With a marked oversupply from the Covid-19 pandemic and accentuated in the first quarter of 2021, the office real estate sector in Querétaro registers unemployment levels of 30%, as well as a drop in rental prices.

These market levels reported from the restrictive measures that were given to economic activity throughout 2020, and that, through health protocols, the advancement of the National Vaccination Plan and an electoral process that has concluded, the The bet of this segment is to recover the occupation of at least 20% of these places at the end of this year.

According to the report of the first quarter of 2021 of the real estate platform Solili, in the state there are 99,998 square meters available, placing Querétaro together with Mexico City and Puebla as the entities with the greatest impact of vacancies.

We recommend: Large office projects are completed in Querétaro

But despite the slowdown in construction, 30% lower than the same period, but in 2020, movements are noted that make foresee a return to corporate projects that were pending.

In this sense, during the first quarter of this year, two buildings were added to the local inventory that completed construction on the Juriquilla corridor and that together add about 28 thousand square meters of net profitable area, to add Querétaro a total of 406 thousand 162 meters squares in inventory.

The report specifies that most of the movements in rent are on the corridors Juriquilla, 5 de febrero and Centro Sur, although in contrast there is a high number of office vacancies in Centro Sur.

It may interest you: Mexico City is positioned as the first Latin American City of the Future

For the Solili platform, the reactivation of the sector can be observed, with the monitoring of the projects under construction, and the planned projects that will start within the following quarters, such as the case of Xentric District in the Juriquilla corridor or Nowus in Central South ” .

Regarding rental prices in this new normality, he refers that the majority of tenants nationwide continue to make downward modifications, with promotion schemes both in price and in the duration of the contract.

Between December 2020 and March 2021, the rental price of offices per square meter fell from 15.01 to 13.39 dollars. Prices remain down in the face of oversupply levels.

In an interview, the local president of the Mexican Association of Real Estate Professionals (Ampi), Jaime Alcocer Durán, said that the vacancy of offices in Querétaro has been 30%, since no one was prepared for a health contingency that already has more than a year ¨ unemployed ”in this sector.

If you want to know more about the behavior of the office market in the city of Querétaro, you can consult the report with the most up-to-date figures here.

Read the full note