Office market battle: Offices win against home office, demand surges in prime Buenos Aires locations

The office real estate market in Buenos Aires is demonstrating robust health, defying earlier predictions of a decline due to remote work trends. Participants at a recent Real Estate Summit organized by LA NACION described the market as "solid and dynamic," highlighting a sustained period of positive net absorption for the past year and a half.

Fernando Novoa Uriarte, partner and director at Newmark Argentina, reported that in the first quarter of 2026, demand reached 36,000 net square meters. This follows a strong 2025, which saw 166,000 gross square meters demanded, resulting in a net absorption of 80,000 square meters after accounting for returned spaces. "The demand exists, and perhaps the challenge lies in the supply," Uriarte noted.

However, the demand is not evenly distributed across the city. Nicolás Cox Montt, president of CBRE Argentina and Chile, explained that certain "submarkets" are absorbing demand much faster. Catalinas, the Corredor Libertador, and the Polo Dot area are identified as hotspots where the most sought-after spaces are located. This mirrors trends in other major Latin American cities, where prime locations thrive while others struggle.

Hernán Castro, Head of Office Brokerage at Cushman & Wakefield, further distinguished between these submarkets. He confirmed that Catalinas, featuring the most modern buildings, has achieved zero vacancy. Similarly, the Corredor Norte Libertador also shows very low vacancy rates in its prime properties. This indicates a clear bifurcation: premium, modern offices in desirable areas are in high demand, while older buildings or those in less strategic locations face greater challenges. Experts agree that many companies have used recent years to "upgrade" their office portfolios, seeking better quality and locations.