Puerto Madero is the Buenos Aires barrio which has seen the most new office construction in recent years, and now the port area’s office vacancy rate is higher than the city average, according to a new report from Colliers International.
“More Supply Than Demand” is the headline of Patricia Gutierrez’ article in La Nacion which summarizes the Colliers data. In the first quarter of 2013, there were 322,000 square feet (30,000 m2) of available office space in Puerto Madero which translates into a 9.1% vacancy rate compared to the Buenos Aires average of 6%.
Brokers interviewed by Gutierrez confirm there is considerable Class A office space availability in new buildings like Puerto Leon, Colonos Plaza, Juana Manso 909 and Madero Harbour among others. Vacancies are reportedly higher around the southernmost Dock 1, while more established buildings around Docks 3 and 4 report much lower Class A and B availability.
The price per square foot for Puerto Madero Class A office space ranges from US$2.40 to US$2.80 per square foot (US$26-30 per m2), while Class B space ranges from US$1.85 to US$2.25 per square foot (US$20-24 per m2). Prime office space in Docks 3 and 4 is 20% higher than Dock 1 office space. (Full Story in Spanish)
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