The Buenos Aires neighborhood of Parque Patricios is quickly becoming a hip haven for tech companies, young professionals and small service-oriented businesses hoping to cater to the new incoming wave of tech talent.
At the core of the barrio, the City of Buenos Aires Technology District is the magnet which is attracting the talent and simultaneously revitalizing the neighborhood.
Clarin’s Pablo Novillo says the four-year-old BA Tech District now counts 101 companies either working in the District or currently moving their offices to Parque Patricios. The influx of 11,000 full-time workers has had a dramatic impact on the real estate values in the southern neighborhood, a trend we noted in the Luxury Latin America article on Investing in Buenos Aires. Novillo estimates real estate values have risen 16.6% since the fourth quarter of 2010.
Since its inception, the Tech District has been responsible for the construction or renovation of over 1 million square feet for office and residential use. And now that there are more full-time workers and residents, small businesses from fast food restaurants to gyms to dry cleaners are beginning to move to the sprawling 500-acre District. The October opening of the Parque Patricios Subte station was a major milestone for connecting non-resident workers to this booming BA barrio. (Full Story in Spanish)
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