According to Arturo Bañuelos, executive director of Projects and Developments at JLL, the recovery of the office sector could take place until the second half of 2023.

At the end of the fourth quarter of 2021, gross demand for this segment increased by an average of 26% nationwide, according to data from Solili. In Mexico City (CDMX) this indicator was just over 330 thousand square meters during 2021, a figure very similar to that registered during 2020.

It should be remembered that various international real estate consultants projected in 2020 that the increase in the home office would not necessarily be equivalent to a lower demand in the medium term.

However, in recent years, two forces have impacted the office sector: the contraction in demand and the number of new spaces that are entering the inventory.

Although the construction of projects slowed down due to the health crisis. In his case, JLL developed around 60 thousand square meters. This compared to the 110,000 registered in years prior to the pandemic.

Of interest: Record figures for Fibra Uno at the end of 4Q 2021

On the other hand, the return to face-to-face activities is expected to continue advancing, mixed with the hybrid scheme, to the benefit of the office sector.

“The return to work spaces is connected to the transformations that the design of the facilities has undergone, where the occupational density is much lower than in the past,” Solili pointed out.

In this sense, Bañuelos commented that the challenge lies in making offices attractive again, something that coworking spaces have been able to play.

“They are very creative. Although it has not been one of their best years, they have implemented various innovations in their favor. Such as memberships, which allow customers to use any of their spaces in the country”, he mentioned.

Among the factors that affect the recovery of demand within the office sector, employment and the national economy stand out.

Throughout last year, Mexico recovered part of the jobs lost in 2020. Although this reactivation has been generated under conditions of informality, therefore, the development of this indicator will be key for the corporate market in 2022.

Check here: These will be the key factors for offices to continue in recovery

The Real Estate Investment Trust (Fibra) Danhos, for example, pointed out in its recent report that its income reached 1,363 million pesos, which represents an annual increase of 9.8 percent.

Salvador Daniel Kabbaz Zaga, CEO of the company, mentioned that this result was largely driven by the behavior of its corporate real estate.

“Occupancy rates remained stable in our office portfolio; we perceive greater interest in available spaces. We have negotiated in advance and renewed a good part of the contracts,” he said.

In Solili you can consult available offices in Guadalajara, Querétaro and Ciudad de México

Original note