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Market Overview

United States

Report | Latin America Market Perspective - Q3 2010

Summary

After weathering the recession better than much of the world, Latin America has emerged as a global growth leader.  Brazil and Mexico are the primary economic drivers, but virtually every urban market is gaining strength.  Commercial real estate is becoming a prime beneficiary of cross-market investment capital flowing into the region.  Latin America is hot.

Space demand compared to supply is up, especially in Rio de Janeiro, Caracas and Sao Paulo.  Most other markets are still more tenant- than landlord friendly, including Lima, Buenos Aires, San Jose, Panama City and Monterrey.  This will change in 2011, with only Mexico, Santiago and Bogota continuing on a down cycle.

Despite lively new construction activity, supply is being leased quickly, especially for prime CDB properties.  Vacancy rates are less than 6% in Rio, Santiago and Panama City.  High prices in such desirable pockets have spurred many tenants to seek affordable alternatives in the suburbs.

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