1Q16
MARKET REPORT
Latin America
The Caribbean
&
Madero Office, Argentina.
Global Locations
Latin America,
& The Caribbean
Argentina
Buenos Aires City
Buenos Aires North
Bahamas
Nassau
Brazil
Säo Paulo
Rio de Janeiro
Chile
Santiago
Cayman Islands
George Town
Jamaica
Kingston
Mexico
Ciudad Juarez
Guadalajara
Guanajuato
Matamoros
Mexicali
Mexico City
Monterrey
Queretaro
Reynosa
San Luis Potosi
Tijuana
Panama
Panama City
Peru
Lima
Arequipa
Puerto Rico
San Juan
Venezuela
Caracas
Mauro Keller Sarmiento, SIOR
and their company associates. Any dissemination or replication, without the express authorization of NAI Global, is
strictly prohibited.
Executive Managing Director,
International Business
+54 11 4320 4320
[email protected]
#VFOPT"JSFT
.BSLFU3FQPSU
2
&DPOPNJD0WFSWJFX
G%1 GROWTH
0.%
INFLATION
%
UNEMPLOYMENT RATE
CURRENCY
CONVERSION RATE (VS USD)
%
Pesos Argentinos $ARS
5SFOET +"/'&#."3
Vacancy
Rate
Estimate Total
Take Up
Sale Average Lease Average
Asking Rates Asking Rates
1SJNF0GGJDFT
7BDBODZ SBUF GPS $MBTT " PGGJDF XFOU EPXO BQQSPYJNBUFMZ TJODFUIFCFHJOOJOHPGUIFZFBSSFBDIJOHCFMPXPUIFSDJUJFT
JO-BUJOBNFSJDBTVDIBT4BOUJBHP#PHPUB(VBEBMBKBSB
Sale Value (USD / m2)
Lease Value (USD / m2 /month)
USD UP
USD 2UP
Sale Value (USD / m2)
Lease Value (USD / m2 / month)
1SJNF*OEVTUSJBM
5IFWBDBODZSBUFJODSFBTFEGSPNUIFQSJPSRVBSUFSCFDBVTFPGUIF
TQBDFJO4PVUIBOE/PSUITVCNBSLFUTUIBUSFNBJOTVOPDDVQJFE
5IFBWFSBHFBTLJOHSFOUEFDSFBTFEUP6N¤NPOUI
USD 600
USD 7
1SJNF3FUBJM
5IFWBDBODZSBUFJO'MPSJEB4UTIPXTan JODSFBTFGSPNJO4
UPJO2QPTJUJPOJOHJUBTUIFDPSSJEPSXJUIUIFHSFBUFS
BWBJMBCJMJUZGPMMPXFECZ4BOUB'F"WFBOE1VFZSSFEØO"WF
Sale Value (USD / m2)
USD 6,500
Lease Value (USD / m2 / month)
USD 35
)*()-*()54
"SHFOUJOBGJOBMMZFOETJUTEFCU%FGBVMU"GUFSNPSFUIBOZFBSTPGTPWFSFJHOEFGBVMUBGFEFSBMBQQFBMTDPVSUJO
/FX:PSLVQIFMEBSVMJOHUIBUBMMPXTUIFDPVOUSZUPQBZJUTiIPMEPVUwDSFEJUPST5IJTQBWFTUIFXBZGPS
"SHFOUJOBTMPOHBXBJUFESFUVSOUPJOUFSOBUJPOBMDSFEJUNBSLFUT
5IF*OEVTUSJBMNBSLFUJO#VFOPT"JSFTHSFXTMJHIUMZNPSFTMPXMZUIBOPUIFSJOEVTUSJBM
NBSLFUTJO-BUJO"NFSJDBEVFUPUIFQSFWJPVTHPWFSNFOU}TNPOFUBSZQPMJDJFT8JUIUIF
