The nearshoring phenomenon will be materializing the recovery of the office real estate market in cities by 2024, with Monterrey and Mexico City being the first to achieve it, Datoz assured.
The general director of Datoz, Sergio Mireles Montaño, explained that the relocation of supply chains is benefiting the corporate sector of subnationals, this after they were affected by the pandemic and the home office was prolonged.
“Demand will probably recover or at least this rate of demand will recover to pre-pandemic levels in some markets by the second half of 2024. That would be a fabulous sign for the office market,” he said.
Regarding the time in which the markets will recover, Mireles Montaño specified that it will be for the second semester of 2024, and this behavior will be led by Monterrey in Nuevo León, based on its relationship with manufacturing, with the automotive sector and with the arrival of companies like Tesla.
According to Datoz, the estimate also starts from gross absorption levels; For example, before the pandemic (January-March 2020) they were above 10,000 square meters, and for the first quarter of 2023 they accumulated 32,081 square meters.
“We are already talking about very different levels than Monterrey was in the past. There is a clear recovery in Monterrey, it increasingly reflects that demand for office spaces,” added Datoz product manager Pablo Quezada.
projections
The general director of Datoz explained that a recovery is also forecast for Mexico City related to nearshoring, since they have identified that there are more companies that are demanding office space that belongs mainly to the manufacturing segments.
“The recovery will be driven by nearshoring. They are companies that not all occupy industrial spaces at times, but sometimes occupy office spaces and that attract companies or services from different sectors that are not only manufacturing, but also looking for other services,” he added.
Datoz’s projection coincides with what was released by Newmark, a firm that ensures that 2023 is a year in which the recovery of the office market for the country’s capital begins, and that it will be precisely for 2024 when it is consolidated.
According to Newmark, in Mexico City there is an increasing number of companies that are seeking the return of their employees. For example, they are offering innovations in the workplace, with conditions similar to working from home, seeking interaction and the hybrid model.
In fact, they are registering significant occupations during this first quarter in the Insurgentes, Norte and Reforma Centro corridors. The movements belong to sectors of the economy such as finance, call centers, logistics and electronic commerce, which together represented 23% of the total square meters absorbed throughout the city.
In addition to the projections of the platform, it is added that this week the Secretary of Economic Development of Mexico City, Fadlala Akabani, reported that due to the arrival of Tesla in Nuevo León, the corporations of this company were able to reach the capital of the country. “It is the natural financial center of our country and it is also the financial bridge between Central and South America.”
