COVID 'vacates' the equivalent of 8 times Mexico's largest mall

The absorption of commercial space in Mexico City alone, the most important market in the country grew 87 percent in one year, after major brands such as Best Buy, movie theaters and restaurants adjusted their business strategy in Mexico because of the COVID, said Alejandro Delgado, country manager of the real estate platform SiiLA.

"During 2020 the gross absorption that there was in Mexico City alone, during all of 2020 a little more than 14 thousand 600 square meters were absorbed and in 2021 this number rises to 115 thousand m2, this tells us that the sector is recovering," he said.

Among the main tenants that have driven the recovery last year are the occupation of spaces by the gym firm Energy Fitness, with more than 18 thousand square meters, Suburbia with 9 thousand 755 meters, Walmart Express, with 5 thousand 853 meters and Palacio de Hierro with more than 2 thousand meters.

In contrast, total tenant departures totaled more than 136,544 square meters vacated at the close of 2021, a 32 percent increase over the 103,387 square meters abandoned in 2020 due to the pandemic.

Read the full article