The Office Market in Panama

A new supply of Class A and AB office spaces over the next three years will grow the market by 70%, projects the real estate firm Jones Lang Lasalle.

Tuesday, April 8, 2014

A report by Jones Lang Lasalle published on worldpropertychannel.com indicates that in 2013 175,000 m2 of office space was built and more than 500,000 m2 will be delivered between 2014 and 2015.

"Panama is still experiencing a boom in office construction ..." "...The new supply of Class A and AB properties coming in the next three years will grow the office market by 70%. "

"About 40% of the supply of office space is located in the financial district, while San Francisco and the South Corridor each represent 25% of the total.

"In the next three years, most developments will be concentrated in the financial district (approx. 350,000 m2, 60% of all Class A and Class AB properties) and the South Corridor area (approx. 130,000 m2, 22% of all Class A and AB properties). "



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.

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.

Panama: High Supply and Demand for Offices

March 2016

Although construction of office space keeps rising, the real estate union has projected that rental prices will remain steady this year without any significant changes.

The union of real estate in Panama City believes it is not yet time to speak of a "glut" in the office market, although the inventory continues to grow, without having a direct impact on rental prices.

The Office Market in Costa Rica

October 2013

In the last year the country has built about 120 thousand square meters of new class A and AB office spaces, and recorded an availability rate of 11.9%.

In recent years, Costa Rica has become one of the major markets for offices in Latin America, ranking eighth in creation of supply in this sector, according to a study by the US real estate firm Jones Lang LaSalle (JLL).

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RAM Realtors

We offer sales and rentals of properties such as houses, condominiums, warehouses, offices, building sites, farms, beach properties, commercial premises.
Operates in Costa Rica
Phone: (506) 2234-2424

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