Panama: Costa del Este Becomes Corporate Center

The mini city has become a target for locating companies in offices which now cost $3000 per square meter.

Monday, April 8, 2013

According to an article in Prensa.com "Up to the second half of 2012 there were 139 shops in Costa del Este, with an unemployment rate of 2.23%, one of the lowest in the capital, according to figures from CBRE Panama, consultant real estate. "

During that same period, there were 50,539 meters square under construction, representing one of the submarkets with the greatest amount of development in this location.

"Originally, the 310 hectares of the urbanization area contained exclusive residences. Now, on top of the heart of Costa del Este are the logos of the companies who decided to settle there," reported Prensa.com.

Panama CBRE figures show that five years ago the sale price per square meter for retail space hovered between $1,800 and $2,000. Currently, for a premium office building the price of a square meter is about $3,000.

Big companies like Telefonica Panama, Bladex, Maersk, DHL Express or Copa Airlines have seen the benefits of settling in the area. Furthermore, Bern Hotels & Resorts also noted the commercial opportunity in Costa del Este, as entrepreneurs who come to do business here must sleep somewhere.

Another example is Ancon Insurance, who saw in Costa del Este good planning and direct connectivity to the South Corridor. The company invested $35 million in infrastructure and equipment for its headquarters, which will be ready by mid 2013.



More on this topic

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. 

Panama: Less New Offices, and at Higher Prices

August 2016

Increases in the average price of office space have been recorded due to less construction of these types of buildings in the first half of the year.

Figures from a report by CBRE Panama cited by Capital.com.pa indicate that construction has declined in this segment due to increases in the price of materials and high utility rates, leading to the average price of  "...

Panama: Investment Boom in Luxury Offices Continues

June 2013

During the first six months of 2013, the Class A office market remained highly dynamic, mainly in the Banking area and Costa del Este.

A market study prepared by CBRE Offices Panama, recorded a total of 400,104 square meters under construction in the office market, of which 379,000 are Class A and luxury offices, while 20,685 are Class B and C offices

Office Rentals Up 146% in Panama

April 2010

In the past five years, the average price for renting office space has increased from $13 to $32.

According to company CB Richard Ellis (CBRE), the City of Panama has 810.000 square meters of office space available for rent.

In a report, the company informs that an additional 303.460 m2 will be available for rent over the next two years.

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Bern Hotels & Resorts

Hospitality and tourism division of Empresas Bern, a Panamanian company with 30 years of experience in real estate development, construction and sales.
Operates in Panama
Phone: (507-) 206-8843 - (507) 6647-6100

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