- Index hide
They focus on a problem derived from the pandemic: empty offices around the world.
In 2021, CDMX accounted for more than one million unused square meters.
Experts from other parts of the world point out the cost to solve spaces.
As people begin to return to their work environment in person or hybrid, visibility has emerged for companies that failed to sustain real estate spending stemming from the Covid-19 pandemic and lockdowns.
Just in August 2021, 23 percent, almost a quarter of category A offices in Mexico City, were still emptydespite being less than 15 years old and having more than 600 square meters in the area.
And although by then the economic reactivation began little by little to take shape, this occupancy rate had not been recorded for more than 15 yearsaccording to the consulting firm JLL Mexico.
Likewise, by the end of 2021, more than 7 million 385 thousand square meters of offices were recorded in the country’s capital, of which one million thousand meters would not have been rented, which contrasts with 2020, when there was a figure of 33 percent lower.
The home office In 2020, the entire office occupancy panorama changed, because before the pandemic, there were 981,000 square meters of unoccupied offices in CMDX, almost 200,000 meters less than in 2021.
Today, with the labor reactivation almost 100 percent, the economic impact of the pandemic has made the real estate sector do a 360-degree turn, rethinking the most profitable development schemes and utilities, since offices and corporations not in all cases They are within your sights.
Given this scenario, the Association of Real Estate Developers (ADI) and the local government set out to overcome the crisis and reactivate the industry, even mixing office developments with housing.
This, in relation to the figures left by the Covid in Mexico, where the demand for residential, commercial, industrial properties, offices, and land for sale and rent increased by 67 percent, according to data provided by the Single Registry of Living place.
Empty spaces and opportunities
According to a report made by the real estate brokerage firm Cushman & Wakefield, In 2022, the availability or unoccupied footage of offices in CDMX will increase to 1 million 822 thousand 554 square meters
“By the end of 2021, the annualized net absorption of the office market of the Mexico City reached a historical low, closing the year with 398 thousand square meters, a figure that has been decreasing year after year since 2017, when it reached its highest point with more than 231 thousand square meters”, they pointed out at the beginning of the year.
Office spaces remained all of 2021 on the cautious side of companies returning to their buildings, while a large number even opted to cut their workspaces in half.
Cushman & Wakefield highlighted that the reduction in the net absorption of offices in CDMX contracted 264 thousand square meters last year, although, despite this, the availability rate reached levels of 19.2 percent in general and 22.6 percent.
The cost of maintaining empty offices
Due in part to the widespread lockdown and the home officereal estate investors are facing big losses.
Many retail, hospitality and office tenants continued to pay rent, but prices had to come down and others had to vacate space.
Globally, vacant offices represent 12 percent of the total, versus 8 percent before Covid-19; in London it is 18 percent and in New York it is close to 16 percent.
As of the third quarter of 2021, U.S. business headquarters vacancy rates rose 12 to 14 percent, meaning vacancies were matched to suburban and district branch offices. Since at the beginning of the pandemic, that is, in the first quarter of 2020, central vacancies were between 7 and 8 percent, and secondary and suburban vacancies between 10 and 11 percent.
Now read:
TikTok offers better salaries to content moderators than Facebook and Instagram
They showed income from Carlos Loret de Mola, but how much do other journalists and TV presenters earn?
These tech brands tell you how to stand out for a job in the industry