This year that just ended has been a complex transition for developers and portfolios where corporate real estate predominated.

At the end of November, another element was added, such as the appearance of the Omicron variant of Covid-19, which, along with the cold of the December season and the customs of family gatherings, have influenced the appearance of new infections.

On this occasion, it is expected that both the government and the companies will be alert, although for now it is contemplated to continue with the full opening of work activities, while schools and educational centers continue to promote the hybrid model, which turns out to be the most balanced in the face of the present situation.

Under this scenario, corporate demand has had a slow recovery but has managed to increase slightly throughout the year, situations such as the evolution in vaccination and the return to offices have been decisive for this.

Check here: Work from anywhere, a modality that is advancing in Mexico and Latin America

In the third quarter of 2021, corporate demand in Mexico City reached almost 95 thousand square meters, a figure that is expected to be very close to that reported in the last quarter of the year.

However, the new corporate projects in the capital have been slowed down and only those works already started in periods prior to the pandemic continued under construction, as we had highlighted in previous reports. Developers demanded more clarity on changes in consumer behavior and time to understand new consumer demands.

The start-up of some corporate buildings, mainly on Reforma Avenue, under the push that the capital government implemented in mid-2021, will be seen with greater activity in 2022, where they have completed the phase of procedures that were required for the start of work.

This initiative not only impacts which Class B and C projects can probably be converted to housing, creating a mix of uses that will favor safety and the beautification of areas that used to be unattractive.

At the same time, the vacancies that leave their mark on net demand have been decreasing in the capital and are expected to equal gross demand for the first quarter of 2022.

Of interest: New boutique corporate building in Guadalajara, Torre Hélix

In cities such as Monterrey and Guadalajara, positive net demands are already registered in the third quarter of the year, projecting that they will maintain this trend. For their part, the corporate markets of Querétaro y Tijuana, with inventories of 450 and 267 thousand square meters, have registered positive net demands in the last quarters of 2021 that are expected to continue until 2022.

Other emerging markets such as Mérida and León have continued to adjust rental prices and have maintained the same levels of gross demand and vacancies depending on the size of their markets.

For Mérida, it is expected that some small developments will start under the format of multiple uses or boutique offices as we saw it develop in 2021.