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OFICINASINVENTARIO Y CONSTRUCCIÓN (M2) CLASE A+ Y AESPERADOS HACIA 2015The projections for the followingyears are optimistic: the FIBRASprofessionalized the real estate marketand continue to invest in corporateproperties; rental prices have shownstability throughout the year and areexpected to follow the same trend.Debemos destacar que la actividad del mercadoinmobiliario corporativo se ha mostradoactivo, lo cual ha propiciado que la tasade disponibilidad de clase A+ y A se mantengaa la baja, registrando al final del tercertrimestre un 15%. En lo que va del año, elmercado demandó más de 80 mil metroscuadrados, ajustando a la baja 1 punto porcentualla tasa de disponibilidad, comparadocon el 2T de 2014 (14%). En lo que respectaa inmuebles de clase A+ y A, se tienen actualmentemonitoreados más de 200 milm² en construcción y más de 40 mil m² enproyecto; se espera que dichos proyectos seincorporen durante los siguientes años. Losprecios de renta en la ciudad de Monterrey,muestran un rango entre 13 y 35 dólares porm2, dentro de sus principales corredores(Gráfica 2).GUADALAJARADurante el 2014, en los 7 principales corredoresde Guadalajara, se monitoreó la incorporaciónde 2 inmuebles clase A+ y A, dichosinmuebles incrementaron el inventarioen más de 20 mil metros cuadrados y cercadel 50% del espacio disponible fue precomercializado.La actividad del mercadoinmobiliario se ha desempeñado de maneraconstante, registrándose arrendamientosque ocasionaron que la tasa de disponibilidadse encuentre en un promedio de 12%.En lo que respecta a inmuebles clase A+ yA, actualmente se tienen monitoreados másde 50 mil m² en construcción, esperandoque se incorporen durante el periodo de2014 - 2016. Los precios en renta, dentrode sus principales corredores, muestran enpromedio 20 dólares por metro cuadrado, yse espera que se mantengan de este mismomodo.Debemos destacar que las perspectivaspara los siguientes años 2015 y 2016 sonoptimistas (Gráfica 3). Las Fibras han profesionalizadoaún más el mercado inmobiliarioy continúan invirtiendo en inmuebles corporativos.En cuanto a los precios de arrendamientode las tres ciudades, han mostradoestabilidad a lo largo del año y se espera quepermanezcan con la misma tendencia. Entérminos generales, el mercado de oficinasen las distintas ciudades del país continúa endesarrollo y se espera que continúe con estamisma inercia.Mexico´s main office markets are locatedin Monterrey, Guadalajara andMexico City, during 2014 the inventoryand market activity of the three cities continueto be proactive, even though the variations betweenone city to another.In Mexico City major operations in pre leaseproperties and the development of new worldclass buildings continues. Monterrey, continuesto show an important amount of available surface,however, activity has adjusted down thevacancy rate. Guadalajara, showed moderateactivity in absorption and development of newproperties, however, it´s expected that the marketwill mature in the medium term (Graph 1).Mexico CityIn 2014, 13 class A + and A buildings were incorporatedinto the market, increasing the inventoryfor more than 180,000 s.q.m, 5 propertiesshowed pre-leasing operations. During 2014,activity in the real estate market has been veryimportant, relevant leases were recorded atdifferent properties, so the vacancy rate remainedconstant at levels of 11%. Currently,there are monitored over 1.2 million s.q.m. underconstruction in properties class A + and A.These projects are expected to be incorporatedin subsequent years. The Central BussinessDistrict sub markets (Reforma, Polanco andLomas Palmas) show an average lease price of27USD per square meter, while for de suburbanareas the average price is 22USD per squaremeter, it is important to mention that prices areexpected to continue with the same behavior.MonterreyDuring 2014, within the 7 submarkets eightproperties from class A + and A were incorporatedin the metropolitan area of Monterrey.Remarkably, the activity of the corporate realestate market has been active this has adjustthe class A + and A availability downwards,ending the third quarter in 15%. So far this year,the market has demanded more than 80 thousandsquare meters, which is 1% lower than theavailability rate of Q2 2014 (14%). In regard toproperty class A + and A, we have monitoredmore than 200 thousand square meters underconstruction, and more than 40,000 s.q.m inproject. These projects are expected to be incorporatedin subsequent years. Rental rates inMonterrey City show a range between US $ 13to US $ 35 USD per s.q.m. within its main corridors(Graph 2).GuadalajaraDuring 2014, in the 7 main corridors of Guadalajara,2 properties class A + and A were incorporated,those properties increased the inventoryin 20 thousand square meters and about 50% ofthe available space was pre-leased. The activityin the real estate market has performed steadilykeeping the vacancy rate in average of 12%.In regard to property class A + and A, at presenttime, we have monitored more than 50,000s.q.m. under construction that are expected tojoin the inventory during the period from 2014to 2016. The prices for rent, within its main corridorsshown on average $ 20 USD per squaremeter and no variations are expected.We must emphasize that the projections forthe following years 2015 and 2016 are optimistic(Graph 3); the FIBRAS professionalized the realestate market and continue to invest in corporateproperties. As for rental prices all three cities,have shown stability throughout the year and areexpected to follow the same trend. Overall, theoffice market in different cities of the country isstill under development and is expected to continuewith the same motion.•124www.inmobiliare.com