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 "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

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.

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