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Latin America Office Market Overview, 2023
Office Market Report Mexico City 3Q 2023
JLL maintains top 200 ranking on Fortune 500
This report includes 17 countries, i.e., 51% of the Latin American nation states, totaling 594 million inhabitants and amounting to 91.0% of the region’s total which, in turn, represents 7.5% of the global population.
The market continues its recovery reaching a positive net absorption during the last six quarters. Total office demand showed a 26% rise when compared to the same period last year.
The transaction volume within Baja California Sur positioned Los Cabos as one of the most dynamic residential markets with the biggest growth in Mexico.
Due to the recovery of the market, the reactivation of companies about returning to the office, adding the positive effect of near/reshoring and the growing demand for medical tourism, the vacancy rate continues to present low levels and in a healthy range
Rental prices remained stable during this quarter. Financial, technology and automotive sectors reported the highest absorption of square meters during the year.
General vision of what 10 of the main cities of LATAM do in terms of objectives and climate policies, especially in terms of buildings.
In 2022, due to the conditions mentioned in this report, Guadalajara's offices' rental prices reflect a recovery of the market after the pandemic.
Lodging demand elevated to unexpected heights. Global Hotel transaction volume increased 131% year-over-year.
Restoring employee wellbeing to achieve sustainable performance
JLL has launched its first survey on Global Logistics Real Estate to test sentiment in the market and gather fresh insights across a range of issues that could affect future occupier and investment decisions in this highly dynamic sector.
This global research provides unique insights into how investor and corporate real estate strategies are evolving to achieve better sustainability outcomes.
Mexico features robust market dynamics that make it an attractive destination for hospitality and real estate investment. Some of these factors include, but are not limited to, its strategic location and accessibility in the Americas, its robust macroeconomic profile, its favorable trade policies, its modern infrastructure, and its rich cultural heritage and natural wonders.
