Posts tagged vacancy rates
I am currently in Argentina for business this week and the amount of development I am witnessing here is surprising. It has been several months since I travelled to Buenos Aires and due to all the negative news I read in the press and some of the horrifically misguided decisions la Presidente Kirchner has taken, I expected to see little if any new quality development.
Near the downtown area some impressive looking residential condominium towers and three very attractive new office towers are under construction that will add about 80,000 m2 to the downtown Class A office space; of the latter group, I was informed that they are all pre-leasing very well. In particular the Madero Office building is already more than 80% pre-leased. I would love to say that our capable and talented local offices here, which have the listing on that building, are wholly responsible for that success, but the demand for office space continues strong. This is due largely to two factors – continued economic growth and a lack of sufficient office product. More >