OFXHPWFSNFOUXFFYQFDUUPTFFJNQSPWFNFOUTUPUIFDPVOUSZ}TFOUJSFJOEVTUSJBMNBSLFU
%VFUPUIFBHSFFNFOUXJUIUIFIPMEPVUDSFEJUPSTBTVCTUBOUJBMTUFQGPS"SHFOUJOBBTJUDMFBST
UIFXBZGPSUIFDPVOUSZUPSFUVSOUPCPSSPXJOHPOJOUFSOBUJPOBMNBSLFUTXFFYQFDUUIFBSSJWBM
PGJOWFTUPSTGSPNBCSPBE
San Martin 640 – 10th Floor
Buenos Aires - Argentina
+54 11 4320-4320
XXX/"*"SHFOUJOBDPN
/BTTBV
.BSLFU3FQPSU
2
&DPOPNJD0WFSWJFX
G%1 GROWTH
%
INFLATION
1.%
UNEMPLOYMENT RATE
CURRENCY
CONVERSION RATE (VS USD)
1%
Bahamian Dollar B$
1:1
5SFOET +"/'&#."3
Estimate Total
Take Up
Vacancy
Rate
Sale Average Lease Average
Asking Rates Asking Rates
1SJNF0GGJDFT
5IF EFNBOE GPS $MBTT " PGGJDF TQBDF IBT TIPXO NPEFSBUF
JNQSPWFNFOU 5IF WBDBODZ SBUF JO +BOVBSZ XBT EPXO
GSPNJO+VOF0VSGJOBODJBMTFSWJDFTJOEVTUSZDPOUJOVFTUP
CFDIBMMFOHFECZJOUFSOBUJPOBMDPNQMJBODFSFHVMBUJPOT
Sale Value (USD / m2)
USD 2,903
Lease Value (USD / m2 /month)
USD 30.
1SJNF*OEVTUSJBM
5IJT NBSLFU JT MJNJUFE FYDMVTJWFMZ UP XBSFIPVTF EFWFMPQNFOUT PG XIJDI
UIFSFBSFOPUNBOZ%BUBPOMZDPWFSTUIPTFQSPQFSUJFTGPSXIJDIXFBSF
BCMFUPDPMMFDUSFMJBCMFEBUB5IJTNBSLFUJTOPUHSPXJOHEVFUPUIFTUBUF
PGUIFMPDBMFDPOPNZ
Sale Value (USD / m2)
-
Lease Value (USD / m2 / month)
USD 1
1SJNF3FUBJM
5IFWBDBODZSBUFJOUIJTTFDUPSIBTSFNBJOFEVODIBOHFEBU5IF
WBTU NBKPSJUZ PG UIF SFUBJM TQBDF JT JO SFHJPOBM TUSJQ NBMMT DBUFSJOH UP UIF
MPDBMUSBEF0OMZPGTUPDLJTMPDBUFEJOUIF$#%
Sale Value (USD / m2)
-
Lease Value (USD / m2 / month)
USD 25.5
)*()-*()54
5IF JOWFTUNFOU DMJNBUF JO 5IF #BIBNBT GPS DPNNFSDJBM SFBM FTUBUF IBT TIPXO
NPEFSBUFJNQSPWFNFOUEVSJOHUIJTTU2US/"*#BIBNBT3FBMUZ$PNNFSDJBMJT
DVSSFOUMZ XPSLJOH PO NBKPS TBMFT BTTJHONFOUT B QSJNF CFBDIGSPOU SFTUBVSBOU PO
UIF XFTUFSO TJEF PG /FX 1SPWJEFODF *TMBOE BOE B QSJNF IBSCPVSGSPOU SFUBJM
SFTUBVSBOUNBSJOBQSPQFSUZMPDBUFEPOFCMPDLGSPNUIFDFOUSFPGUIFDJUZPG/BTTBV
8F FYQFDU UP DMPTF PO NJMMJPO JO DPNNFSDJBM TBMFT EVSJOH UIF OE 2US JODMVEJOHPGGJDFCVJMEJOHTBOEEFWFMPQNFOUT
5IF'JOBODJBM4FSWJDFT*OEVTUSZBQQFBSTUPIBWFTUBCJMJ[FE.PTUPGUIF
DPOUSBDUJPOJOUIJT*OEVTUSZIBTPDDVSSFE8FBSFTFFJOHBDPOUJOVFENPWFNFOU
PGCVTJOFTTFTPVUPGUIF$#%UPXFTUFSOBSFBTPG/FX1SPWJEFODF
P.O. Box N-1132
Nassau - Bahamas
+1 242 396 0028
