Oceanview offices in Panama
The office market in Panama City performed very well during the second half of 2009, because many new square meters of rentable area were delivered and also because the “Cinta Costera” was completed, this road provides a great accessibility to the buildings located in the South submarket. Oceanview offices are prestigious and still is a growing market.
The vacancy of the Class A office spaces fell fast even do the rental and sale prices increased and their construction remained stable.
The market share was mainly located in the East Periphery, Reverted Areas, North Periphery and South in the second half of 2009.
The vacancy rate and price for all shopping centers fell significantly and with the arrival of new specialty stores this year, 2010, we expect that prices and vacancy rates will remain stable.
During the second half of 2009 approximately 81,000 square meters were introduced to the retail market, they were mostly occupied by specialized stores, junior department stores, personal services, restaurants, and supermarkets.
The lease rate in Panama City goes from 8 USD to 60 USD per square meter and it varies between submarkets for example, the most expensive m2 lease is in the South with an average of 30 to 60 USD per m2 per month, others like the Reverted Areas, From where, maybe you may have view of one of the 7 wonders of the modern world, The Panama Canal have an average cost of 25 to 40 USD per m2 per month and in the East Periphery the cost could be as low as 8 UDS per m2.
Panama´s economy was the best one in the region in 2009 even do the unemployment rate slightly increased but certain sectors as the mining industry, construction sector, industrial manufacturing, added new jobs.