Buenos Aires Office Report, Q4 2022

The stock of the corporate office market of Buenos Aires amounted to 2,033,110 square meters as of the end of 2022. After several periods with no deliveries, the last quarter of the year saw the addition of 6,000 square meters of new space, corresponding to the completion of a building in the Zona Norte GBA submarket. The vacancy rate amounted to 14.2%, that is, the lowest value in the last two years.

Furthermore, the positive net absorption of 28,200 square meters recorded during the quarter was the best register since the first three months of 2020 (the last quarter before the arrival of the pandemic), largely on account of the good performance of Class B space in the Norte GBA submarket and Class A space in Puerto Madero. Average asking prices saw yet another decline, with the fourth quarter of 2022 registering the lowest value of the last ten years, at USD 22.8 per square meter per month (against USD 23.2 per square meter per month in the previous quarter).

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