Buenos Aires Office Report, Q2 2021
The corporate office stock of Buenos Aires remained unchanged during the second quarter of 2021 with respect to the first quarter, totaling 2,020,000 square meters. In terms of vacancy, the period saw once again a quarter-on-quarter increase, for an unprecedented seventh time in a row. Thus, the vacancy rate reached a historical record high, at 16.3%. Compared with the pre-pandemic value (7.4%), the surge amounts to 120%.
The decline in the demand for corporate office space is evidenced in the overall negative absorption recorded during the quarter (-28,400).
One year into the pandemic, the average price decreased by 6.7% (USD 26.7 and USD 24.9).