The vacancy of the corporate real estate market in Mexico has been showing a downward adjustment marked with a slowdown in the increase in vacancy, which can be seen in the main office markets in the country.

Mexico City, for example, went from registering a vacancy of 15.53% in June 2020 to 22.06% a year later, thus achieving a maximum in the slope of growth for this indicator. 

The following annual period between June 2021 and June 2022 smoothes the slope of this growth, going from 22.06% to 22.78%, which although it remains at levels that we could consider high, has not continued advancing with the speed that it did one or two years ago. .

Monterrey, which represents the second office market by inventory size at the national level, went from a vacancy of 22.07% in June 2021 to registering 17.91% in June 2022, beginning the decline in this indicator. Comparatively, the previous year between June 2020 and June 2021, the trend was completely opposite and went from 19.66% to 22.07% in just one year, when normality has not yet been regularized in the corporate horizon.

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The same behavior shows the Guadalajara market, which between June 2020 and June 2021 goes from 12.23% to 22.12% and from June 2021 to June 2022 it drops to 17.19%.

Another of the phenomena observed and that has supported the adjustment in the drop in vacancy has been that practically no new projects have started after the pandemic. Therefore, the number of areas that are still under construction have shrunk by 72%, 26% and 21% in Guadalajara, Mexico City and Monterrey, respectively.

In Mexico City, one million 135 thousand square meters are under construction, while in Monterrey and Guadalajara 302 and 166 thousand square meters are being built, respectively.

When we review market conditions and locate the causes that affect the decrease in vacancy, they are associated with the growth in demand and the decrease in vacancies.

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In the same way, it is important to analyze the average vacancy for each market with special attention to understand how the vacancy differs depending on the corridors and see if the average is the product of a homogeneous behavior, or rather there are marked extremes that can generate opportunities. specific in those markets with low vacancy.

For example, in the capital of the country, the Forests submarket has 75 thousand square meters that represent one of the lowest percentages with 15.6% of the vacancy, while the corridor exhibits the highest vacancy percentage with 39.4%, which implies almost 465 thousand square meters of offices available.

In markets such as Guadalajara, the highest vacancy is concentrated on the corridors of Puerta de Hierro and New Financial Zone with 61 and 49 thousand square meters, respectively, which has been adjusted downwards in the first two quarters of the year.

The information that Solili has collected in its latest tours allows us to foresee that they will continue to occupy vacant spaces to the extent that gross demand advances under growth patterns that could be maintained and improved towards the end of 2022.