Although there is in the country an inventory of office space which is enough for over six years, the construction of large buildings for this type of business has not stopped and both vacancy rates and prices are stable and have not impacted the market, reported Capital.com.pa.

In 2011, there were 838,911 square meters of offices on inventory. In the next 36 months another 601,745 square meters will be built. With the office projects under construction in Panama City, a 69% increase is estimated in the supply of offices in the next 24 months.

As for vacancy rates and prices per square meter in 2010, the figures were: vacancy was 8.5%, rental price was on average $19.64 per square meter, and maintenance costs were $1.55 per square meter.

In 2011, the situation evolved as follows: vacancy rates in the office sector reached 5.72%, while the average rental price stood at $22.12 per square meter per month, to which must be added maintenance cost of $1.73 per square meter per month.

"According to a report by real estate firm NAI Panama, there are 66,093 meters square of super luxurious Class A + offices, 249,966 meters square of Class A, while Class B + covers some 221,383 meters square," reads the article.

Source: Capital.com.pa

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