XXX/"*#BIBNBTDPN
4ÈP1BVMP
BRAZIL
.BSLFU3FQPSU
2
&DPOPNJD0WFSWJFX
G%1 GROWTH
INFLATION
UNEMPLOYMENT RATE
CURRENCY
CONVERSION RATE (VS USD)
-%
%
%
Brazilian Real R$
5SFOET +"/'&#."3
Vacancy
Rate
Estimate Total
Take Up
Sale Average Lease Average
Asking Rates Asking Rates
1SJNF0GGJDFT
*O 4ÍP 1BVMP WBDBODZ SBUF DPOUJOVFT UP SJTF BOE BT B
DPOTFRVFODF MFBTF SBUFT BSF ESJGUJOH EPXO 1SJDFT BSF BMTP
HPJOHEPXOBTBDUJWJUZJTTDBSDFBOEJOUFSFTUSBUFTBSFIJHI*O
3JPEF+BOFJSPOFUBCTPSQUJPOJTFYQFDUFEUPCFOFHBUJWF
Sale Value (USD / m2)
USD Lease Value (USD / m2 /month)
USD 1SJNF*OEVTUSJBM
0OBWFSBHFMFBTFSBUFTIBWFGBMMFOEVFUPUIFTISJOLJOHJOEVTUSJBMBDUJWJUZ
7FSZGFXQSPKFDUTXFSFBOOPVODFEUIJTZFBS
Sale Value (USD / m2)
USD Lease Value (USD / m2 / month)
USD 1SJNF3FUBJM
-BDLPGDPOGJEFODFJOUIFGVUVSFBGGFDUFECZUIFSJTFJOUIF
FNQMPZNFOUSBUFJTMPXFSJOHDPOTVNQUJPOJOHFOFSBM4UPSFTBOE
NBMMTIBWFTVGGFSFEGSPNUIFSJTFJOWBDBODZTQBDFT5IFTDFOBSJP
JTUIFTBNFGPSPUIFSTFHNFOUT
Sale Value (USD / m2)
USD Lease Value (USD / m2 / month)
USD )*()-*()54
5IFSFDFTTJPODPOUJOVFTUPBGGFDUHSPXUIFYQFDUBUJPOT'PSUIF
(%1JTFYQFDUFEUPHPEPXOUIFUIJSEDPOTFDVUJWFZFBSPG
OFHBUJWFHSPXUI
7BDBODZSBUFTBSFIJHIJOBMMTFHNFOUTBOEMFBTFSBUFTDPOUJOVFTUPHPEPXO
JOBMMNBKPSNBSLFUT/FXTVQQMZJOGPSPGGJDFBOEJOEVTUSJBMMPHJTUJDBM
QSPQFSUJFTXJMMPWFSDPNFBCTPSQUJPO
#FTJEFTUIF0MZNQJDTUPCFIFMEJO"VHVTU
3JPEF+BOFJSPIBTCFFO
BGGFDUFECZUIFFDPOPNZTMPXEPXOEVFUPUIFPGGTFUJOUIFPJMBOEHBT
JOEVTUSZ
160 George Eastman, Street
São Paulo - Brazil
+55 11 3755 8888
XXX/"*%XPSLJOHDPN
4BOUJBHP
CHILE
.BSLFU3FQPSU
2
&DPOPNJD0WFSWJFX
G%1 GROWTH
%
INFLATION
4%
UNEMPLOYMENT RATE
6.%
CURRENCY
CONVERSION RATE (VS USD)
Chilean Peso CLP$
5SFOET +"/'&#."3
Vacancy
Rate
Estimate Total
Take Up
Sale Average Lease Average
Asking Rates Asking Rates
1SJNF0GGJDFT
.PSF TUSBUFHJD MFBTJOH UBDUJDT XPSLFE BT FYQFDUFE JO SFTQPOTF UP B
MFTT EZOBNJD NBSLFU EVSJOH 4FDPOE 4FNFTUFS $MBTT "
$PNQMFUJPOT N¤ "CTPSQUJPO N¤ 7BDBODZ $MBTT #
$PNQMFUJPOTN"CTPSQUJPON¤7BDBODZ
Sale Value (USD / m2)
USD 3,
Lease Value (USD / m2 /
month)USD
2
1SJNF*OEVTUSJBM
7BDBODZSBUFJODSFBTFEEVSJOHEVFUPIJHIQSPEVDUJPO"TBSFTVMU
