Real Estate Boom: Monterrey's Office Submarkets Lead Price Increase
- Office submarkets in Monterrey take center stage with a surge in prices, despite the availability rate not experiencing a significant decrease. This suggests an intriguing landscape that we will analyze with data from SiiLA Market Analytics.
A thorough study conducted by SiiLA Market Analytics sheds light on an intriguing dynamic in the office submarkets of Monterrey. Despite the complete recovery of the asset, reflected in the fact that the availability rate has not decreased, prices have experienced a significant increase. This phenomenon points towards a consistent demand in the market, even with the addition of new spaces.
At the epicenter of this upward trend is San Jerónimo-Obispado, which has witnessed an impressive 23% surge in its market price. Following closely, the Valle and Sur submarkets have recorded increases of 21%, while Valle-Oriente joins the group with a 20% uptick. These results paint a dynamic and ever-evolving real estate landscape in Monterrey.
Highlighting the price escalation, Valle, Sur, and Valle-Oriente have raised the net price by approximately US$3.50, whereas San Jerónimo-Obispado leads with a US$4.00 increase in the last year. This trend suggests an appealing economic growth and sustained demand in the office sector.
Despite this upward panorama, as mentioned earlier, the availability rate has experienced a modest decrease of just one percentage point, falling below 20%. This reduction is attributed, in part, to the continuous delivery of new office spaces throughout the year, marking a shift from the previous stagnant phase in this aspect.
For more details on office submarkets and the commercial real estate world, visit SiiLA REsource or contact us at contacto@siila.com.mx.
