he Mexican economy continues to record moderate growth rates, maintaining strength in its public finances. Inflationary pressures have been sought to offset with a pick up of the overnight funding rate reaching a level of 7.50%. Domestic consumption and exports continue to support aggregate demand, although there are some signs of a slowdown and low levels of both public and private investment. Additionally, financial market volatility has peaked before the coming elections process and the uncertainty around the renegotiation of NAFTA.
Current environment strengthens our conviction to always act with caution, selectively planning new projects, and focused on finishing our existing pipeline on time and budget. We have maintained a long-term growth strategy, the same one we have had since our origins, showing conviction and commitment with the development of Mexico. Our investment thesis consists on finding strategic locations on densely populated urban areas, developing mixed-use properties, and offering our visitors quality and innovation in their work, retail, or entertainment experience.
During the fourth quarter we successfully opened Parque Puebla, which immediately became a landmark in the northeast area of the city. After only one quarter in operation, it shows significant progress consolidation process, as it has been incorporating more commercial formats, and it has already started the construction of a business class hotel and unique aquarium in the region. Parque Las Antenas’ work progress, reached 91.3%, and its grand opening is scheduled for June 2018. Finally, regarding development, we recently started the construction of Parque Tepeyac, our next project located in the northeast of Mexico City, which is planned to be ready by the first half of 2020. This mixed-use project located in the Gustavo A. Madero borough, consists of 200,000 sqm of construction work and 70,000 sqm of GLA, its and will be anchored with department stores, cinemas, restaurants and an innovative retail and entertainment blend. Investment budget for the project is 1.8 billion pesos for our 50% stake and we will be responsible for the design, development, commercialization and operation of the property.
We had a remarkable lease progress of available office spaces by adding close to 26,000 sqm of executed agreements to our operating portfolio. I am pleased to report the inclusion of new tenants in Toreo Tower A, reaching a total leased area of 78,000 sqm that implies 62% of our office inventory. During the fourth quarter, Liverpool successfully started operations in our shopping center, as evidenced by traffic flow figures, up 18% against last year. Torre Virreyes received its last tenants of offices and commercial spaces in the quarter, and is now fully leased and running, consolidating as the best office building in the country.
During the fourth quarter and throughout the year, our operating portfolio reported satisfactory financial and operating indicators, which exceed those reported a year ago and show the maturity process that our portfolio is going through. With an increase of 15.3% in the number of visitors, revenues and AFFO increased 23.7%, and 9.8% respectively. Our Technical Committee approved the release of economic rights to 31.9 million CBFIs, taking our AFFO per CBFI to Ps. 0.66. It is noteworthy to highlight the lower contribution of TAPs to AFFO, declining from the Ps. 800 million in 2016 to Ps. 436 million in 2017, which means that cash flow from our portfolio is made up more from our recurrent and stable operation, and less from non-recurrent and extraordinary income. NOI excluding TAP per CBFI reached Ps. 0.63 during the quarter, an 18% growth against last year figure, and accumulated Ps. 2.24 during 2017, up 22% compared to that of 2016.
Our Technical Committee also approved a quarterly distribution of Ps. 0.58 per CBFI representing a growth of 7.4% against last year, while we kept Ps. 0.08 per CBFI, equivalent to $ 111.2 million to be reinvested in development pipeline. Annual distribution reached Ps. 2.28 per CBFI, an increase of 7.0% with respect to 2016, posting growth on a real terms basis even considering the release of economic rights to 115.2 million CBFIs.
We concluded 2017 satisfied of delivering good results to our shareholders and aware of the responsibility of achieving the goals set for 2018. We maintain a sound financial position, while having cash resources labeled for the development pipeline. I am certain that discipline and commitment to our strategy will deliver, meanwhile we will keep analyzing and working to unlock value in our portfolio. I appreciate the trust that investors, analysts and market agents have placed on us and I take this opportunity once again to recognize the effort of our great team.
Salvador Daniel Kabbaz Zaga
CEO, Fibra Danhos
