The World Property Channel reports that Panama City has by far the highest commercial vacancy rate in Latin America - at 30%. No other city is even close. My guess is that the "high end" commercial market is probably over 50%.
I took this picture this morning. This is one of the nicest office buildings in PTY, located in Punta Pacifica - the "lower Manhattan" of Panama City. As you can see, it appears as though the building is almost completely vacant. I have been living here for two years and I noticed this building was already finished when I got here. I am not sure when it was finished, but it has been at least two years now. Still empty.
Yet, developers keep building. This is another photo I took this morning. In it there are at least 5 buildings under construction in and around the "Calle 50/Obarrio" area. I take my Spanish lessons on the 32nd floor of the Global Bank Tower (right next to the F&F spiral but not shown in this pic). I am not sure how this language school can afford the rent in such a high end luxury building, but then I noticed that half of the offices on the 32nd floor are vacant.
I am no expert, but I am sure the experts can explain the logic and reasoning behind the commercial and residential real estate development in Panama.
My bank in Panama since 2006 has been HSBC. They are one of the largest and well known banks in the world, doing business in more countries than almost any other (Citibank has more). They decided that Panama does not fit their business profile, and this year they sold their Panama business to Banistmo, a Colombian bank.
Maybe this means nothing. But why would "the world's local bank" (HSBC's slogan) not want a part of Panama's opportunities - the country with the strongest economy and growth in Latin America?
I am no expert, but I am sure the experts can explain the logic and reasoning behind the commercial and residential real estate development in Panama.
My bank in Panama since 2006 has been HSBC. They are one of the largest and well known banks in the world, doing business in more countries than almost any other (Citibank has more). They decided that Panama does not fit their business profile, and this year they sold their Panama business to Banistmo, a Colombian bank.
Maybe this means nothing. But why would "the world's local bank" (HSBC's slogan) not want a part of Panama's opportunities - the country with the strongest economy and growth in Latin America?
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