During the past year, the office sector showed positive performance with the lowest availability rate since before the Covid-19 pandemic, according to CBRE. The industrial sector was the main driver of this trend in Monterrey, with Manufacturing, Financial Services, and Logistics leading the demand.
By the end of the past year, Monterrey had 1.4 million square meters of class A and A+ corporate spaces. 30,000 square meters were added in the Santa María corridor as part of the new supply. The vacancy rate closed at 15%, its lowest level since before the pandemic.
Construction activity remained stable with 119,000 square meters, while gross absorption was 75,000 square meters. Spaces with some degree of conditioning were the most in demand, representing 63% of annual demand.
CBRE stated: 'The development of the industrial sector has positively impacted the corporate office market in Monterrey. The sectors of Manufacturing, Financial Services, and Logistics were the main drivers of this demand, accounting for 53% of the total.'
