According to the latest Solili Office Market Report, during the second quarter of 2022 (2Q2022), the total leasing of corporate space nationwide registered a recovery of 80% compared to pre-pandemic levels.

During this period, the gross demand continued the trend towards recovery and reached 204,000 square meters (m²) in the cities that Solili monitors; of which, 137,000 m² correspond to Mexico City.

The country's capital closed 2Q2022 with a net demand of 62,000 m²; which proves that unemployment has decreased significantly.

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It is worth mentioning that, in 2Q2019, CDMX registered a gross and net demand of 180,000 and 76,000 m², respectively. In this way, 75% and 82% of the gross and net demand that was registered in a similar period prior to the pandemic is currently registered.

“The demand from Mexico City achieved rental numbers not reported in periods of pandemic. This recovery in activity corresponded mainly to occupations of entire buildings by government institutions, technology companies, financial services, among others," Solili said.

In other corporate markets, such as Monterrey and Guadalajara, the gross demand for offices already exceeds what was registered in periods prior to the pandemic; with 26,000 and 16,000 m², respectively.

On the other hand, the vacancy rate registered decreases in all the country's office markets, with the exception of Puebla and León. In annual terms, Querétaro and Guadalajara are the entities that have registered the greatest decreases, with 7 and 6 percentage points, respectively. While Tijuana is the market that registers the lowest vacancy rate at the national level, with 8.3% at the end of 2T2022.

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“The fact that new office constructions have practically not started in most of the main markets at the national level has affected the downward vacancy adjustments; which, in turn, have been decisive for the rent price adjustments to be generated within a reasoned scenario. Changes in use have also affected the decrease in vacancies at the national level”, added the consultant.

Finally, Solili highlighted that, at the end of 2Q2022, 1 million 294,000 m² of offices were registered in execution; which represents 16% less than what progressed in execution a year ago. Of these, 83% corresponds to CDMX and Monterrey; that is, 835,000 and 238,000 m², respectively.

In Solili you can consult available offices in Reforma and Polanco

Original note