Mexico's office market recovers: key absorptions in 2022

The pandemic created a climate of economic recession worldwide, including in Mexico, where office availability at the national level increased due to the outflow of tenants, in the years 2020 and 2021. However, the outlook for the sector is positive in 2022, with good prospects for 2023.

Last year saw the office sector recovering. According to SiiLA's Market Overview, in 2022, the available inventory decreased, gross absorptions increased, and net absorptions had a positive balance. Moreover, the diversification of available space was observed, with the supply not only comprising areas in gray work, but also conditioned properties (with basic facilities) and Plug & Play (with furniture).

In this context, SiiLA has prepared a list of the five most significant rents (by square meters absorbed) in 2022.

1st place: Distrito Polanco

Distrito Polanco, owned by developer Simetric, is a mixed-use building with 12 levels located in the Third Section of Chapultepec Forest in Mexico City. The building is LEED certified, and in the second quarter of 2022, Uber absorbed more than 21,000 square meters.

2nd place: The Summit Santa Fe

The Summit Santa Fe, a property located in Cuajimalpa in Mexico City, was built by real estate developer FREL. In 2022, the banking company City Bank leased more than 10,500 square meters in this LEED-certified luxury office tower with commercial areas.

3rd place: Work Polanco

Located in the Miguel Hidalgo district of Mexico City, Work Polanco is a LEED-certified building by Grupo Del Parque. It is a project with more than 20,000 rentable square meters of office space distributed over 11 levels. Last year, the Brazilian fintech Nubank absorbed more than nine thousand square meters in this property.

4th place: Plaza Campos Eliseos Uno - Tower B

Plaza Campos Eliseos Uno - Tower B, located in the Miguel Hidalgo district of Mexico City, was built by the developer GICSA and acquired by the real estate trust FIBRA Uno. The Class-A corporate building is home to companies such as WeWork. In the middle of last year, CI Banco leased more than 8,800 square meters in the tower.

5th place: Periférico Sur 4407

Escuela Bancaria y Comercial leased almost 5,600 square meters in Periférico Sur 4407, a building located in Mexico City's Tlalpan district, in 2022. By the fourth quarter of 2022, this real estate project had a conversion from corporate real estate to educational real estate.

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