The corporate real estate market, after the end of the third quarter of the year, has continued, in general terms, to show downward adjustments in vacancies after gross demand has been gradually advancing.

The capital of the country and the main cities such as Monterrey, Guadalajara and Tijuana have returned to the new normal where, once the issue of contagion has been overcome, companies have continued to incorporate an increasing proportion of the operational and administrative personnel of their templates.

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Operational and production tasks require face-to-face assistance, while many administrative tasks or those linked to processes such as sales can afford the hybrid modality, as long as the company has invested time and resources in adapting its operation and monitoring platforms so that sacrifice productivity in favor of authorizing some work remotely or online.

What is a reality is the decrease in the use of corporate space if we compare it to what was registered in periods prior to the pandemic. Mexico is no exception since the main cities of Latin America, the United States and Europe have gone through this adjustment and the projects that began after the pandemic reflect not only the adaptation of space to new needs but also a significant inclination towards use schemes mixed that favor decreases in transfer times and a better quality of life for employers and workers.

Mexico City, for example, closed the 3Q 2022 with a vacancy of 22.6%, which reflects a slight upward adjustment compared to the same period in 2021 of 20 basis points. Although this case does not represent a decrease, it does register a significant slowdown in growth where it is observed that the adjustment slope has been closing the growth gap that we saw in previous quarters.

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For their part, Guadalajara and Monterrey did adjust their vacancies downward by 5.8 and 3.2 percentage points during the last year, a similar behavior replicated by Querétaro and Tijuana, where both adjusted by 3.1 percentage points compared to 3Q 2021.

In the case of Mexico City, gross absorption in 3Q 2022 grew by almost 160% and little by little it has consumed the available inventories, although the completion of projects that are incorporated into the inventories and are not occupied are part of the phenomenon that does not yet allow significantly reduce vacancy in the country's capital.

In the case of Monterrey, gross absorption as of 3Q 2022 has remained relatively stable in the annual comparison, while in Guadalajara it has grown by almost 100%.

The emerging markets of León and Mérida also join the group of corporate markets that registered recoveries of 71% and 57%, respectively, as of 3Q 2022.

Both León and Mérida would already be out of oversupply levels because they close the third quarter of 2022 with 12.3% and 9.2%, respectively.