Capital Center, the real estate arm of Peru's Martínez Moreno Group, the holding company that also controls fishing company Pesquera Hayduk, is projecting revenue growth of around 24 percent in 2026 and is actively searching for land near Lima's San Isidro district to develop new office buildings, the company's chief executive said.
Juan Carlos Moreno, Capital Center's general manager, said in an interview that the company had nearly doubled both sales and EBITDA over the past three years while expanding its client base from around 10 tenants to approximately 35.
Vacancy falling, rents recovering
Moreno said the Lima prime office market was recording vacancy rates of between 9 and 10 percent and that the company expected that figure to fall below 8 percent by year-end. He attributed the tightening to a combination of sustained demand recovery and limited new supply entering the market.
Capital Center's flagship asset, the two-tower Centro Empresarial Plaza República in San Isidro, has reached occupancy of close to 90 percent, Moreno said, adding that the company expected to push that figure above 95 percent before the end of the year by signing two to three additional tenants to fill roughly 3,500 square meters of available space.
He said rental rates at the complex had returned to levels close to those recorded before the pandemic.
Mining sector leads demand
Moreno said the mining sector had been among the most active sources of new office demand over the past 12 months, alongside consumer goods companies. He said the Las Bambas mining group had recently joined as a tenant in Tower 2. Multinational clients at the complex include Entel, Lenovo, 3M, the AmBev group and LG, while domestic clients include construction company Cosapi.
Moreno described the current market as a landlord market, a shift from the tenant-favoring conditions that prevailed during the pandemic. He noted that Peru had seen a slower return to in-person work than Chile or Colombia, which he linked to Lima-specific factors including long commute distances, traffic congestion and limitations in the public transport system.
New wellness center, redesigned plaza
On the retail side, Capital Center has been adding food and beverage brands to the ground-floor commercial strip of Centro Empresarial Plaza República, recently bringing in Qinoa, Poke Boss and Selectos Ibéricos alongside existing tenants The Coffee and Oxxo.
The company is also set to open a roughly 500-square-meter training center in Tower 1, offering indoor cycling, boxing and reformer classes. Moreno said the facility was not designed as a traditional gym but as a wellness-oriented space, and projected a soft opening between mid- and late August.
By year-end, the company also plans to unveil a redesigned central plaza for the complex, with the aim of creating a social and recreational space for people working in the buildings.
Longer-term expansion plans
For future growth, Moreno said Capital Center was searching for land close to San Isidro to develop additional prime office projects, but cautioned that such developments typically take two to three years to complete. He said the company did not yet have a site secured, and that a large-scale project would most likely be delivered in 2028 or 2029.
Beyond offices, Capital Center holds industrial land in Chimbote, Trujillo and Piura, assets linked to the broader group's origins in the fishing industry. The Chimbote holdings cover around 20,000 square meters, Trujillo around 2,500 square meters and Piura approximately 1,800 hectares. Moreno said those assets generated rental income, with clients including Autopistas del Norte and group-affiliated company Fibra Marina, but that industrial property remained a minor part of the business.
The group also owns the Hotel Gran Marqués in Trujillo. Moreno said prime offices accounted for roughly 80 percent of Capital Center's revenue and a similar share of management focus, with the company overseeing around 45,000 square meters of office space compared to about 2,500 square meters of retail.
