In the third quarter, there was an increase in the number of vacant “class A” offices, which are the highest category. The vacancy in the sector increased 20% to 10.8%, although more movement began to be seen in the market, according to the corporate real estate services company Cushman & Wakefield.
The report indicated that after a first semester severely affected by the prevention measures around the pandemic of coronavirus, companies increased inquiries, although vacancies grew again.
According to market operators, this third quarter began to reflect greater movements and inquiries by companies, although availability closed at 10.8%, with an increase of 20% compared to the previous quarter.
The largest available surface of premium offices is in the Catalinas-Plaza Roma areas, where there are 30,316 square meters. In second place are the offices of Puerto Madero, with 28,204 square meters, and the corridor of the Panamericana completes the podium, with 27,489 square meters.
But, in addition, from the complete survey it appears that the downtown area concentrated 61.1% of the total available surface.
“A large part of the consultations made were in the non-central area, mostly in the Corredor Libertador. The main tools on the part of the owners to combat the vacancy were the flexibility in closing price Y improvement in delivery conditions, that helped reduce the cost of setting up companies, “said Hernán Castro, senior broker at Cushman & Wakefield.
According to the company, the future outlook indicates that the current surface under construction would increase the inventory of class A offices by 15.9%, and by the end of this year they could reach 90,000 square meters and more than 100,000 square meters in 2021 , due to the reactivation in the construction industry during the third quarter.
Meanwhile, the Newmark Knight Frank firm indicated that the third quarter of the year registered an increase in vacancies and negative net absorption, with a vacancy percentage that closed at 11.01% of available inventory.
Average rental value dropped slightly compared to the second quarter, averaging US $ 26.04 per month per square meter. “The return to workspaces is taking place gradually, with scaled-down teams operating on alternate days to reduce occupancy and maintain social distance,” observed NKF.
He noted that “although there are still no certain dates for returning to the offices and the new normal, we know that the home office is here to stay, where a rotating percentage close to 30% will work from home. “
In this third quarter there were no new additions to the stock of class A offices, since the return to activity is still very recent and gradual, resulting in a significant delay for the works in progress, he concluded.
Source: Telam Agency.