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Over-supply in the Office Real Estate Market?

Reports state that the available supply of office space in square meters in Panama City grew from 18% in July of last year, to 21% in the same month in 2017.  A study reported on by Elcapitalfinanciero.com indicates a sustained increase in the available supply of office space in the Panamanian capital, which went from 1,669,189 square meters in July last year, to 1,629,504 in the second half of this year.
“… The report  by CBRE Panama shows that by type of market, Class A and A + buildings also increased their availability, going from 24.9% in the second half of 2016 to 27.8% in the first half of this year. A similar situation was seen with class B buildings, which also saw an increase in their availability, going from 12.2% in the second half of last year to 14.4% for the first half of 2017.  Meanwhile, in the first half of 2017, the average price requested for class A and A + buildings maintained the sale range of between $2,600 per square meter and $3,300 per square meter per month. Class B buildings remained at $2,600 per square meter per month.”
Elcapitalfinanciero.com reports    “…The net absorption -that is the calculation which shows the change or difference of the inventory occupied by one period to another – was negative in the office market in the first half of this year. Class A and A + buildings recorded an absorption of 6,115 square meters and class B buildings, a total of 20,032 square meters.”

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Thomas H. Brymer II
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