Two projects in San Jeronimo-Obispado to bring development to MTY

The San Jeronimo-Obispado real estate submarket is set to welcome two new mixed-use developments, making it a fierce competitor to popular shopping centers in Sultana del Norte, such as Galerías Monterrey, Paseo San Pedro, and Plaza Fiesta San Agustín.

The first project, Alaia Cumbres City Center, is shaping up to be a high-end fashion center, with anchor stores, a central plaza, 208 apartments, and a complex of 172 class A+ offices. This property will be almost half the size of Rufino Tamayo Park, covering an area of approximately 40,000 square meters.

The second project, Paseo Cumbres, is a luxurious development that will house apartments, offices (class A+), and close to 150 commercial spaces with luxury stores, restaurants, cinemas, and a boutique hotel. This development is projected to cover an area of 20,000 square meters.

Both projects are in a developing area in Monterrey, which may be attractive to investors and potential buyers. The San Jeronimo-Obispado region has seen significant development in recent years, with numerous real estate and commercial projects being registered.

According to SiiLA Market Analytics, the area occupied by retail businesses in the St. Jerome-Obispado submarket increased by 6% in the last two years. This growth indicates a partial recovery of the sector after the pandemic, as it went hand in hand with an increase in gross absorption and tenant retention, which helped net absorption return to positive in 2021 and 2022.

The office sector in the San Jeronimo-Obispado submarket is also gaining traction, with the occupancy rate growing since 2020, closing last year at over 87%. This may indicate that companies are expanding or relocating to the region, a sign of a healthy and growing real estate market.

San Jeronimo-Obispado is an important area in Monterrey for commerce and retail due to its prime location and urban development. It is a region with a high concentration of high-end housing and historical buildings, making it attractive for developing high-end retail and services.

The addition of two new mixed-use developments will further strengthen the San Jeronimo-Obispado submarket's position as a competitor to Monterrey's busiest retail centers, ultimately contributing to the local economy by generating jobs, increasing competition, and improving the quality of products and services in the region, which could contribute to social development.

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