房地产 -2026年第一季度布宜诺斯艾利斯写字楼数据 Q1 2026 Offices Figures Buenos Aires

FIGURES|BUENOSAIRESOFFICE|Q12026

Vacancyfallsbelow15%,markingaturningpointatthestartof2026

2.283.838340.04414,9%22,619.4053.850

StocksqmAvailabilitysqmVacancyRateRentUSD/sqm/monthNetAbsorptionquartersqmProductionsqm

NetAbsorption.m)

VacancyRate(%)

MarketContext

Duringthefirstquarterof2026,theBuenosAiresofficemarketcontinuedalongapathof

gradualnormalization,withindicatorsreflectingasustainedimprovementinoccupancylevels.

Netquarterlyabsorptiontotaled19,405sqm,confirmingthecontinuityofdemand,albeitatamoremoderatepacecomparedtothepeaksobservedtowardtheendof2025.This

performanceistobeexpected,asdecision-makingtypicallyslowsduringthesummerrecess.

Only3,850sqmofnewofficespacewasdeliveredduringthequarter,allofwhichwaslocatedalongtheLibertadorCorridorintheGBANorthsubmarket.Thislimitedsupplyadditionalloweddemandtocontinueabsorbingexistingstock,contributingtoafurtherimprovementin

occupancyindicators.

Asaresult,totalavailablespacefellto340,044sqm,withinanoverallinventoryof2,283,838sqm,whilethevacancyratedeclinedto14.9%,deepeningthedownwardtrendthatbeganinpreviousquarters.

ProductionVacancyRate

202220232024

NetAbsorption

20202021

150mil

100mil

50mil

0mil

-50mil

20%

15%

10%

5%

0%

NetAbsorptionYTD,ProductionandVacancyRate

2018

2019

2025

2026

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FIGURES|BUENOSAIRESOFFICE|Q12026

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SubmarketsMap

ZONANORTEGBA

PanamericanaCorridorLibertadorGBACorridor

ZONANORTECABA

ZonaNorteCABAPalermo

PoloDOT

CBD

Retiro-PlazaSanMartínCatalinas-PlazaRoma

Microcentro

PuertoMadero

9deJulioZonaSur

DISTRITOTECNOLÓGICO

DistritoTecnológico

FIGURES|BUENOSAIRESOFFICE|Q12026

3CBRERESEARCH|Note:RentsarequotedinUSD/sq.m./month.Therentalpricecorrespondstotheaskingrentforthefirstyearofa3-to5-yearlease.©2026CBRE,INC.

Rents&Vacancy

Intermsofpricing,themarketshowedmarkedstability.The

averageaskingrentstoodatUSD22.60persqmpermonth,

withnosignificantchangescomparedtothepreviousquarter.

Thisperformancereflectsabalancedscenariobetweendemandthatremainsactiveandaverylimitedsupplyofnewspace.

Thevacancyratecontinuedtoevolvefavorably,decliningto

14.9%anddeepeningtheimprovementtrendthatbeganinthesecondhalfof2025.Thisfigurerepresentsadecreasefromthe15.1%recordedinthefourthquarterof2025andamore

pronouncedreductionwhencomparedtothethirdquarter

(16.5%)andthesecondquarterof2025(16.4%).The

compressioninvacancyismainlydrivenbythecombinationofpositivenetabsorptionandminimalnewsupply.

Despitetheoverallimprovementatthemarketlevel,significantdifferencespersistacrosssubmarkets.Corridorswithhigher

buildingqualityandbetteraccessibilitycontinuetopostvacancyratesbelowthemarketaverage,suchasPuertoMadero(8.2%),PoloSaavedra(5.3%),andtheGBANorthLibertadorCorridor(9.8%).Incontrast,structurallymorechallengedareas,

includingtheCBD(Microcentro)(25.0%)andthePanamericanaCorridor(23.9%),stillconcentratethehighestlevelsofvacantspace.Takentogether,thesedisparitiesreinforcetheviewofanincreasinglysegmentedmarket,wheretherecoveryin

occupancyisprogressingatanunevenpace.

RentsUSD/sqm/moVacancyrate

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120222023202420252026

20%

18%

16%

14%

12%

24,0

23,5

23,0

22,5

22,0

RentsandVacancy

VacancybyZone(%)

CBDDistritoTecnológicoZonaNorteCABAZonaNorteGBA25%

20%

15%

10%

5%

Q1Q2Q3Q4Q1Q2Q3Q4Q1202420252026

25

20

Q1Q2Q3Q4Q1Q2Q3Q4Q1202420252026

RentsbyZone(USD/sqm/mo)

CBDDistritoTecnológicoZonaNorteCABAZonaNorteGBA30

FIGURES|BUENOSAIRESOFFICE|Q12026

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Demand

Officedemandremainedactiveduringthequarter,withpositivenetabsorptionof19,405sqmandgrossabsorptiontotaling36,103sqm,onceagainconfirmingoccupiers’interestin

reconfiguringandoptimizingtheirworkspace.

