By Alejandro Badino, CEO of Colliers Argentina
The year 2025 marked a turning point for corporate real estate in Buenos Aires. With more stable macroeconomic indicators, a slight slowdown in inflation and the stabilisation of the dollar, the market, although the situation varies from segment to segment, began to show positive signs in office, retail and industrial/logistics. For example, total net absorption in the corporate office market exceeded 24,000 sqm, confirming a change in trend. At Colliers, we observe not only greater operational dynamics, but also a renewed and prudent long-term vision in strategic decision making.
Offices: efficiency, well-being and growth potential
The premium office market consolidates its recovery: vacancy declined to 12,79% at the end of Q3 2025, down considerably from 16,92% at the end of 2024. This improvement was accompanied by a positive net absorption of 24,394 sq m, reflecting a renewed dynamism in demand for corporate space. This upturn reflects a growing demand for high quality space, aligned with ESG criteria and designed to enhance corporate culture and well-being.
The most emblematic transaction of the year was that of J.P. Morgan, which leased an entire 25,000 sqm building in the Núñez Business Centre. It is the largest corporate expansion registered in Buenos Aires in the last two decades and consolidates Núñez as a new corporate pole. This strategic decision reinforces institutional confidence in the country and confirms the trend towards efficient, sustainable and long-term environments.
At the current rate of absorption - and with little new development planned - demand could outstrip available supply in the coming years. Following the delivery of a new building in 2025, little new Class AAA development is expected in the coming years, anticipating a scenario of future shortages.
Another structural challenge is the fragmentation of ownership in many corporate buildings. The multiplicity of owners - a result of the economic downturn - makes it difficult to invest in upgrading and efficient management. Globally, these assets tend to have a single owner, which allows for more agile and coherent decisions.
At the same time, the link between companies and workspaces is being redefined. Companies no longer act as mere tenants, but as guests who demand holistic experiences: accessibility, environment, services, technology and well-being. Office design today involves understanding how people want to work. And that makes the corporate development in a user-centred discipline.
Retail: resilience, efficiency and international appeal
In retail, brands will continue to rely on physical stores as essential connection points within an increasingly consolidated omnichannel strategy. Although the Argentinean market is not yet showing advanced conceptual developments, operational efficiency and format adaptability are being strengthened. Corridors such as Florida -with the largest vacant area-, Santa Fe (Pueyrredón) -with record rental values reaching 45.50 USD/m²- and Alicia Moreau de Justo, continue to be challenging commercial axes in terms of visibility, pedestrian flow and accessibility. A relevant fact: major international brands are considering entering the country. Pedro Aguirre Saravia, partner of the group that brought Decathlon, confirmed that “we would also like to disembark with Leroy Merlin”, which reflects a renewed interest of global retailers in the Argentinean market.
Industrial and logistics: technology, infrastructure and scale as a competitive advantage
The industrial and logistics sector is adjusting to the new economy and is in a process of transformation, with a net absorption of 34,676 sqm and prices stable at USD 7.25/sqm in the logistics segment. The dynamism is concentrated in the Northern corridor of the GBA, which hosts 67% of the inventory. The trend towards premium industrial parks, efficient energy infrastructure and specific land for logistics anticipates a stage of productive scaling where this segment is positioned as a key platform for business competitiveness.
Perspectives 2026: efficiency, strategy and structural opportunities
2026 will be a year of consolidation of the new economy, subject to the necessary reforms to achieve greater dynamism. The professionalisation of the market, the need for operational efficiency and macroeconomic reorganisation create fertile ground for redefining the real estate business with a focus on the strategic value of assets. At Colliers, we know that real estate is no longer a question of square metres, but has become a key tool for attracting talent, innovating and consolidating corporate identity. The 2025 balance sheet shows that, even in challenging contexts, it is possible to move forward with strategic decisions and solid foundations. Looking ahead to 2026, the challenge will be to streamline the management of real estate portfolios and plan for the long term. Sustainability, efficiency and adapting to new ways of living and working will be central to real estate development in the coming years.
About Colliers
In Argentina, Colliers has more than 60 years of experience in the local market, providing real estate services to local and international companies in the most important cities of the country. Currently, it has a multidisciplinary team of professionals with high performance and experience in the market. Likewise, it provides real estate services to developers, owners, corporations and investors such as: Brokerage (Landlord and Tenant Representation); Valuations and Consultancy; Corporate Solutions; Investments; Project Management and Space Planning. Its difference is radical in terms of the quality of its service. Today, it is the advisor of choice for many of the world's most innovative and successful companies.
Colliers - Leading Real Estate Services Provider in Argentina
