Puerto Rico Office Report,
2020 has had both positive and negative effects on the Puerto Rican office market: Class A property rents are up while class B property rents are significantly down as the return to work has come with mixed outcomes.
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.
The pandemic has weakened class B office asking rents and increased vacancy; however, class A asking rents have increased.
Time will tell to what extent work from home will become permanent for some industries on the island; 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.