During the last quarter of last year, the demand for office space experienced a significant increase, reaching 24,000 square meters (m2) marketed, which brought the annual total to 75,000 m2, an increase of 17.2% compared to the previous year. According to the analysis department of the real estate firm CBRE, this positive performance was primarily driven by the manufacturing, financial services, and logistics sectors, which together represented 53% of total demand.
In terms of annual absorption, the manufacturing sector played a prominent role, representing 20% of the total leased space, followed by financial services at 18% and logistics & transportation at 16%. Spaces with some degree of conditioning were the most requested by clients, covering 63% of annual demand, despite constituting only 35% of total availability.
CBRE mentioned that construction activity remained stable at the close of the year, with a forecasted completion of around 56,000 m2 during the next year. The development of the industrial sector has had a positive impact on the corporate office market in recent months, according to the report.
The submarkets with the highest annual gross absorption were Valle Oriente (29%), Santa María (28%), and Margain-Gómez Morin (17%), totaling more than 54,000 m2. Additionally, net absorption in 2024 improved by 21.2% compared to the previous year, closing at 56,000 m2.
The vacancy rate in Monterrey continued to decrease in the last months of the previous year, closing at 15%, which equates to about 215,000 m2 available and in the marketing process. For the current year, it is expected that the market will resume its growth with the delivery of new buildings in submarkets such as Valle Oriente and Margáin-Gómez Morín.
At the end of 2024, the inventory of corporate offices in Monterrey remained at 1.44 million m2 of Class A and A+, with no new finished supply recorded in the last quarter. Despite a reclassification of some buildings at the beginning of the year, the figure remained stable compared to the end of 2023.
