The BA Tech District ends the year with 40% more companies than previously forecast. (Click to enlarge)
The City of Buenos Aires’ continued efforts to revitalize a 495-acre southern region of the metropolis continues to attract entrepreneurs, investors and global tech companies.
Exactly one year ago, the Subsecretary of Investment for the City, Carlos Pirovano, said the number of companies working in the Tech District would more than double in 2010 from 22 to 50. He was wrong. With the addition of Fulltrace and GC Gestion Compartida, the The BA Distrito Tecnologico now has 70 companies on board, a figure that is likely to grow to 130 by the end of 2011.
The past fifteen months have seen a number of important commitments to the Tech District including Tata Consultancy Services (their first SAP Center of Excellence in Latin America with 250 IT consulting professionals and ultimately 1,400), Grupo Clarin (a 53,000 square foot facility to support the Group’s various websites including Ciudad.com, VXV, TN.com, 100Radios and ElTrece.com), Iron Mountain, TCS, Compusystem, Coradir, TAO-IT and Sensebyte among others.
Ricardo Garcia, President of Iron Mountain Argentina, summed up the importance of the Tech District initiative and why his company wanted to be part of the movement: “The model of completely renovating an area of the city is significant, because it creates a direct connection between the companies relocating and the surrounding neighborhood, and this collaboration is promoting the inclusion, integration and economic development of the Southern Zone of the City of Buenos Aires through a public/private partnership model.”
The southern expansion of the H-line of the Subte is another important factor facilitating transit, promoting new industry and raising property values in BA neighborhoods like Parque Patricios and Nueva Pompeya. The Subte expansion under Mayor Macri will eventually connect Nueva Pompeya in the south with Retiro in the heart of downtown Buenos Aires. Finally, Reporte Inmobiliario reports that Parque Patricios posted some of the strongest 2010/2011 percentage gains (16.7%) in values of existing apartments.
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