This according to a new report from Colliers International analyzing the average cost of prime office space in major Latin American markets.
The average price of Class A office space in Buenos Aires is US$29 per square meter or US$2.77 per square foot placing BA third in Latin America right behind Bogota (US$33 per m2 or $3.06 per square foot) and well behind the region’s most expensive office market,Sao Paulo ($61 per square meter or US$5.74 per square foot). More affordable Latin markets include Mexico City ($2.60 per square foot), Panama City and Lima.
322,000 square feet of new and existing Class A office space in Buenos Aires was absorbed in the third quarter of 2012 virtually unchanged from the third quarter of 2011. 452,000 square feet of new commercial space have been absorbed year to date, down almost 60% compared to the same time last year reflecting the economic slowdown and falling demand for space in BA’s most expensive office parks and high-rises.
In terms of availability, the third quarter saw the completion of 172,000 square feet of new Class A space bringing BA’s total availability up to 1.16 million square feet. 22% of that total is located in the northern suburbs of Buenos Aires and 21% is located in Puerto Madero East. Average vacancy in BA Class A buildings is 6.2%, down slightly from the 7.0% figure reported this time last year. (Full Story in Spanish)
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