Ricerca Di Mercato Uffici Panama
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CBRE Global Research and Consulting Panamá, Office Market Market View Quick Stats (Class A) The second half of 2013 could end with Panama’s economic growth at 8.5% according to the Ministerio de Economía y Finanzas (Ministry of Finance and Economy). As a result, inflation, which is currently at 3.7%, is forecast to decrease. Unemployment rates have not been affected and remain at 4% Port operations are grouped within the transportation and communications sector of the Gross Domestic Product (GDP). This sector also includes the Panama Canal, airports and the telecommunication The office market continues to remain healthy. Even though availabilities have increased (reflected by the change in vacancy rate from 9.6% to 17.3%), it has been possible to keep the occupancy rate above 80% percent, in comparison to the previous semester., This demonstrates that the demand for space continues to grow for new companies seeking to establish their central offices in our country. It also reflects the development in commercial activities that has been underway and laws created by the government, which benefit these types of multinational companies. 2nd Sem 2013 VACANCY 17.3% LEASE PRICE $ 24.77 2nd Sem 2013 1 st Sem 2013 Vacancy 17.3% Lease Price $24.77 --- Sales Price $2,824.22 Construction 217,736m² SALES PRICE $ 2,824.22 CONSTRUCTION 217,736m² Arrows indicate the trend for the time period indicated and do not represent a positive or negative value. 1 News • The vacancy rate increased in the last semester, changing from 9.6% to 17.3%. • The average lease price has remained stable for this year, indicating $24.77 m²/month. • The sales price is within the average in comparison to the previous semester, indicating $2,824.22/ m². • Square meters decreased, changing from 391,419m² to 217,736m². airports and the telecommunication market among others. Reported as representing more than 24% of the GDP for the second quarter of 2013, this group of activities is the most important for the Panamanian economy. Continuing to focus on expansion in this sector is important for Panamá. As representatives from the Manzanillo International Terminal have pointed out, new ports need to be constructed to reach the short range goal of moving 15 million containers annually. This would be slightly more than twice the current container activity, which is 6.8 million containers. The purpose is to have more port installations with connectivity. Challenges in logistics are constantly increasing at the international level, as countries open their markets. And the unique geographic location of Panama is a fundamental factor in the present and future of the sector. companies. More than 100 thousand occupancy permits have been recorded for the year so far. In this semester, five buildings, which were constructed with occupancy permits, entered into available inventory in the submarkets for the Línea Costera, Costa del Este y the East Periphery. The average sales price per square meter for offices has remained above two thousand dollars, with the sales price for Class A office buildings averaging $2,824.22 and the sales price for Class B office buildings averaging $2,336.31 for this six month period. .
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Transcript of Ricerca Di Mercato Uffici Panama
CBRE Global Research and Consulting
Panamá, Office MarketMarket View
Quick Stats (Class A)The second half of 2013 could endwith Panama’s economic growth at8.5% according to the Ministerio deEconomía y Finanzas (Ministry ofFinance and Economy). As a result,inflation, which is currently at 3.7%, isforecast to decrease. Unemploymentrates have not been affected andremain at 4%
Port operations are grouped withinthe transportation andcommunications sector of the GrossDomestic Product (GDP). This sectoralso includes the Panama Canal,airports and the telecommunication
The office market continues to remainhealthy. Even though availabilitieshave increased (reflected by thechange in vacancy rate from 9.6% to17.3%), it has been possible to keepthe occupancy rate above 80%percent, in comparison to the previoussemester., This demonstrates that thedemand for space continues to growfor new companies seeking toestablish their central offices in ourcountry. It also reflects thedevelopment in commercial activitiesthat has been underway and lawscreated by the government, whichbenefit these types of multinationalcompanies.
2nd Sem 2013
VACANCY
17.3%LEASE PRICE
$ 24.77
2nd Sem 2013
1st
Sem
2013
Vacancy 17.3% � �
Lease Price $24.77 --- �
Sales Price $2,824.22 � �
Construction 217,736m² � �
SALES PRICE
$ 2,824.22CONSTRUCTION
217,736m²
Arrows indicate the trend for the time period indicated anddo not represent a positive or negative value.
1
News
• The vacancy rate increased in the last semester,changing from 9.6% to 17.3%.
• The average lease price has remained stable for thisyear, indicating $24.77 m²/month.
• The sales price is within the average in comparison tothe previous semester, indicating $2,824.22/ m².
• Square meters decreased, changing from 391,419m²to 217,736m².
airports and the telecommunicationmarket among others. Reported asrepresenting more than 24% of theGDP for the second quarter of 2013,this group of activities is the mostimportant for the Panamanianeconomy.
Continuing to focus on expansion inthis sector is important for Panamá. Asrepresentatives from the ManzanilloInternational Terminal have pointedout, new ports need to be constructedto reach the short range goal ofmoving 15 million containersannually. This would be slightly morethan twice the current containeractivity, which is 6.8 millioncontainers. The purpose is to havemore port installations withconnectivity. Challenges in logisticsare constantly increasing at theinternational level, as countries opentheir markets. And the uniquegeographic location of Panama is afundamental factor in the present andfuture of the sector.
companies.
More than 100 thousand occupancypermits have been recorded for theyear so far. In this semester, fivebuildings, which were constructed withoccupancy permits, entered intoavailable inventory in the submarketsfor the Línea Costera, Costa del Este ythe East Periphery.
