Office Rentals Falling

A decline in the arrival of new international companies to the country could be one of the reasons behind the increase from 21% to 24% in the availability of office space in the Panamanian real estate market.

Wednesday, June 27, 2018

According to a report from CBRE Panama, total availability in the office market increased during the second half of 2017, going up by 2.5%. The document adds that the office market closed the second semester with a total inventory of 1,661,234 m2, after making some adjustments of surplus stock and a demolished building. 

See "Central America: $1.6 billion in Office Construction"

According to the report " ... The available office spaces that have been constructed increased by 11.1%, going from 350,791 m2 to 389,680 m2."

"By market classes, Class A, A + buildings increased their availability percentage from 27.8% to 29.3%, from 1st half of 2017 to 2nd half of 2017, likewise, Class B buildings increased from 14.4% to 17.8%."

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More on this topic

Offices: Changes in Market Conditions

August 2020

Since office construction is still active and could enter a phase of over-supply, combined with the strong increase in telecommuting, the market could face a contraction in the coming months.

Because of the spread of covid-19, governments in Central America have decreed strict home quarantines.

Industrial Warehouses: Lower Rental Prices

September 2018

Between January and June the average rental price per square meter requested from warehouses in Panama City dropped from $8.95 to $8.40, due to a slight increase in the supply of available spaces.

According to a report prepared by the CBRE, at the end of the first six months of the year, average rents requested from Class A warehouses decreased slightly from US $8.95 per m² per month, to US $8.40 per m². 

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.

Over-supply in the Real Estate Market?

November 2017

Reports state that the available supply of office space in square meters in Panama City grew from 18% in July of last year, to 21% in the same month in 2017.

A study reported on by Elcapitalfinanciero.com indicates a sustained increase in the available supply of office space in the Panamanian capital, which went from 1,669,189 square meters in July last year, to 1,629,504 in the second half of this year. 

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