Within the Bajío, Querétaro represents the most prominent corporate sector, which by increasing the number of square meters of new supply in the last year increased its inventory by 15% per year.

In the second quarter of 2021, Querétaro registered the highest vacancy rate in the country, still presenting levels of oversupply, but with recovery expectations projected to 2022.

Although the second quarter of the year slightly reduced its vacancy, closing at 23.5% in this period, it still has the highest number in the country, explained Pablo López, director of Market Research for the real estate platform Solili.

This town has an inventory of 420 thousand square meters of offices at the end of the second quarter, a figure with which it remains in fourth position nationwide.

The market is characterized by having a wide variety in size, available spaces and the presence of institutional developers.

The office market price shows a recovery driven by the new supply that has entered due to the fact that prices have been maintained and it has generated slight increases; however, it is still below pre-pandemic prices.

In the second quarter, the demand for Querétaro has been maintained, driven by sales, because investors still see a profitable investment in the purchase of offices, generating a sustained demand.

Check here: Guadalajara went from being an average market to one of the most active in the country

“Construction continues to be quite stable, we counted 116,000 square meters and the total demand was 4,187 meters, the gross demand. In this case, it has still been at lower levels than it was before the pandemic; however, we are reporting a good behavior, if we compare it with other markets that almost double in size, such as Guadalajara ”, explained the director of Solili

In conclusion, the Queretaro market still shows oversupply levels, prices that are maintained and a demand that does not reach pre-pandemic levels, but that has not fallen as expected or at least volumes have been maintained.

Expectations for a prepandemic recovery, he explained, are projected towards the beginning or the middle of next year.

Greater demand for the coworking model and federal office decentralization plans are factors with a positive impact on the demand for office spaces, particularly in markets that are alternative to large spaces or traditional ones.

"The issue of the pandemic of course affects. In this rebound in the third wave, we are projecting that people are adopting it more normally, we are being aware that we still have to insert ourselves into the economy with all this wave of contagions. 

People are already going to their activities, companies continue to apply for the home office, but they are already in the preparation of the return, the incorporation to the offices, protocols and policies for the return to offices, "said Pablo Lopez.

Of interest: Which and where are the office spaces that are still in demand in a pandemic located?

After the pandemic, companies resorted to various strategies, such as expanding the area of office space per worker, establishing alternate offices or hiring coworking spaces closer to their collaborators.

“In the case of Querétaro, if I have my office in Juriquilla and it turns out that I live in the state of Corregidora, in order not to cross, it is likely that companies will choose to have representative offices through coworking in the south-central area, in the avenue 5 February; that is, that it be provided to the worker who lives near the Corregidora stadium, ”explained Pablo López.

In the country, the second quarter of the year is framed by having a corporate gross demand that maintained a volume slightly lower than that of the first quarter of 2021, but 10% above the same period last year.

Solili's analysis shows that even though some companies have announced the return of their employees to offices in a hybrid system, most still keep their teams working from home.

The positive side is that some firms have made corresponding adjustments to the budget allocated for the rent of offices, which represents the second highest expenditure of a company behind the payroll. Leasing of corporate spaces is expected to increase in the second half of this year.

In Solili you can check the available office spaces in Tijuana and Guadalajara

Original note