Research

Puerto Rico
Office Report,
H1 2021

The Puerto Rican office market has finally begun to feel an end to the pandemic during the first half of 2021: return to work has led to both Class A and B property rents to increase since the second half of 2020. There is currently 4.91 million square feet of office available in various conditions across the Island with prices ranging from $0.15 to $35.00 per square foot annually. JLL estimates that the pandemic has accelerated relocation trends to the Island, as proximity to traditional urban centers has diminished in value with a digitizing economy. Employee traffic is not completely back to its pre-COVID levels yet; however, in a culture that prioritizes in-person connections, physical spaces and office to work and interact in will remain essential in the Island’s work culture.

 

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