Buenos Aires commercial office space is officially cheap…and not just compared to London, Hong Kong and Moscow. That’s a given. Now Class A office space in Buenos Aires is cheap compared to most major metros in Latin America.
Buenos Aires, With Very Cheap Offices is the headline of Alfredo Sainz’ analysis in La Nacion which pegs the average price per square meter of Buenos Aires office space at US$25.50 or US$2.36 per square foot.
That average price has fallen 15% over the past eighteen months. In November 2012, the average price for BA Class A was US$29 per square meter or US$2.77 per square foot. At that time, BA office space was more expensive than Mexico City and Panama City. That’s no longer the case.
Not surprisingly, Brazil commercial office space is the most expensive in Latin America with Rio de Janeiro (US$68/m2) and Sao Paulo (US$65) prices now approaching New York, Tokyo and Beijing. The average price for Rio de Janeiro commercial office space is now $43 per square meter higher than Buenos Aires and Sao Paulo Class A space is $40 higher than BA.
Bogota and Santiago are ranked third and fourth on the office ladder with an average price per square meter of US$32 and US$29, respectively. Mexico City and Panama City occupy the middle of the pack with average prices of US$27 and US$26 per square meter. After Buenos Aires, the three most affordable Latin metros in the ranking are Lima (US$22), Monterrey (US$20) and Guadalajara (US$18).
Based on the average price data, 100 meters (1,076 sf) of Class A office space costs around US$2,500 in Buenos Aires compared to US$6,800 in Rio, US$6,500 in Sao Paulo, US$3,200 in Bogota and US$2,900 in Santiago. 500 meters (5,382 sf) of Class A office space in Buenos Aires costs US$12,500 in Buenos Aires compared to US$34,000 in Rio, US$32,500 in Sao Paulo, US$16,000 in Bogota and US$14,500 in Santiago. (Full Story in Spanish)
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