The microcentro of Buenos Aires has the largest number of empty commercial premises

The iconic office area that used to be one of the most sought-after in the City in commercial terms, today has only 68.7% of its premises occupied.

One of the most visible faces of the passage of the pandemic in commercial activity in the City of Buenos Aires is the panorama that it left in the microcenter of Buenos Aires. There, where historically the incessant movement of people hierarchized the rental price of the premises, today is the highest level of vacancy.

According to the latest data released by the statistical agency of Buenos Aires, in this commercial hub31.3% of the premises were unoccupied during the first quarter of the year.

This result contrasts sharply with the historical records of this nerve center of the City, which showed an occupancy of around 95% at the end of 2015 and it is a direct consequence of the changes in the work dynamics after the pandemic, when the home office distanced office workers from their physical jobs.

According to official data, the microcenter has a density of almost 10 stores per block, of which more than three (3.1) are unoccupied.

Other shopping centers that complete the list with a high vacancy rate are Palermo Hollywood, Jujuy and Parque Avellaneda. Taking into account the indicator empty stores per block, the highest value was registered in the traditional jewelry street, Libertad, with 6.2 empty storesfollowed by Sáenz and Florida, with more than 4 empty stores per block.

On the other hand, the highest occupancy rates exceeded 95% in Avellaneda, Flores, Cabildo, Caballito, Cuenca, Santa Fe and Coronel Díaz, Córdoba Facultad and Santa Fe and Callao. In this last axis, occupancy was the highest for the period and reached 96.7%.

The clothing and apparel shopping center located on Avellaneda avenue in Flores grew with the crisis. Photo: Federico Imas

In Av. Avellaneda the highest commercial density was computed –46.3 stores surveyed per block (there are several galleries)–. Lastly, employment grew more strongly in Puerto Madero (5.9%), Córdoba Facultad (5.3%) and Florida (4.3%), all axes located in the Downtown area of ​​the City.

While, Avellaneda and Monte Castro showed the worst results in terms of evolution of premises in activity with respect to the last four-month period of 2022.

The Buenos Aires statistics recorded in the first quarter of 2023, 15,344 stores in the 53 commercial hubs surveyed. The general occupancy rate was 91.2%, which meant a minimal positive variation with respect to the previous four-month period (0.4%).

Unoccupied units, for their part, completed the remaining 8.8%. Regarding the composition of vacant premises (1,346), 56.5% found themselves vacant (no observable destination), 3 out of 10 were consigned for rent or sale and the smallest proportion was under construction or reform.

Of the businesses in activity, more than 25% corresponded to the category Clothing, textiles and footwear, with a strong incidence in the West zone (1 in 3) due to the presence of streets dedicated almost exclusively to the sale of clothing, in axes such as Avellaneda and Villa Crespo.

Food and beverages was the second most relevant item (15.5%) with a percentage that exceeded the average in the axes of the South and North zone. In third place was Food and accommodation, with 1 in 10 occupied premises and an overrepresentation in the North and Center axes, due to the preponderance of restaurants, bars and pizzerias.

By Editor

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