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Mexico's office market recovers in 2022: Market Overview

By SiiLA

This Tuesday, January 17, SiiLA's Country Manager Mexico, Alejandro Delgado, presented the updated outlook of the commercial real estate market (Market Overview) as of the fourth quarter of 2022. Every quarter, SiiLA presents a report on real estate trends in Mexico's office sector.

In this edition of SiiLA's Market Overview, Alejandro Delgado indicated that 2022 was a year of recovery for offices in the primary markets nationwide, which include the cities of Mexico City, Monterrey, and Guadalajara.

After two years (2020 and 2021) in which the pandemic generated a climate of economic recession at a global level, including Mexico, in which the availability of offices at a national level increased due to the outflow of tenants, the outlook for this sector was positive in 2022, with good prospects for 2023.

In general, the office market saw a diversification of the available space, as the supply includes areas in gray work, refurbished properties (with basic facilities), and Plug & Play (with furniture).

In Mexico City, Monterrey and Guadalajara, 2022 was a year of recovery. Inventory on hand was reduced, gross absorptions increased, and net absorptions had a positive balance.

Alejandro Delgado pointed out that in Monterrey was a year of low new inventory additions and that net absorption in this city was one of the most significant in the last four years. Likewise, SiiLA's Country Manager in Mexico said that in Guadalajara, despite the economic slowdown, there was never a negative net absorption.

SiiLA is the leading analysis and intelligence platform for the commercial real estate market in Latin America, with offices in Mexico, Brazil, and Colombia.

SiiLA's Market Overview is exclusive content for clients. If you are interested in obtaining more information and insights on Mexico's commercial real estate market, please get in touch with us at

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