The corporate office market in Mexico City exceeded 285 thousand square meters of gross demand between the months of January and April 2023, where only in the last month the amount was almost 32 thousand square meters.

Due to the vacancy in the period, the net demand in the first quarter of the year almost reached 110,000 square meters, 85% of which were concentrated in Class A spaces whose surfaces range from 50 to 18,000 square meters.

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This beginning of the year, movement was appreciated in terms of constructions where not only the settlement of important corporate projects was registered, but we also saw the start of some new investments, which indicates an important advance towards the recovery of this segment.

In the Santa Fe submarket, the Santa Fe Torre Sur project, which contributes 53,000 square meters distributed in its 19 levels, became part of the inventory. The settlement of two new buildings in the Insurgentes submarket was also registered, both Class B identified as Revolución 1597 and Work Lab Condesa with 1.2 thousand and 6 thousand square meters, respectively.

But the indicator for the start of new projects is the one that reflects the movements that were already anticipated in some submarkets that had been registering significant decreases in their vacancies. Mixed uses are the winning bets for this first quarter.

On Periférico Sur, Capital Park San Ángel began with 24.7 thousand square meters of net leasable area, while work began on the North submarket Prisma Esmeralda mixed-use project with a leasable area of almost 9 thousand square meters, both Class A projects.

Two new Class B corporate investments are added to these projects: Punto del Valle 139 of 714 square meters on the Insurgentes submarket and Torre Hexis in Polanco with 1.3 thousand square meters developed on 9 levels.

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The reconversion of spaces is also present this first quarter of the year with two projects on the Insurgentes submarket such as Focus Revolución 497 and Puebla 280, which between them exceed 8 thousand square meters.

Throughout the post-pandemic period, the adaptability shown by developers and builders in the office segment in Mexico City has led them not only to validate sizes and conditions in the outgoing real estate product, but also to advance in a sustained manner. in incorporating space technology and services currently valued by potential tenants.

This trend stands out in the new constructions that were added to the capital's inventory and in the new initiatives and projects that are developed in 2023 where the technology applied to the client's process is essential to attract demand.