The corporate market in Mérida is advancing with a significant volume of construction that at the end of the second quarter of 2023 stands at 41,000 square meters. This amount represents close to a third of its current corporate inventory, so we are witnessing significant growth in the office inventory in this Mexican city in the next two years.

The submarkets of Cabo Norte, Garcia Lavin y Montejo account for 42%, 32% and 27%, respectively, of the constructions that are advancing in this market. 

Garcia Lavin is the submarket that concentrates the largest number of projects under development with 4 options that offer surfaces from 1.2 to 6 thousand square meters, which would be configuring a profile of projects with 6 levels of height on average.

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However, it is in the Cabo Norte where the most emblematic project is being built, whose net rentable area of more than 14,000 square meters currently has 11,000 square meters available. This project contemplates 36 levels of height, making it a benchmark for this emerging corporate market.

On the Montejo submarket, the Torre 2 project, with almost 11,000 square meters, is the second largest area being built in Mérida with 11 stories high and an offer of complete floors of 1,150 square meters.

At the end of June 2023, the Mérida market registered a vacancy of 12.4% that has been decreasing slightly so far in 2023, in the midst of a scenario of rental prices that has stabilized in the last three months close to $17.6 dollars per monthly square meter.

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The Mexican southeast has traditionally been an important recipient of foreign direct investment that had concentrated in previous periods on industrial, residential and hotel investment and that it incorporated into the corporate market in the last 3 years.

With the recent results of the State Competitiveness Index, 2023 edition, prepared by the Mexican Institute for Competitiveness (IMCO), the Yucatan entity is positioned with a medium-high level of competitiveness, ranking fifteenth out of the 32 entities evaluated. 

Yucatán achieved first place in the Rule of Law indicator and in second position in the Political System indicator, competitive advantages that support its ability to attract investment.