The new center joins the 30 existing buildings and with them others whose construction is nearing completion, as is the case of the Sixtino II Building, the Interamerican Business Center, the Dubai Center and the Banco Industrial’s Tower 3 in Zone 4.
A further project in Area 15 is the Domani project, which began construction in the Prairie area, and is considered the largest in Central America, with 5 of the 7 planned office towers already under construction.
"Juan Carlos Salazar, research director for the firm Global Real Estate Inspections, told Elperiodico.com.gt, that there are currently 30 office buildings in Area 10, signifying that supply exceeds demand, causing a bubble.
"The problem is that real estate companies have not gauged how much competition there could be between one and another, although the projects were created for the right reasons, there have been situations and setbacks that have seriously affected the market '."
Source: elperiodico.com.gt
More on this topic
March 2012
Prices are rising, and some areas stand out above others for higher growth rates, with no signs of a housing bubble.
Mass construction in Panama, particularly in the capital, is concentrated in some residential areas where prices are rising and it is advisable to monitor this situation. However, this does not constitute a threat of a housing bubble in the view of some economists.
January 2012
The economic and tourism boom has created an inordinate amount of investment in hotels, which is threatening to lower the occupancy rate to unsustainable levels.
The opening of more than 20 hotels has been announced for 2012, adding 6,000 rooms to the inventory offered by Panama, and representing an annual increase of 300% in the hotel supply, while the increase in the number of visitors to the country during 2011 grew by - 13%, which although significant, is far below what would be needed to keep up the hotel occupancy rate, which currently stands at 66%.
July 2011
The east of the capital of Costa Rica has become an important pillar for real estate development, and will receive $40 million in investment for a Class A office center
From the press release:
San Jose, Costa Rica, July 21, 2011 - 4D Real Estate Development has announced the start of works at TERRA Corporate Campus, a Class A office center located in one of the sectors of the city with the fastest growing economic dynamism.
October 2011
The housing development project will require an investment of $50 million in the first year alone.
The first phase of construction of the mega development, which will incorporate residences, medical clinics, shops and offices, begins shortly.
During this first phase of Paseo Cayalá, complete construction of which will take 15 years and consist of 63 hectares, houses, shops, restaurants, jewelry stores, and barber shops, among other things will be constructed in 7.2 hectares.
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