Panama: Growing Demand for Commercial Property

Specialty and department stores are the entities demanding the most space in commercial centers and malls in the capital.

Monday, June 2, 2014

The vacancy rate for Class A commercial property fell by 7.4% in the first half of 2013 to 4.8% in the second half of 2013, due to the fact that the rise in meters available in major shopping centers has been absorbed at a good pace, with many of those spaces being leased before the works are finished, reported a study by the real estate firm CBRE Panama.

"The types of businesses with the greatest market share are still specialized stores with 358.193 square meters, equivalent to 31%, followed by department stores, occupying 193.377 square meters, or 17%."

"The average rental price increased to $43.56 / m² / month for local Class A. The demand that exists today to obtain spaces in any of the malls in Panama City, is high and there is a waiting list. Class B malls also reflected an increase in the average rental price, going up to $23.35 / m² / month compared to the previous semester's price of $17.92 / m² / month. "

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More on this topic

Rentals: Lower Occupancy, Lower Prices

May 2020

As a result of the crisis, the unemployment rate of commercial premises in Costa Rica rose from 8.81% to 9.86%, and the average price per square meter fell by 3%.

It is estimated that 20% of the stores located in the country's malls will not be able to open after the most critical phases of the covid-19 outbreak are overcome, according to Colliers' figures.

Increased Supply of Commercial Premises

August 2018

In the first half of the year, the commercial supply in Panama reached 1.8 million rentable square meters, 4% more than was reported in the same period in 2017.

According to a report from CBRE Panama, in the first six months of the year a total of thirteen Class B + and B sites entered the market, totaling some 47,000 m2 of commercial space in Panama City. These projects registered an occupancy rate of 60.7%. As a result, average rents requested continued to decrease, with supply exceeding demand for existing available spaces.

Costa Rica: Rental of Commercial Spaces Growing

August 2014

The rental of commercial areas in shopping centers in the country has increased between 7% and 11% in the past two years.

In the greater metropolitan area the rental price per square meter increased by 13% in this period, reflecting the growth in demand for commercial spaces. According to industry experts, the growth of retail chain stores and franchises is one of the factors putting the most pressure on demand.

The Best Locations for Retailers

June 2012

The latest survey by the real estate company Colliers International, serves as a guide to compare rental prices of commercial premises in the Greater Metropolitan Area of Costa Rica.

Within the large existing supply, average prices per square meter for monthly rental in shopping centers are around $26.25 west of the capital and $22.75 in the east.

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