Despite the strong impact that corporate markets have registered at the national level, Tijuana has been a city that with respect to its inventory size, in the order of 267 thousand square meters, has managed to face the onslaught of the pandemic with a net absorption which has remained on positive ground.

Like Mérida and Querétaro, these three cities have reflected gross demand values since the beginning of the pandemic that have exceeded unemployment, as a result of their market size that is in line with the demand volumes generated there.

In the quarters of 2021, net absorption has managed to remain constant at a rate of approximately 5 thousand square meters.

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At the end of 3Q 2021, almost two thirds of the office spaces that captured the demand were concentrated on the Agua Caliente submarket and the remaining third was located on the Zona Río submarket. The sizes requested range from individual offices of 10 square meters to 1 thousand 67 square meters per floor.

The registered rental prices have been adjusting upward since March 2021, registered at the end of September 2021 with the price of $ 19.71 dollars per square meter per month. The starting prices in those properties rented during the period range from $ 12.57 to $ 22 dollars per square meter per month, mostly Class A

The average rent represents 2.6% if compared to the beginning of 2021, although in the annual comparison it is 30 basis points below the price registered a year ago.

Another positive aspect has been the downward adjustment in vacancy since May 2021 where it had reached its maximum percentage in the last three years, closing this quarter that ended with 10.75%, representing almost 30 thousand square meters.

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Zona Río presents the lowest unemployment while the Agua Caliente corridor has had the highest, and in the latter where an increase in the rental price has been observed when registering during the first quarter of the year $ 19.51 dollars per monthly square meter and at the end of the third quarter 2021 to be located at $ 21.52 dollars per square meter per month.

Due to the difficult transit of the pandemic, this market has continued to generate confidence among investors and proof of this is the start of construction of a new corporate building called The Landmark.

This new building has a net profitable area of approximately 14 thousand square meters and is being built by firms with extensive experience in real estate development and investment.

Another complement to consider is the important constructive impulse in the industrial segment that has exhausted the vacant spaces to historical minimum levels and that has a positive impact on the corporate demand for spaces.