Meta, Owner of Facebook, Leaves Corporate Spaces in Latin America, the US, and Europe

The big tech giant Meta, owner of Facebook, Instagram, and WhatsApp, is relinquishing its primary office in London, England. The company will incur a contract breach fine of £149 million, approximately US$ 181 million.

This fact was reported by the Financial Times, which discovered the information after the property owner, British Land, reported a short-term impact on their profits. Meta occupied an eight-story building at 1 Triton Square in London, England. According to the report, the company will either surrender or sublease 92,903 sqm of office space across Europe, primarily in England and Ireland.

Similar moves also occur in the Americas, in Meta's home country and in Brazil. In 2022, in the United States, Meta surrendered offices in New York and canceled expansion plans in Austin, the capital of Texas.

Data from SiiLA, which monitors major office markets in Latin America, indicates that in Brazil, in the second quarter of this year, the company vacated 9,081 sqm in the Infinity Tower in the Itaim Bibi region of São Paulo after announcing mass layoffs. The big tech company currently occupies 21,416 sqm at the B32 – Birmann 32 property on Faria Lima.
The company first occupied space in the Infinity Tower in 2016 with an 851 sqm office and expanded yearly until 2019. In the third quarter of 2020, Meta further expanded its occupancy, leasing 11 floors at Birmann 32.

In other Latin American countries, the company's presence is robust. Data from SiiLA shows that in Mexico City, Mexico, in the first quarter of 2022, Meta leased 4,095 sqm at Torre Virreyes, popularly known as El Dorito, totaling 6,458 sqm of the big tech's occupancy in the development.

Meta is also present in Colombia, albeit on a smaller scale. According to SiiLA data, the company occupies 1,100 sqm at Sequoya Plaza in Bogotá since the third quarter of 2021, when the tower opened.

Meta's Properties in LATAM

All buildings occupied by the company in Brazil, Colombia, and Mexico are top-tier properties according to the SiiLA classification. Birmann 32, where the company's headquarters is in São Paulo, is an A+ development with a vacancy rate of 4.14%.

Torre Virreyes is also rated A+ in Mexico, with a vacancy rate of 1.52%. The private area of this development is 60,000 sqm. This asset was opened in 2015, and the company shares the space with companies in the finance, technology, and other sectors.

The Colombian headquarters of the company in Sequoya Plaza is another A+ building, fully occupied. The asset has ten floors, where Meta shares space with other technology, energy, and legal firms. Its private area is 9.7 thousand sqm, and, like developments in other countries, it holds a sustainability certificate.

To obtain more information about this and other tenants in the commercial real estate market, explore SiiLA REsource or contact us at contacto@siila.com.mx.