ZonaNorteCABAwasthemaindriverofdemand,accountingfor13,919sqmofnetabsorption,primarilyfueledbytransactionsinPalermoandthebroaderZonaNorteCABAsubmarket.In

secondplace,theCBDrecordednetabsorptionof4,309sqm,displayingaheterogeneous

performanceacrosssubdistricts,withimprovementsobservedinCatalinas–PlazaRomaandPuertoMadero.

Bycontrast,somesubmarketsreportednegativenetabsorption.TheTechnologyDistrictclosedthequarterwithanetreleaseof891sqm,whileZonaSurregisteredanegativeabsorptionof1,372sqm,reflectingspacerationalizationsandisolatedtenantexits.

NetAbsorption(SQ.M)

NetAbsorptionbyZone

CBDDistritoTecnológicoZonaNorteCABAZonaNorteGBANetAbsorption

-20mil

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12023202420252026

20mil

0mil

GrossAbsorptionbySubmarket.(sq.m)Q12026

11,9mil

9,3mil

3,8mil

3,7mil

3,5mil

2,2mil

0,7mil

0,5mil

0,3mil

0,1mil

ZonaNorteCABA

C.Panamericana

C.LibertadorGBA

PuertoMadero

Catalinas-PlazaRoma

Palermo

Microcentro

Retiro-Pza.SanMartín

ZonaSur

9deJulio

0mil5mil10mil

FIGURES|BUENOSAIRESOFFICE|Q12026

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2022Q1

2022Q2

2022Q3

2022Q4

2023Q1

2023Q2

2023Q3

2023Q4

2024Q1

2024Q2

2024Q3

2024Q4

2025Q1

2025Q2

2025Q3

2025Q4

2026Q1

2026Q4

StockandProduction

TotalClassA/A+officeinventoryreached2,283,838sqm,withonlyaminimalamountofnewspacedeliveredduringthequarter.Quarterlycompletionstotaledjust3,850sqm,entirely

locatedintheGBANorthsubmarket,specificallyalongtheLibertadorCorridor.

Limitedconstructionactivitycontinuestobeoneofthemarket’skeycharacteristics,constraininginventorygrowthandreinforcingtheabsorptionofexistingspace.

Alongsideprojectsalreadyunderway,suchasParquedelaInnovación,earlysignsofrenewedactivityarebeginningtoemergeintheplanningstagesofClassAandA+officedevelopments.Theseinitiativesarebeingdrivenbylowvacancylevelsincertainsubmarketsandthelimited

availabilityofhigh-qualityspace.Newdevelopmentsareexpectedtobecompletedbytheendof2028.

Pipeline&NewSupplybyQuarter(sq.m)

PipelineProduction

40mil

30mil

20mil

10mil

17mil

11mil

0mil

StockbyZone(sq.m)

1.115mil

519mil

471mil

178mil

CBDZonaNorteGBA

ZonaNorteCABA

DistritoTecnológico

0mil500mil1.000mil

PipelinebySubmarket.2026-2027(sq.m)

17,1mil

10,7mil

Palermo

C.Panamericana

0mil5mil10mil15mil

FIGURES|BUENOSAIRESOFFICE|Q12026

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MarketStatistics

2.283.838

340.044

14,9%

22,60

19.405

36.103

3.850

Stock

Availability

Vacancy

RentsUSD/PSM/mo

NetAbsorption

GrossAbsorption

Qtr.Production

SubdistrictStockAvailabilityVacancyRentsUDS/SQM/mo✔NetAbsorptionProduction

ZonaNorteCABA471.45659.21412,6%27,7013.9190

ZonaNorteCABA224.93923.40510,4%26,6811.6840

Palermo159.11431.15219,6%28,672.2350

PoloSaavedra87.4034.6575,3%26,3700

CBD1.114.863159.16614,3%21,214.3090

PuertoMadero294.92524.2168,2%26,223.3990

Catalinas-PlazaRoma364.14747.69413,1%24,471.8460

Microcentro124.94831.21025,0%19,621800

Retiro-Pza.SanMartín90.60721.81924,1%17,761360

9deJulio89.23816.74118,8%20,611200

ZonaSur150.99917.48711,6%13,12-1.3720

ZonaNorteGBA519.381103.10619,9%22,262.0683.850

C.LibertadorGBA148.97114.5359,8%25,382.1473.850

C.Panamericana370.41088.57123,9%21,75-790

DistritoTecnológico178.13718.55810,4%20,19-8910

DistritoTecnológico178.13718.55810,4%20,19-8910

Total2283838340044149%2260194053850

FIGURES|BUENOSAIRESOFICINAS|Q12026

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BuenosAiresOffice

TorreAlemP