BWFSBHF BTLJOH SFOUT EFDSFBTFE SFBDIJOH 64% N¤ NPOUI
"CTPSQUJPO SFBDIFE B WFSZ MPX MFWFM UPUBMJOH OFHBUJWF GPS UIF TBNF
SFBTPO
Sale Value (USD / m2)
64%
Lease Value (USD / m2 / month)
64%
1SJNF3FUBJM
7BDBODZSBUFTUBCMFBSPVOE"WFSBHFBTLJOHSFOUTBMTPTUBCMFBU
64%N¤NPOUI/PJNQPSUBOUOFXTVQQMZSFHJTUFSFEEVSJOHUIJTQFSJPE
Sale Value (USD / m2)
64%
Lease Value (USD / m2 / month)
64%
)*()-*()54
0GGJDF3FUBJM*OEVTUSJBMNBSLFUSFNBJOTUBCMFBGUFSUIFHMPCBM
DSJTJTFTQFDJBMMZJOUIFTBMFPGQSPQFSUJFT
)JHIDPOGJEFODFGSPNGPSFJHOJOWFTUPSTDBVTFECZUIFTUBCJMJUZPGUIFDPVOUSZ
FDPOPNZBOEUIFTUSFOHUIPGJUTJOTUJUVUJPOTDPNQBSFEXJUIPUIFSDPVOUSJFTJO
UIFSFHJPO
4UBCJMJUZJOQSJNFPGGJDFNBSLFUWBDBODZXBTBSPVOE.5
Av. Pdte Riesco 3451, Las Condes
Santiago - Chile.
+56 2 2347 7000
XXX/"*4BSSBDM
,JOHTUPO
.POUFHP#BZ
.BSLFU3FQPSU
2
&DPOPNJD0WFSWJFX
G%1 GROWTH
%
INFLATION
%
UNEMPLOYMENT RATE
CURRENCY
CONVERSION RATE (VS USD)
14%
Jamaican Dollars J$
5SFOET +"/'&#."3
Vacancy
Rate
Estimate Total
Take Up
Sale Average Lease Average
Asking Rates Asking Rates
1SJNF0GGJDFT
"DUJWFJOUFSFTUDPOUJOVFTCZ#10NBSLFUJO,JOHTUPOBOE.POUFHP#BZ
.BKPS$BMM$FOUSFTJHOTMFBTFGPSTRGUJO1PSUNPSF
0UIFSQMBZFSTTFFLTQBDF.PTUDBTFTUIJTXJMMIBWFUPCFOFXCVJME
Sale Value (USD / m2)
USD 954
Lease Value (USD / m2 /month)
USD 7.2
1SJNF*OEVTUSJBM
-PDBM %FWFMPQFS *OGJOJUF $PODSFUF UP CSFBL HSPVOE PO B /FX 0GGJDF BOE
%JTUSJCVUJPO DFOUSF GPS /FTUMF +BNBJDB JO .BZ DPNQMFUJPO .BSDI
Sale Value (USD / m2)
USD 630
Lease Value (USD / m2 / month)
USD 5
1SJNF3FUBJM
.BSLFUTUBUJD
Sale Value (USD / m2)
USD 1,883
Lease Value (USD / m2 / month)
USD 12.5
)*()-*()54
5IF1PSUBVUIPSJUZPG+BNBJDB1"+
QMBOTUPJOWFTUJODBMMDFOUSFGBDJMJUJFTJO1PSUNPSFBOE.POUFHP#BZDPTUJOHNPSFUIBO
CJMMJPO/FXMZSFMFBTFEHPWFSONFOUEPDVNFOUTJOEJDBUFUIBUUIFJOWFTUNFOUXJMMJODMVEFCJMMJPOPGDBQJUBMFYQFOEJUVSF
POBTRVBSFGPPUCVJMEJOHBUUIF.POUFHP'SFF;POFBOECJMMJPOBUUIF1PSUNPSF*OGPSNJY$FOUSFJO4U$BUIFSJOF
"300.IPUFMPGGJDFTBQBSUNFOUTBOESFUBJMTUPSFTBSFBNPOHUIFNJYFEVTFQSPKFDUUIBUUIF1BO+BNHSPVQIBT
VOEFSUBLFOBTQBSUPGJUTSFEFWFMPQNFOUQMBOTGPSUIFGPSNFS0DFBOB)PUFMDPNQMFYJOEPXOUPXO,JOHTUPO1BO+BNXIJDI
DVSSFOUMZPXOTUIF$PVSUZBSE.BSSJPUUJO/FX,JOHTUPOTBJEDPOTUSVDUJPOJTPOHPJOHBOEJUIPQFTUPSFQMJDBUFUIFNPEFMJOUIF
