The new center joins the 30 existing buildings and with them others whose construction is nearing completion, as is the case of the Sixtino II Building, the Interamerican Business Center, the Dubai Center and the Banco Industrial’s Tower 3 in Zone 4.

A further project in Area 15 is the Domani project, which began construction in the Prairie area, and is considered the largest in Central America, with 5 of the 7 planned office towers already under construction.

"Juan Carlos Salazar, research director for the firm Global Real Estate Inspections, told Elperiodico.com.gt, that there are currently 30 office buildings in Area 10, signifying that supply exceeds demand, causing a bubble.

"The problem is that real estate companies have not gauged how much competition there could be between one and another, although the projects were created for the right reasons, there have been situations and setbacks that have seriously affected the market '."

Source: elperiodico.com.gt

More on this topic

Offices in Panama: More Supply Than Demand

December 2014

Predictions are that the office vacancy rate in Panama City, currently 33%, could reach 45% in 2016.

Following that under usage prevailing in the office market rental rates have dropped by up to 30%. In the case of hotels, they are also experiencing this phenomenon, the vacancy rate has fallen by 50% and in turn nightly rates have decreased by 28%.

Guatemala: More Real Estate Development in the Capital

September 2014

The increasing preference for residences in central areas of the capital is generating business opportunities for developers in areas which have not yet been exploited.

Real Estate companies say that although there is a good distribution of the supply of high rise and traditional houses in the capital, "... development is needed of zones 3, 6, 7, 8, 9 and 12, which have access and services."

Costa Rica: Office and Store Prices in Mini Cities

August 2013

Rent an office in a standard office building costs around $17.38 per square foot, whereas in a mixed-use development the price rises to $23.

This was revealed by a study by the real estate company Colliers International, who also explained that "when it comes to mixed use commercial premises, the average price recorded by the company reaches up to $28, whereas in other commercial centers the figure drops to $18.17 ", reported Elfinancierocr.com.

No Housing Bubble in Panama

March 2012

Prices are rising, and some areas stand out above others for higher growth rates, with no signs of a housing bubble.

Mass construction in Panama, particularly in the capital, is concentrated in some residential areas where prices are rising and it is advisable to monitor this situation. However, this does not constitute a threat of a housing bubble in the view of some economists.