Q3 2023 in Mexico. Torres Obispado, Corporativo Dos Puntas, and Chapultepec Uno Lead Office Absorptions

In Q1 2023, Mexico's prime office markets witnessed a gross absorption of about 163,000 square meters, marking the year's peak tenant influx. This surge suggests a steady rebound in space demand, though 2023's activity has been more muted than 2022. However, according to SiiLA's data, space absorption is inching closer to pre-pandemic levels.

Despite challenges, the stats reveal an upward trend in Mexico's office sector. This market resilience mirrors the integration of flexible space models like coworking and pre-build and plug-and-play offers. Moreover, tenant groups such as FIRE, ensuring medium to long-term leases, and TAMI tenants, breaking ground and luring major tech firms, have bolstered the country's office sector stability.

Between July and September, absorptions mirrored a demand for high-quality spaces, with 94% of the absorbed area being A+ and A-grade, predominantly ranging from 200 to 500 square meters.

As per SiiLA, 68% of the Gross Leasable Area (GLA) absorbed in Q3 was in Mexico City, followed by Monterrey (16%) and Guadalajara (13%). In these hubs, demand gravitated towards urban centers like San Jeronimo-Obispado in Monterrey or Puerta de Hierro in Guadalajara, and commercial-dense zones like Insurgentes, Reforma, and Santa Fe in Mexico City.

Top Three In-Demand Buildings in Q3 2023

In Q3 2023, three real estate complexes accounted for 11% of the country's primary office market absorptions. They are Torres Obispado in Monterrey, with over 8,600 square meters; Corporativo Dos Puntas in Guadalajara, exceeding 5,200 square meters; and Chapultepec Uno – R509 in Mexico City, nearing 3,800 square meters.

These three properties share traits: they're A+ mixed-use buildings with LEED Gold certification, located in high-population density and economically vibrant areas. All towers have more than 20 floors, making them skyscrapers as per the Council on Tall Buildings and Urban Habitat (CTBUH) standards.

Torres Obispado, a landmark in Monterrey, encompasses luxury offices and residences. Its Torre Obispado Uno, at 305 meters, stands as Latin America's tallest building. Beyond its sleek design and stature, it offers recreational areas and green spaces.

Corporativo Dos Puntas, a 100-meter tower on Guadalajara's main artery, Avenida Real Acueducto, boasts 20 office floors and two commercial levels. This avant-garde edifice embodies efficiency, security, eco-awareness, and cutting-edge technology.

Chapultepec Uno – R509, a contemporary skyscraper in Mexico City's Paseo de la Reforma near Bosque de Chapultepec, rises to almost 242 meters. This luxury tower houses offices, apartments, and a hotel.

Buildings, beyond being physical entities, encapsulate society's dynamism, evolution, and aspirations. The data underscores a growing preference for top-tier workspaces and structures that not only offer functionality but harmoniously blend with their surroundings, reflecting modern values like sustainability and eco-consciousness. These edifices epitomize the collective ambition to marry productivity with well-being, aesthetics with efficiency, and spaces that bolster economic activity and enhance human experiences.

For availabilities in buildings like Chapultepec Uno – R509, explore SiiLA SPOT, Mexico's largest and most comprehensive database of available industrial, office and coworking spaces. For more details, contact us at spot@siila.com.mx.