The current macroeconomic scenario presents differences in investment behavior across various countries in Latin America. While Mexico remains on alert, Argentina shows signs of improvement, and Brazil is still awaiting signs of change. Despite these disparities, the 11 markets that make up the region are showing signs of recovery, albeit at different rates.
According to a report from the real estate services firm Newmark, high availability rates persist in Latin America, reaching record levels of up to 31.5% in Rio de Janeiro and 26.2% in Panama. These figures present a scenario preceding the expected economic recovery that will incorporate new spaces into the market and foster absorption.
Amid this landscape, Mexico City (CDMX) stands out, maintaining its leadership with an inventory of 8.08 million m2, an availability of 23.1%, rents of $23 below pre-pandemic levels, and the integration of new projects for 2025. On the other hand, Guadalajara shows sustained dynamism in the last 4 years, with an availability of 11.7% and a portfolio of 810 thousand m2.
In contrast, Monterrey faces challenges despite anticipated industrial development, as its inventory of 1.48 million m2 records an availability of 19%. This situation is reflected in significant vacancies in the corridors of Valle Oriente, Santa María, and Margain-Gómez, with rents decreasing to $19.21 per m2, 10% less than in the previous cycle.
The numbers from the main Mexican markets differ from the average availability in Latin America, which reached 20.4% in the first half of the year, with rents at $19.17 and an inventory of 29.88 million m2, to which 1.44 million under construction are expected to be added. Additionally, an indicator supporting recovery in markets such as Santiago de Chile and Rio de Janeiro is the increase in rents, which grew by 30% and 13% respectively.
