The trend of decreasing corporate vacancy has continued to be present in almost all office markets in Mexico.

At the end of the third quarter of the year, the country's capital is the market that in absolute terms registered the largest number of areas that went from being vacant to being occupied for the figure of 122 thousand square meters. With the decrease in these areas, the vacancy in Mexico City goes from 22.6% in September 2022 to 22.1% in September 2023.

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We observe this same trend in other markets such as Monterrey, Guadalajara, Querétaro and Tijuana. In Monterrey, vacancy manages to decrease three percentage points to close in September 2023 with 14.1% after a year ago this percentage was 17.1%. 

Here the demand has maintained an important dynamism since we must consider that during that same year projects that had been being executed were completed and that began to feed the corporate inventories in Monterrey.

Guadalajara, which also managed to complete 28 thousand square meters of offices in the year, continues with the downward adjustment in its corporate vacancy, going from 15.7% to 12.5% during the last year, with figures from the Solili platform as of September 2023.

However, the greatest contraction in office vacancy is recorded in the markets of Tijuana and Querétaro, which in just one year achieved decreases of 5.3 and 3.9 percentage points.

Tijuana reported 20 thousand vacant square meters in September 2022 and a year later it only had 6.4 thousand square meters of offices by the end of Q3 2023, then 8.7 thousand square meters of new corporate spaces were completed that same year.

Of interest: Solili Offices Report, Q3 2023, accumulated national gross demand exceeds 30% compared to 2022

In the case of Querétaro, there are currently 98 thousand square meters, which percentage-wise represents 14.1% of the inventory of this market. In the Querétaro market, very few square meters have been completed in this last year, although the accumulated gross absorption from January to September manages to exceed the figures reported in the same period of 2022 by 14%.

Finally, the Mérida and León markets close Q3 2023 with vacancies of 10.7% and 10.1%, which corresponds to vacant spaces of just over 15 and 20 thousand square meters, respectively.