Mexico's office market recovers in 2022: Market Overview

On Tuesday, January 17th, Alejandro Delgado, SiiLA's Mexico Country Manager, presented the updated overview of the commercial real estate market (Market Overview) for the fourth quarter of 2022. SiiLA presents a report on real estate trends in Mexico's office sector every quarter. 

In this edition of SiiLA's Market Overview, Alejandro Delgado stated that 2022 was a year of recovery for offices in the main markets nationwide, including Mexico City, Monterrey, and Guadalajara. After two years of pandemic-induced economic recession (2020 and 2021), including Mexico, where the availability of offices nationwide increased due to tenant departures, the outlook for this sector was positive in 2022, with good prospects for 2023. 

Overall, there was a diversification of available space in the office market, as the offer not only covers spaces in grey work, but also conditioned properties (with basic facilities) and Plug & Play (with furniture). 

In Mexico City, Monterrey, and Guadalajara, 2022 was a year of recovery. The available inventory decreased, gross absorptions increased, and net absorptions had a positive balance. 

Alejandro Delgado highlighted that in Monterrey, it was a year of little new inventory incorporation, and that net absorption in this city was one of the most significant in the last four years. Likewise, SiiLA's Mexico Country Manager stated that in Guadalajara, despite the economic slowdown, there was never negative net absorption. 

SiiLA is the leading platform in analysis and intelligence for the commercial real estate market in Latin America, with offices in Mexico, Brazil, and Colombia. 

SiiLA's Market Overview is exclusive content for clients. If you are interested in obtaining more information and insights on the commercial real estate market in Mexico, please write to us at contacto@siila.com.mx.