At the end of January 2022, Monterrey continues to be the second office market nationwide, although its inventory size is just over 11% of the inventory size of the country's capital.

This market, which during the last two quarters of 2021 registered positive net demands, reflected a gradual recovery in gross demand, although it has not yet reached the levels prior to the pandemic.

The total gross demand for 2021 was more than 87 thousand square meters and grew by 77% compared to 2020. During the year that ended, the demand was located mainly on the Valle Oriente submarket, which during the 4Q 2021 alone concentrated almost 63 % of the total market.

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The Valle Oriente submarket, located on the southern bank of the Santa Catarina River and whose central axis runs along Lazaro Cardenas Avenue, is where almost 36% of Monterrey's corporate inventory is concentrated. The area is located in part of the municipality of San Pedro Garza García.

When we analyze the availability on this submarket, more than a hundred properties offer about 250 spaces ranging from 80 square meters to 10.5 thousand square meters.

Now, if we focus on Class A spaces in Valle Oriente, the availability rate is 12.9%, where almost 70,000 square meters of offices are offered, at an average rental price of $18.6 dollars per square meter per month.

At the end of the fourth quarter of 2021, the preference for both conditioned spaces and gray work was maintained, as in the third quarter, and there was an increase in transactions for space rental over sale.

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Construction in general maintains the rate of progress of works, although in some developments the option of modifying the percentage allocated to offices for a smaller amount and including residential use in different modalities is maintained.

Of the total of 240 thousand square meters of offices that are currently being built in the city, 41% is concentrated in the Santa María submarket, followed by 29% in the Valle Oriente submarket.

The 4 buildings that are being built on Valle Oriente are Lola Torre Loma Larga, Elysium, IKon Tower and Atarius, all with innovative concepts that seek to be a reference for the corporate profile of this northern city.

Due to its excellent relative location, the wide range of office spaces, the various modes of delivery concepts and the versatility of its developments, Valle Oriente will continue to lead the preferences of corporate tenants in 2022.