Puerto Rico Office Report, H1 2020
After a fiscal crisis, an extended recession, hurricanes, earthquakes, and a global pandemic, Puerto Rico has weathered crisis after crisis over the past several years. The Island’s resilience during these challenging times has been supported by its people’s strength of character, a healthy business environment founded upon Puerto Rico’s status as a part of the United States, a highly competitive tax code, and its entrepreneurial spirit.
The occupancy rate of office properties has been growing in Puerto Rico for the last 2 years. The Puerto Rico office market consists of around 8.2 million square feet spread across the metro area, and Class A leases have averaged around USD 21.00 gross annual rent per square foot in 2019-2020. Moreover, we estimate a vacancy factor of 13% between 2019-2020.