Real estate agency report Newmark Argentina about the market of class A offices in the third quarter, noted that “greater dynamism in the market reflects positive indicators in the sector“. “During the third quarter of the year, the office market showed a more favorable outlook, moderating the trend towards freeing up space and closing the period with a positive net absorption (occupied square meters minus unoccupied square meters)”he added.
The Catalina area (named after the main towers in the area, near the Retiro station in the City of Buenos Aires) returned to prominence during this period, despite the fact that traditional submarkets have suffered a general decline in demandthis area presented a greater speed of recovery, leading the rented meters during this quarter, added the report.
Newmark revealed that the vacancy showed a decrease of 0.6 percentage points and stood at 16.2%contrary to what has been shown since 2020, the year during which a gradual rise in it was observed.
For its part, Colliers Argentina also relieved in third trimester a slight decrease in vacancy in corporate spaces positioning itself at 17.9%because “the opening of commercial activities and the gradual return of workers to their workplacesin some cases under a hybrid scheme”.
“If you discriminate availability according to property categoryit can be verified that the highest vacancy occurs in A+ buildingsreaching the 18.9% (227,646 m²). Is category represents the 65% of inventory. On the other hand, real estate A class exposed a 15.9% vacancy (103,176 m²)”, analyzed John LamppostDirector of Colliers Argentina Offices.
The submarkets that reported the indices of higher vacancies were South Macrocenter (29.7%), Plaza Roma (28.8%), Downtown (22.6%) and Puerto Madero (21.4%)while North Macrocenter (4.9%) and North CABA (8.1%) they were the ones that exhibited less surface availability.
Meanwhile, the corporate real estate services company Cushman & Wakefield pointed out that in premium offices “demand for rentals increases and the interest in the purchase is maintained as a safeguard of value”.
In the office segment A classthe net absorption closed the quarter with a positive value for the first time since 2020in 9,592 m2, while the offices Class B they presented a negative number in this indicator with -7,007 m2, representing a clear search for leap in quality of demandwhat is called “Fly to quality” in the market, explained Cushman.
“The vacancy current average number of offices Class A is 15.6% and the average asking price is US$23.60/M2; the Libertador CABA submarket continues to be the most appreciated and demandedwith a average vacancy of 7.6% and the asking price is u$s/m2 29.18″, he detailed Caroline Wundesmarket research coordinator at Cushman & Wakefield.
In this contextOffice Nordeltathe first AAA+ office building of the area, that’s it 50% leased given that with the work about to be completed, companies from various fields have already signed contracts and rental reservations for 5,000 m2.
“We are very happy with the demand that the building is having. In recent months, with the return to the offices, we have noticed a significant growth in the number of visits with a good conversion rate, given the good acceptance of the product “, highlighted Pedro Podestadirector of the construction firm.
A possible explanation for this scenario could have been provided by the CEO of Globant, Martin Migoyawho highlighted this weekend from Punta del Este, who considered that workers see the office as a meeting place, beyond the possibilities of reconciling remote and face-to-face work.
Source: Ambito
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