant areas.

On the other hand, in Puebla, Querétaro, León and Mérida, vacancies of less than 450 square meters were registered during these two months.

Solili believes that cities like Mérida, Guadalajara and Tijuana will continue to provide niche opportunities.

In particular, in Tijuana the construction of 14 thousand square meters of offices is expected to begin during July and August.

However, there is optimism about the progress of vaccination against Covid-19, the expectation is a return to normality progressively.

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Newmark note that increased availability in most markets led to lower prices, so tenants who had been located in class B or C buildings are looking with interest at class A options, which are now available to them.

The office sector responds to the economic situation and the gradual implementation of strategies indicates that there will be greater growth in the number of operations in the second half of the year, Newmark added.

Remote working has allowed a number of companies to incorporate work-from-home policies into their financial plan.

Regarding the construction of new office buildings in Mexico City, Solili highlighted the start of work at Torre Porrúa, on Paseo de la Reforma, and the call launched by the Government of Mexico City for the design of a tower with 27 floors on Avenida Juárez, promoted by the local government.

In Solili you can check offices available in Monterrey, Guadalajara and Tijuana

Original note