PMEDJUZDFOUSF
,BSJTNB)PUFMTBOE3FTPSUTBGBTUHSPXJOH'MPSJEBCBTFEPQFSBUPSPGUIFNFBOEIJHIFOE
CPVUJRVFQSPQFSUJFTBOOPVODFEQMBOTUPCVJMESPPNTPO+BNBJDBhTOPSUITIPSFPWFSPG
UIFOFYUEFDBEF5IFGJSTUPSTPBSFUPCFPQFOFEJOUJNFGPSUIFXJOUFSUPVSJTU
TFBTPOBGUFSUXPZFBSTPGDPOTUSVDUJPO5IFDPNQBOZQMBOTUPJOWFTUVQXBSETPG64
NJMMJPOPOUIFQSPKFDUXIJDIJTTFQBSBUFGSPNUIF64NJMMJPOJUJTTQFOEJOHPOB
SPPNQSPQFSUZUPCFDBMMFE"[VMOPXVOEFSDPOTUSVDUJPOJO/FHSJMPO+BNBJDBhTXFTUDPBTU
31 Upper Waterloo Road
Kingston - Jamaica
+1 876 925 7861
XXX/"*+BNBJDBDPN
.FYJDP$JUZ
.BSLFU3FQPSU
2
&DPOPNJD0WFSWJFX
G%1 GROWTH
2%
INFLATION
2.%
UNEMPLOYMENT RATE
%
CURRENCY
CONVERSION RATE (VS USD)
Mexican Peso $MXN
1
5SFOET +"/'&#."3
Vacancy
Rate
Estimate Total
Take Up
Sale Average Lease Average
Asking Rates Asking Rates
/FX 0GGJDF DPOTUSVDUJPO TMPXJOH EPXO 0WFSBMM JOWFOUPSZ TUBOET BU NJMMJPO N¤ XJUI N¤ VOEFS DPOTUSVDUJPO "TLJOH SFOUT SVO GSPN
N¤JOUIFPVUMZJOHBSFBTUPJOUIF$#%7BDBODZSBUFTBSF
BU
USD USD 1SJNF*OEVTUSJBM
0WFSBMMJOWFOUPSZJTBUNJMMJPON¤XJUIN¤VOEFS
DPOTUSVDUJPOBOENJMMJPON¤MFBTFEMBTUZFBS"TLJOHSFOUTWBSZGSPN
UP6TEN¤7BDBODZSBUFJTBU-PHJTUJDEFNBOEJT
WFSZTUSPOHJOBMMTFDUPSTPGUIFDJUZ
USD 70
USD USD USD 10
1SJNF3FUBJM
/FXMBSHFIJHIFOESFUBJMDFOUFSTPQFOJOHJOBMMUIFNJEUPVQQFS
JODPNFBSFBTPGUIFDJUZ"TLJOHSFOUBMSBUFTJOUIFSBOHFPGUP
N¤NPOUI7BDBODZSBUFTEPXOGSPNMBTUZFBS
)*()-*()54
*OEVTUSJBMGBDJMJUZDPOTUSVDUJPOJOGVMMCMPPN0WFSN¤VOEFSDPOTUSVDUJPOXJUIBOJOWFOUPSZPGNJMMJPON¤
BWBJMBCMFN¤XFSFMFBTFEMBTUZFBS%FNBOEJTTUSPOHBOEBTLJOHSFOUTBSFUPN¤QFSNPOUI
/FXPGGJDFDPOTUSVDUJPOMFWFMJOHPGG0WFSBMMJOWFOUPSZJTNJMMJPON¤3FOUTIBWFGJSNFEBUN¤JO
UIF$FOUSBM#VTJOFTT%JTUSJDU5IF*OTVSHFOUFTBOE4BOUB'FTVCTFDUPSTBSFUIFUSFOETFUUFSTJOOFXPGGJDF
TQBDF0WFSBMMWBDBODZSBUFTBSFBU
3FUBJMNBSLFUJTTUJMMFYQBOEJOHXJUINBKPSDPNNFSDJBM
#MWE"HVB$BMJFOUF1#&EJGJDJP$FOUVSB
DFOUFSTPQFOJOHVQJOUIFNJEUPVQQFSJODPNFBSFBTPGUIF
$PM"WJBDJØO5JKVBOB#$.ÏY
DJUZ3FOUTPOBWBJMBCMFTQBDFXJMMWBSZGSPNUP
.9
6
64
64%N¤
ww.NAIMexico .com
1BOBNB$JUZ
.BSLFU3FQPSU
2
&DPOPNJD0WFSWJFX
G%1 GROWTH
.%
INFLATION
%
UNEMPLOYMENT RATE
.1%
CURRENCY
CONVERSION RATE (VS USD)
Balboa B/.
