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The real estate business that took an unexpected turn and is now missing meters - La Nacion Propiedades
Source:
www.lanacion.com.ar
July 31, 2025
By Carla Quiroga
The Libertador corridor in Núñez, one of the most sought-after areas for companies
With a select group of experts, Nicolás Cox, president of CBRE Argentina and Chile; Diego Kexel, general manager of WeWork Latin America; Fernando Novoa Uriarte, partner at Newmark Argentina; Facundo Gago, executive director of Solutions Development for JLL Latin America; and Rafael Nolazco, general director of Cushman Wakefield for Argentina and Chile, analyzed the present and future of the office market, a sector that surprised with two news items in recent months: JP Morgan leased an entire 20-story tower in the Núñez neighborhood , which is not yet finished, and Chevron leased an entire building in Puerto Madero to expand its operations.
The JP Morgan contract for the 23,000 m² was closed by CBRE, and the oil company deal was handled by JLL. "These are not exceptional events. The market has been showing positive growth in square footage acquisition," Cox explained during the panel moderated by Verónica Rubí, editor of LN Propiedades, at the tenth edition of the Real Estate Summit organized by LA NACION. The executive added that companies are seeking spaces where they can attract and develop their talent.
Nolazco acknowledged that in-person work is a strong factor and that companies are returning to the four-for-one or full-service model like JP Morgan's. "In fact, the last semester has had the highest net absorption in the last six years, which is a problem because there are no subway stations ," he clarified. This change represents a "problem" for new generations because they don't want to return. "Fifty percent of the labor market is made up of millennials and centennials , and the office is competing against pajamas and slippers," Gago analyzed, acknowledging that these are generations with extremely high turnover. "They demand that the workspace also generate an experience," he added.
Demand is very demanding and wants apartments with features that will delight talents.
From the perspective of the coworking industry, Kexel believes the rule is flexible and hybrid, depending on the industry , the departments within the companies, and the companies themselves. "Each one is trying to make its own decisions based on talent retention and the experience they want to provide their employees," he said. In this context, Novoa Uriarte raised the challenge of redesigning existing offerings. He identified three levels that are vital to a renovation . First, the office interior design. Another is the building itself: what characteristics it has, what it offers to all its tenants. And the third is the environment: how employees access it and what services it provides.
"How these three levels interact is fundamental because a good building in an unsafe environment is going to have absorption problems. Therefore, Argentina needs to adapt its buildings to meet new demands," the specialist analyzed, and posed a challenge: today there are good buildings, but they are owned by 10 different people. What happens when a company needs two, three, or four floors that have two, three, or four different owners?
Another office building leased entirely by one company: Chevron
"It's a challenge to agree on everything. So we also need to improve the quality of ownership ," he concluded.
In short, the current picture of corporate real estate is one of square meters that needs to adapt to a market with a vacancy rate of around 15.7% (approximately 300,000 m²) and unmet demand that can't find what it's looking for in the market. Market leaders are convinced that if new buildings were available, they would be rented out.
www.buysellba.com
Source:
El negocio inmobiliario que tuvo un giro inesperado y ahora faltan metros
La demanda de oficinas crece por el retroceso de la política de home office; cuáles son los desafíos de la reconversión
www.lanacion.com.ar
July 31, 2025
By Carla Quiroga
The Libertador corridor in Núñez, one of the most sought-after areas for companies
With a select group of experts, Nicolás Cox, president of CBRE Argentina and Chile; Diego Kexel, general manager of WeWork Latin America; Fernando Novoa Uriarte, partner at Newmark Argentina; Facundo Gago, executive director of Solutions Development for JLL Latin America; and Rafael Nolazco, general director of Cushman Wakefield for Argentina and Chile, analyzed the present and future of the office market, a sector that surprised with two news items in recent months: JP Morgan leased an entire 20-story tower in the Núñez neighborhood , which is not yet finished, and Chevron leased an entire building in Puerto Madero to expand its operations.
The JP Morgan contract for the 23,000 m² was closed by CBRE, and the oil company deal was handled by JLL. "These are not exceptional events. The market has been showing positive growth in square footage acquisition," Cox explained during the panel moderated by Verónica Rubí, editor of LN Propiedades, at the tenth edition of the Real Estate Summit organized by LA NACION. The executive added that companies are seeking spaces where they can attract and develop their talent.
Nolazco acknowledged that in-person work is a strong factor and that companies are returning to the four-for-one or full-service model like JP Morgan's. "In fact, the last semester has had the highest net absorption in the last six years, which is a problem because there are no subway stations ," he clarified. This change represents a "problem" for new generations because they don't want to return. "Fifty percent of the labor market is made up of millennials and centennials , and the office is competing against pajamas and slippers," Gago analyzed, acknowledging that these are generations with extremely high turnover. "They demand that the workspace also generate an experience," he added.
Demand is very demanding and wants apartments with features that will delight talents.
From the perspective of the coworking industry, Kexel believes the rule is flexible and hybrid, depending on the industry , the departments within the companies, and the companies themselves. "Each one is trying to make its own decisions based on talent retention and the experience they want to provide their employees," he said. In this context, Novoa Uriarte raised the challenge of redesigning existing offerings. He identified three levels that are vital to a renovation . First, the office interior design. Another is the building itself: what characteristics it has, what it offers to all its tenants. And the third is the environment: how employees access it and what services it provides.
"How these three levels interact is fundamental because a good building in an unsafe environment is going to have absorption problems. Therefore, Argentina needs to adapt its buildings to meet new demands," the specialist analyzed, and posed a challenge: today there are good buildings, but they are owned by 10 different people. What happens when a company needs two, three, or four floors that have two, three, or four different owners?
Another office building leased entirely by one company: Chevron
"It's a challenge to agree on everything. So we also need to improve the quality of ownership ," he concluded.
In short, the current picture of corporate real estate is one of square meters that needs to adapt to a market with a vacancy rate of around 15.7% (approximately 300,000 m²) and unmet demand that can't find what it's looking for in the market. Market leaders are convinced that if new buildings were available, they would be rented out.
www.buysellba.com