The average sales price per squaremeter for offices has remained abovetwo thousand dollars, with the salesprice for Class A office buildingsaveraging $2,824.22 and the salesprice for Class B office buildingsaveraging $2,336.31 for this sixmonth period.
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Motivated primarily by public sector investment, the
growth rate for the Panamanian economy will remain at
8.1% for 2013, but with the annual inflation rate above
4%, according to an analysis done by the Spanish
financial group Banco Bilbao Vizcaya
Panama City: Class A Office Market
Graph 1: Economic Conditions
8%
10%
GDPInflation
8.1%4%
SubmarketRentable Area
(m²)Available Area
(m²)Vacancy Rate
Under Construction(m²)
Average Lease (USD/m²/mes)
Banking District 47,007 14,347 30.5% 129,667 $20.00 – $25.00
Sur 82,286 19,219 23.4% 33,108 $18.00 – $24.00
SanFrancisco 181,426 22,589 12.5% 0 $25.00 – $28.00
East Periphery (Costa del Este, Corredor Sur, Santa María Business District)
150,643 23,720 15.7% 54,961 $25.00 – $28.00
Total Class A 461,362 79,875 17.3% 217,736 $24.77
Total Class B + C 685,464 87,101 12.8% 134,210 $20.42
Total 1,146,826 166,976 14.5% 351,946
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financial group Banco Bilbao Vizcaya
Argentaria (BBVA).
The Panamanian economy will also maintain its growth
rate due to private sector development of large
residential, mining and energy projects.
0%
2%
4%
6%
8%
2009 2010 2011 2012 2013
Graph 2: Vacancy Rate vs. Lease Values
$ 0
$ 5
$ 10
$ 15
$ 20
$ 25
$ 30
0%
2%
4%
6%
8%
10%
2010 2S 2011 2S 2012 2S 2013 1S 2013 2S 0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
2010 2S 2011 2S 2012 2S 2013 1S 2013 2S
Graph 3: Under Construction (m²)
Construction 217, 736m² (Class A)Lease ValuesVacancy
$24.77 m2 /month17.3%
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In comparison to the previous semester, the vacancy rate
registered an increase during this second semester,
moving from 9.6% to 17.3%, due to the additional
volume of new square meters entering the different main
submarkets.
This increase is related to the inventory that entered, but
there continues to be demand for this real estate market,
which has not experienced a significant impact. For the
office market in Panama City, in the submarkets under
study, the 82% occupancy rate reflects more than three
hundred fifty thousand square meters of total occupied
area, continuing to demonstrate the strong activity in
the country.
In the second semester of 2013, the average lease price
for buildings with Class A facilities remained unchanged,
reflecting $24.77/m²/month. It shows a downward trend
due to the real estate inventory that has entered for this
year. There was an increase for Class B office buildings
and the average lease price went from
$15.64/m²/month to $20.42/m²/month.
Graph 4: Vacancy Rate
Graph 5: Average Lease Price
0%
2%
4%
6%
8%
10%
2010 2S 2011 2S 2012 2S 2013 1S 2013 2S
Vacancy 17.3% (Class A)
$ 10
$ 15
$ 20
$ 25
$ 30
Average Lease Price $24.77 m²/mth (Class A)
33
Among the submarkets with the highest average lease
prices are the East Periphery submarkets (which includes
Costa del Este) at $26.33/m²/month, followed by the
San Francisco submarket at $25.19/m²/mes and the
Banking District submarket at $22.00/m²/month.
The average sales price also remained stable from the
first semester to the second semester of the year. For
Class A buildings it was $2,824.22/m²/month.
The following are average prices shown by the
submarkets: South $3,096/m², Banking District with
$2,892/m² and the San Francisco submarket, which
stayed at an average sales price of $2,550/m².
Graph 6: Average Sales Price
$ 0
$ 5
$ 10
2010 2S 2011 2S 2012 2S 2013 1S 2013 2S
0
500
1,000
1,500
2,000
2,500
3,000
2010 2S 2011 2S 2012 2S 2013 1S 2013 2S
$2,824.22 ($/m² - Class A)
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Submarket Statistics
Submarket Total m² Market Coverage
1. Banking District (Área Bancaria) 348,974 30.4%
2. South (Sur) 161,281 14.1%
3. San Francisco 256,387 22.4%
4. Bethania 95,436 8.3%
5. East Periphery (Periferia Este) 230,785 20.1%
6. Panamá Pacifico 34,200 3%
7. Reverted Areas (Áreas Revertidas) 19,763 1.7%
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Panama Research
Gissel HaylettPanama ResearchCBREPlaza Credicorp Bank, Ofic. 502Calle 50, No.120Apartado 833-0333Panamá, República de Panamát: +507-210-1675
Carla López, ArchitectDirector, Consulting and Appraisal ServicesPanama ResearchCBREPlaza Credicorp Bank, Ofic. 502Calle 50, No.120Apartado 833-0333Panamá, República de Panamát: +507-210-1675e: [email protected]
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cbrepanama
@CBREpa
Total 1,146,826 100%
Global Research and Consulting
This report was prepared by the CBRE Panama Research Team which forms part of CBRE Global Research and Consulting – a
network of preeminent researchers and consultants who collaborate to provide real estate market research, econometric
forecasting and consulting solutions to real estate investors and occupiers around the globe.
Disclaimer
Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not
doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to
confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and
professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of the CBRE
Global Chief Economist
