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There are nearly 300,000 square meters of vacant prime offices in Metropolitan Lima

The office market in Metropolitan Lima currently has around 300,000 square meters (m²) of vacant prime offices, according to estimates made by Credicorp Capital.

“If we exclude East Lima and focus on Magdalena, San Isidro Financiero, San Isidro Empresarial and Miraflores, we are talking about 218,000 m² of vacant prime office space,” said Juan Francisco Aranda, Vice President of Real Estate Investments at Credicorp Capital.

According to the executive, in the last quarter of last year alone, nearly 50,000 m² were added as a result of new buildings that completed their construction.

Along these lines, Aranda emphasized that due to the low rates of return to offices “with one, two or even three days a week”, it is very likely that new prime offices will not be produced until 2025.

“By 2025 we believe that there will be a natural absorption of square meters,” he commented.

Likewise, Credicorp expects occupations to improve in the second quarter of this year “thanks to vaccination and the fact that companies have been encouraging a safe return to offices in 2022.”

Home sales remained

On the other hand, Mary Acevedo, vice president of Credicorp Capital, stated that since the second half of 2021 there was a “considered increase” in the price of apartments due to the increase in construction prices.

“Despite the increase in apartment sales prices and the increase in mortgage loan rates, sales have remained stable,” said Acevedo.

According to the representative of Credicorp Capital, the stability in sales is due to the housing deficit that exists in the country and the recovery of jobs in recent months.

“This shows that the behavior of home sales in the country is quite healthy despite the crisis caused by the pandemic and the political uncertainty due to the change of government,” he pointed out.

However, he stated that in the last month of 2021 only seven new projects entered the market in contrast to the 32 that entered in March of the same year.

Source: Larepublica

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