1
5SFOET +"/'&#."3
Vacancy
Rate
Estimate Total
Take Up
Sale Average Lease Average
Asking Rates Asking Rates
1SJNF0GGJDFT
7BDBODZ3BUFTTJODFMBTUUSJNFTUFSDPOUJOVFUPEFDSFBTFTMPXMZBTOFX
PGGJDFT BSF PGGFSFE BU DPNQFUJUJWF SBUFT 0GGJDF 4BMFT BOE MFBTF WBMVFT
EFDMJOFEWFSZTMJHIUMZCVUSFNBJOTUBCMF
Sale Value (USD / m2)
Lease Value (USD / m2 /month)
USD 64%21.
1SJNF*OEVTUSJBM
5IFSF JT BO JODSFBTF JO DPOTUSVDUJPO PG OFX XBSFIPVTFT XJUIJO FYJTUJOH
8BSFIPVTF 1BSLT EFNPOTUSBUJOH TUSPOH EFNBOE JO UIJT TFDUPS 4BMFT
QSJDFT IBWF JODSFBTFE TMJHIMZ XIJMF MFBTF WBMVFT IBWF TUBZFE SFMBUJWFMZ
TUBCMFCFDBVTFPGOFXJOWFOUPSZ
Sale Value (USD / m2)
Lease Value (USD / m2 / month)
USD 9.
USD 1SJNF3FUBJM
"T1BOBNBHSPXTTPEPUIFSFUBJMBOEDPNNFSDJBMTNBMMBOEMBSHF
TIPQQJOHDFOUFSTUISPVHIPVUUIFDPVOUSZCSJOHJOHTFSWJDFTDMPTFSUPUIF
FOEVTFS*OWFOUPSZJTIJHIBOESFOUBMSBUFTTUFBEZ
Sale Value (USD / m2)
USD Lease Value (USD / m2 / month)
USD )*()-*()54
.BSLFUQSJDFTSFNBJOMPXBOEGJTDBMBOEMBCPSJODFOUJWFTSFNBJOBOJNQPSUBOUBUUSBDUJPOUPHFUIFS
BDUJWBUJOHNBSLFUDPOGJEFODFXIJDILFFQTPOBUUSBDUJOHNVMUJOBUJPOBMDPNQBOJFTUP1BOBNB
1BOBNBDPOUJOVFTUPCFUIFMFBEJOHFDPOPNZJO-BUJO"NFSJDBJOUFSNTPG(%1
(SPXUIBOETVTUBJOTJUTMFBEFSTIJQJO$FOUSBM"NFSJDBBTUIFMBSHFTUSFDFQUPSPG
JODPNJOH'PSFJHO%JSFDUJOWFTUNFOUBU
0WFSPG'PSFJHO%JSFDU*OWFTUNFOUJT3FJOWFTUNFOU
Green Plaza,1st Floor Suite 201
Costa del Este - Panamá
+507 300 5300
XXX/"*1BOBNBDPN
-JNB
.BSLFU3FQPSU
2
&DPOPNJD0WFSWJFX
G%1GROWTH
%
INFLATION
%
UNEMPLOYMENT RATE
%
CURRENCY
CONVERSION RATE (VS USD)
Nuevo Sol S/.
3.
