SiiLA Mexico estimates a drop in office vacancy during 2022

Office vacancy rates in Mexico are estimated to decrease in 2022 as property owners adapt to the new reality.
Prices in the corporate real estate market have remained stable, defying initial predictions of a decrease. The reconversion of vacant office spaces into other uses, such as co-living spaces, is seen as a positive strategy for the sector.

SiiLA México. Photo: Abraham de Pexels

01/12/2022

SiiLA in México estimates a decrease in office vacancy rates during 2022 as property owners have taken actions to adapt to the new reality. The pandemic significantly impacted the real estate industry, particularly in the office sector, as non-essential businesses implemented remote work, leading to a national increase in office vacancy rates. However, according to Alejandro Delgado, Country Manager Mexico at SiiLA, office vacancies have been decreasing notably in recent quarters in the markets monitored by the platform.

Delgado expects this downward trend in office vacancies to continue in the first months of 2022. However, the absorption of office spaces may face challenges as companies are now seeking reduced office spaces compared to before. Despite the initial predictions, prices in the corporate real estate market have remained similar to pre-pandemic levels. Additionally, the reconversion of vacant office spaces into other uses, such as co-living spaces, is seen as a positive strategy for the real estate sector.

In conclusion, property owners have taken actions to adapt to the new reality, resulting in a more favorable outlook for 2022 compared to the previous year. Challenges persist, but the industry is witnessing efforts to adjust to the evolving landscape.

Read the full article (in Spanish).

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