Núñez and Catalinas Draw Corporate Tenants as Office Recovery Takes Hold

JPMorgan Chase signed one of the largest corporate rental agreements in Argentina in 20 years by leasing 20 floors in a new two-building campus in Núñez scheduled for delivery in 2026-2027.

The transaction reflects how macroeconomic stabilization and rental deregulation under DNU 70/2023 are creating openings for major occupiers even while overall supply stays tight. Inflation is projected to reach 17 percent to 25 percent by the end of 2026, yet the real estate market is still expected to expand at a 4.9 percent CAGR from 2026 to 2032.

Submarkets that are already seeing demand

Buenos Aires absorbed over 81,000 m² of Class A office space in the first half of 2025, pushing vacancy down to 18 percent. Demand concentrated in the Núñez, Libertador and Panamericana corridors, where new corporate commitments are landing. Catalinas continues to hold 27 percent of the city’s total corporate space stock and more than 300,000 m² of Class A offices, adding 5,199 m² through net take-up in early 2025.

Active commercial construction remains limited to two projects totaling 897,200 SF, or 4.4 percent of inventory. Worko in Corredor Panamericana and Alem & Córdoba in Catalinas-Retiro are the only schemes under way, keeping new supply constrained and favoring tenants that move early.

Who stands to gain

Large corporates such as JPMorgan Chase that can commit to long-term leases in emerging campuses gain immediate positioning. Submarkets with existing infrastructure and recent absorption momentum, including Núñez and Catalinas, attract the strongest interest from regional and cross-border investors. Smaller or later entrants face tighter availability as the limited pipeline restricts options through the remainder of the decade.

Market participants monitoring the 2026-2027 delivery window in Núñez and the steady performance in Catalinas are best placed to act on the opportunities now visible in the data.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.