In the midst of the slowdown that we saw recorded in corporate construction, the projects that had been under execution at the beginning of the pandemic, motivated by high uncertainty, had to reschedule their execution schedules and validate them against the sales plans that in most cases also slowed down their execution. increase.

The consequence was that some projects extended their execution periods to validate if the output product was still valid and to establish the necessary parameters in terms of areas and regulations that had to satisfy the new sanitary requirements.

Of interest: Torre Polyforum project with interest in reactivating

At the end of 3Q 2022, just over 40 corporate buildings with a total of 816 thousand square meters of net leasable area are advancing in the country's capital, in various stages of progress. The projects are distributed throughout the market and are distributed in Reforma, Insurgentes, Polanco and Santa Fe in 35%, 26%, 15% and 14%, respectively, and the rest in other submarkets of the capital. Half of the projects that are built are available.

When we analyze constructions by group of net profitable areas, buildings smaller than 10,000 square meters concentrate just under 10% of constructions, although in number of options they group 44% of buildings under construction.

Where the largest number of areas is totaled is in the groups of buildings from 20 to 50 thousand square meters of net areas that concentrate 41% of the areas, while the size above 50 thousand groups 37% of the total. sample. 

In this last group, 5 buildings are distributed between Santa Fe, Polanco and Reforma, and it is on this last corridor that the largest volume is built with 85 thousand square meters of the project identified as Torre R432.

Now, the gross demand has managed to increase little by little and at the end of 3Q 2022 it reported 175 thousand quarterly square meters, while the net demand slightly exceeds 67 thousand square meters. If we analyze the growth of gross demand during the first three quarters of 2022, it has doubled what was being demanded in the same periods of 2021, so we are facing a gradual but sustained recovery.

Check here: Downward adjustment in vacancy in Mexican corporate markets is maintained

Let us remember on the other hand that the vacancy in the capital of the country closed the 3Q 2022 at 22.6%, which represents 2.6 million available square meters, which includes existing buildings and those that are available under construction.

With a net absorption rate of 67,000 square meters per quarter and under a scenario in which new construction does not begin, vacancy will continue for at least the next year with a constant slope, where absorption will focus on the best buildings , well located and that allow space applicants a future projection of their needs for expansion or trimming.