Office Construction: Market Trends

Smaller areas and open spaces within the offices are some of the predominant trends in new projects being built in the metropolitan area of Guatemala.

Wednesday, March 11, 2020

It is estimated that of the total area of construction approved in the metropolitan area during 2020, 37% corresponds to office buildings, office-warehouses and mixed-use buildings. Another 56% is for housing construction.

You may be interested in "Real Estate Market: What are Buyers Looking for?"

Pedro Ramirez, president of the Chamber of Realtors of Guatemala, believes that office space has been transformed, a change that can be explained by the trend of working from home.

Learn about CentralAmericaData's "Business Intelligence Solutions for the Real Estate Market".

Ramirez explained to Prensalibre.com that "... A few years ago, the offices were 600 square meters and they became 300 square meters. Before, the offices were closed and since a few years ago they were transformed into open spaces."

Regarding the saturation in the real estate market, the manager added that "... there is a saturation of housing in certain niches - it covers between 175 thousand and 300 thousand square meters -, and a large availability of offices, about 100 thousand square meters available."

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More on this topic

Multipurpose Projects: More Profitable?

February 2019

For real estate developers, combining offices, residences and businesses in the same project reduces the risk of losing profitability, as lower demand for one component can be offset by higher demand for another.

With the aim of reducing investment risks, Costa Ricalas companies prefer to build multi-purpose projects, which combine residences, offices and shops.

Real Estate Market is Saturated?

October 2018

It is estimated that it will take about seven years to commercialize, through the usual channels, the over-supply of between 500,000 m2 and 600,000 m2 that currently exists in the real estate market in Panama.

Those times when real estate projects were selling fast are already in the past.

Price of Land in Nicaragua

September 2016

Reports of increases from $75 to $500 per square meter have been made in some areas south of Managua and values ​​up to $580 per square meter in the coastal department of Rivas.

The tourism boom seen in the areas in Rivas, followed by Leon and Granada are responsible for the increase in the value of the properties, some of which sometimes sell for $580 per square meter. "...In the case of Rivas the increases occurred between 1996 and 2007 when the construction of major tourism projects was announced."

Land Values Up in Downtown San Jose

July 2013

The demand for housing solutions and commercial spaces in downtown San Jose has led the cost of land per square meter to rise to $1,200.

Nacion.com reports: "Mata Redonda, Merced, Catedral, Hospital and El Carmen have in the last three years represented half of the total square meters (sqm) for which there are applications for building permits. In this area, construction of houses and stores has the most dynamism ... ".

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