Real estate: the market for offices and commercial premises is beginning to pick up

Gradually, with the recovery of economic activity, the market for offices and commercial premises is beginning to reverse the negative trend who signed it during the pandemic, especially in the downtown area of ​​Buenos Aires.

Various surveys show a rebound in rental and occupancy levels of these qualities. Although many still need to withdraw the segment from hybrid employment development, which provides – to a large extent – with corporate spaces.

“Consultations experience a climb between March and April”, Assured Solange Esseiva, owner of real estate company H-54. And it specifies that searches are concentrated in the Triple A (premium) office market and in areas in the corners or ground floor of building categories in areas such as Palermo and Vicente Lopez, especially in the pole located in Panamericana and General Paz.

“Clients call us to take them specific properties, such as offices between 300 m2 and 500 m2, and areas between 200 m2 and 300 m2 “, detailed the real estate expert.

As he explained, this trend is due to the fact that with the advancement of vaccination and the marked decrease in coronavirus infections, companies are returning to frontal work and the market is heading into recovery.

“The best work today is Palermo, especially the offices located in new buildings and with 24 -hour security “, whose cost is between US $ 20 and US $ 22 per m2,” he said.

more movement

According to Cushman & Wakefield, a real estate services firm that typically analyzes statistics of this market, The year began with more movement in the class B office market.

“In the first quarter, 12,937 m2 were leased, mostly in the South Center submarket.” So, it reverses the negative trend originating in the third quarter of 2020according to the rule.

This recovery, however, took place along with rental price reduction: “The average inquiry price dropped 11%, remaining at US $ 16.9 per m2.”

Regarding the vacancy rate, despite going from 7.8% to 10.6% on the interannual measurement, “This quarter has had a slight decrease compared to the previous one, data that allow us to indicate that the negative impact of the pandemic is diminishing ”, featured Carolina Wundes, market research analyst at Cushman & Wakefield.

According to Esseiva, the biggest market movements were also observed in areas relatively far from downtown (where activity is still very difficult) because there are many offices looking to expand but not leaving the downtown area.

“We have noticed that there is a need for companies to move to higher category neighborhoods and buildings, as long as are not in locations too far from current locations so as not to create further problems for their employees on the issue of moving and moving from their homes ”, specified the owner of H-54.

what about the locals

About commercial area, the thing that thrived more was gastronomydue to the reactivation of consumption and arrival of tourists.

“In this sector we are also experiencing greater mobility. There are more cases where business owners decide move them to another space, taking advantage of an opportunity, in a context where a increasing supplyItinuro is Esseiva.

Its clients have expressed greater interest in areas between 100 m2 and 200 m2, especially for franchise expansionhe detailed.

A recent survey by the Argentine Chamber of Commerce and Services (CAC), conducted between March and April, also found that the number of empty spaces in the main commercial areas of the City of Buenos Aires recorded a decrease of 25.4% compared to the same period in 2021.

In the second two months of 2022, this was observed total 341 premises for sale, rent or closed in the areas examined. With respect to the previous measurement, from January to February, a decrease was also seen, in this case, of 9.8%, since then the vacant areas were 378.

If we only examine places for rent and sale (that is, the offers), this survey observed that, for rent, there was a decrease of 25.69% compared to the previous two months and a decrease of 39.5% compared to 2021, while for sale they dropped by 25% . in January-February and decreased by 37.9% compared to March-April 2021.

NE