We know that the rental price is a determining element when renting an office space and that it must include the analysis of the so-called value price, which consists of evaluating what we receive of value within that price.

The corporate market as a result of the pandemic went through and continues to go through various challenges to achieve that part of the vacancy is absorbed in the midst of an environment where practically no new constructions are incorporated.

In general terms, the average rental prices of all corporate markets nationwide have been adjusted upwards between 1Q 2022 and 4Q 2021, the main cause being the impact of the inflationary increase common to all of them.

But even with these increases we have more attractive corporate markets in terms of rental prices and this is the case of Querétaro, León y Puebla, which at the end of the first quarter of 2022 registered average rents of $14.6, $14.9 and $13.5 dollars per square meter per month.

Check here: Diversification of uses and certifications real estate trends

If we compare the average rental price of offices in Querétaro, Puebla or León with those registered in Mexico City, we will find decreases of $7.7, $6.6 and $6.3 dollars per monthly square meter, respectively.

If the comparison is made with a medium market such as Tijuana, the downward differences with Querétaro, Puebla and León would still be considerable with lower values of $5.2, $4.9 and $6.30 dollars per square meter per month, respectively.

Although the price is the result of the interaction between supply and demand, there is also a correlation with the cost of producing the real estate, which in this case is an office. The direct costs of construction, although they differ from one region to another, do not fully justify the differences in prices, and for this reason the cost of the land with infrastructure is key to justifying part of the discrepancies.

Here markets such as Querétaro have managed to advance in terms of their inventory, which exceeds 460 thousand square meters and is well above entities such as Tijuana, León and Puebla. Querétaro has achieved a 10% increase in the average rent since the beginning of the year and the interaction of supply and demand is key to justify the variation, in the midst of a vacancy that has been adjusted downward and closes with 17.7% in May 2022 .

Of interest: Demand for offices in Tijuana remains as active as in pre-pandemic periods

León has registered the greatest movement in rental prices so far this year and closes in May 2022 with $14.0 dollars per month per meter, while the vacancy has been rising due to the delivery of a mixed-use building in the Campestre-Country corridor.

Finally, Puebla is going through the circumstance of having the highest corporate vacancy at the national level, registering 25.8% at the end of May 2022. It should be noted that during the first quarter of the year the demand in this market has been mobilized and it has been activated on Class A real estate in the Angelópolis corridor so we could expect increases in rental prices.

In this context, if any tenant seeks to establish a new corporate operation center in the main cities of Mexico, they will find in Querétaro, León and Puebla the most competitive rental prices but with spaces that compete in quality with those of the rest of the cities of the country.