At the end of the first two months of 2024, leasing activity in the office sector nationwide registered an occupancy of 163 thousand square meters during the period from January to February. This result reflects stability in the market by remaining at levels similar to those reported in 2023.

During the month of February, the demand for offices in the country reached 48 thousand occupied square meters. Of this total, Mexico City represents 65% of corporate investments, followed by Guadalajara and Querétaro, with 13% and 11% participation, respectively.

In the first two months of the current year, the growth in leasing activity in the office markets of Guadalajara and Puebla stands out. Both cities have experienced an increase in demand, doubling the figures recorded during the same period the previous year.

At the end of the January-February 2024 period, the vacancy activity of office spaces registered 69 thousand square meters. This figure represents a decrease of 24% compared to the same period last year. At the national level, unemployment remains at moderate figures, evidencing a situation in which the demand for corporate spaces doubles the space left by companies.

Mexico City leads the office market with the highest move out activity nationwide, with a total of 60 thousand square meters, which constitutes 86% of the unoccupied space in the entire country. In contrast, the other markets show more conservative figures.

Office construction nationwide closed February with 1.2 million square meters. However, during the second month of the year, no new projects were reported in any market. Although demand has shown a gradual recovery and the country's office markets remain attractive for new investments, developers are taking a cautious stance towards starting new projects.

The Tijuana office market stands out for having the highest rental prices in the country, reaching $22.26 dollars per square meter. In addition, it continues to maintain the lowest vacancy rate nationwide, with only 1.3%. Likewise, the country's capital drops to second place nationally, with a rental price of $21.04 dollars per square meter.

León is positioned as the market with the most competitive rental price in the office segment, remaining at $12.47 dollars per square meter. The markets of Puebla and Querétaro follow closely, with rental prices of $14.53 and $14.73 dollars per square meter, respectively.

Over the past year, the vacancy rate has seen a steady decline in all office markets nationwide. This phenomenon reflects the result of a demand that is constantly recovering quarter after quarter. Trend that demonstrates the strength of the corporate sector and its potential to attract new investments to the office segment.

It is worth highlighting the performance of the Querétaro, Guadalajara and Mérida markets in the last 12 months, since these cities have achieved a significant reduction of more than 3 percentage points in their vacancy rates. This achievement is attributed to sustained demand that has stimulated the occupation of corporate spaces.

The outlook for the office market in the first two months of 2024 reflects general stability in terms of demand. At the national level, occupancy continues to report encouraging performance reflecting a robust and resilient office sector, with positive prospects for new investments. The reduction in supply and growth in demand are indicators of a market that continues to evolve and adapt to changing economic conditions.