Renting or buying prime office space in metropolitan cities around the globe is usually extremely expensive. Latin American major cities however still offer much more affordable options.
While in Sao Paulo, Brazil the average rental price for prime office space is according to Cúbico US$ 30.41 per square meter, in Buenos Aires, Argentina you have to pay US$ 27.01, in Mexico City US$ 25.39, in Bogota, Colombia US$ 21.72 and in Santiago de Chile US$ 20.59.
Lima, however still has the lowest rental charges for prime office space in Latin America. According to the most recent “Property Report Prime Office” by Binswanger Peru, on average renting prime office space in the Peruvian capital costs US$ 17.03 per square meter, while buying set you back on average with US$ 2,128 per square meter.
At the moment, the Peruvian capital offers 958,348 square meters prime office space with a vacancy rate of 25.37%. 50.8% of Lima’s prime offices are located in San Isidro, 24.4% in Surco – La Molina, 13.8% in Miraflores, 9% in Magdalena and 2 % in San Borja.
As everywhere, location is everything and determines the price in Lima as well. So, while in Lima’s districts Surco and La Molina the average rental square meter price is US$ 15.58 and the square meter purchase price US$ 2.045, in Magdalena del Mar average costs to rent are US$ 16.25 per square meter and to buy US$ 1.844 per square meter. In San Borja prices are at US$ 17.00 per rented square meter (no available objects on sale).
Miraflores and San Isidro are the most expensive parts of Lima to rent and buy prime office space. In Miraflores the average rental price is US$ 18.47 per square meter, while purchasing prime office space costs US$ 2,350 per square meter.
San Isidro is divided in a finance and a business part. In the financial San Isidro, rental prices for prime office space are US$ 17.87 per square meter and purchase prices US$ 2,330 per square meter. Renting prime office space in the business San Isidro costs on average US$ 20.65 per square meter (no available objects on sale).
With a presumed decreasing vacancy rate in 2018 and 2019 due to fewer constructions, prices prime office space assumedly see an uptrend in the coming years.
Source: Binswanger Peru