5SFOET +"/'&#."3
Estimate Total
Take Up
Vacancy
Rate
Sale Average Lease Average
Asking Rates Asking Rates
%VFUPUIFHSPXUIPGQSJWBUFJOWFTUNFOUJOUIFGJOBODJBMTFDUPSBOEJO
DPNNVOJDBUJPOTUIFQSPKFDUJPOGPSUIFDPNJOHNPOUITJTUPTFFBO
JODSFBTFJOEFNBOEGPSPGGJDFTQBDFJOUIFNBSLFU
USD 2,
USD 1SJNF*OEVTUSJBM
%VFUPUIFQSPDFTTPGFMFDUJPOTUIFEFNBOEGPSUIFJOEVTUSJBM
TFDUPSXBTQBSBMZ[FEEVSJOHUIFGJSTURVBSUFSTPUIFSFOUBMQSJDF
USFOEFEEPXOXBSET*UJTFYQFDUFEUIBUJODPNJOHNPOUITUIF
NBSLFUXJMMSFWJWFBOEJODSFBTFBCTPSQUJPO
USD USD 5
1SJNF3FUBJM
*OUIFDPNJOHNPOUITBOJODSFBTFJOUIFWBDBODZSBUFGPSUIFSFUBJM
TFDUPSJTFYQFDUFEEVFUPUIFEFWFMPQNFOUPGGPVSOFXTIPQQJOH
DFOUFSTUISFFJO-JNBBOEPOFJO1JVSBBOEUIFFYUFOTJPOPGGPVS
NBKPS.BMMTJOPVSDJUZ
USD 6
)*()-*()54
-BOE GPS EFWFMPQNFOU PG MPHJTUJDT DFOUFST JO UIF 4VC1SJNF NBSLFU PG $BMMBP
BOE -JNB 4PVUI ;POF BSFQPUFOUJBMJOWFTUNFOUMPDBUJPOTXJUIPWFSIFDUBSFT
BWBJMBCMFGPSHSFBUEFWFMPQNFOUJOUIJTTFDUPS
'PSUIFTFDPOERVBSUFSBGUFSFMFDUJPOSFTVMUTTUBCJMJ[BUJPOPGUIFDPSQPSBUFNBSLFU
XJUI JODSFBTJOH EFNBOE GPS QSJNF PGGJDF JT FYQFDUFE 'VSUIFSNPSF JU JT UBSHFUJOH
UIF EFWFMPQNFOU PG SFUBJM QSPKFDUT JOTJEF UIF DPVOUSZ BT OFX JOWFTUNFOU
PQQPSUVOJUJFT
191 Calle Pedro Denegri,
Surco
Lima - Peru
+ 511 2719966
XXX/"*1FSVDPN
4BO+VBO
.FUSP"SFB
.BSLFU3FQPSU
2
&DPOPNJD0WFSWJFX
G%1 GROWTH
INFLATION
UNEMPLOYMENT RATE
CURRENCY
CONVERSION RATE (VS USD)
0.%
%
%
USD
1.0
5SFOET +"/'&#."3
Vacancy
Rate
Estimate Total
Take Up
Sale Average Lease Average
Asking Rates Asking Rates
1SJNF0GGJDFT
"TNBMMJODSFBTFJOUIFPDDVQBODZSBUFIBTCFFOSFGMFDUFEBTB
SFTVMUPGBOFYQBOTJPOPG.PMJOB)FBMUI$BSFBOEOFXCVTJOFTTUIBU
IBWFDPNFJOUPUIFNBSLFUUPCFOFGJUGSPNMBX
Sale Value (USD / 4')
USD 1
Lease Value (USD / 4' /month)
USD 16UP
1SJNF*OEVTUSJBM
/PTJHOJGJDBOUUSBOTBDUJPOTIBWFDMPTFEEVSJOHUIJTRVBSUFS
)PXFWFSTFWFSBMQSPQFSUJFTUIBUXFSFBWBJMBCMFXJUIJOUIFNBSLFU
IBWFHPOFUPDPOUSBDUBOETIPVMECFDMPTJOHEVSJOHUIFOE
RVBSUFS
Sale Value (USD / SF)
USD Lease Value (USD / 4' / month)
USD UP
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Sale Value (USD / 4')
Lease Value (USD / 4' / month)
64%UP
USD UP
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Caracas
Market Report
2
Economic Overview
G%1GROWTH
INFLATION
UNEMPLOYMENT RATE
CURRENCY
CONVERSION RATE (VS USD)
-%
%
8%
Venezuelan Bolivar Bs.
5SFOET +"/'&#."3
Vacancy
Rate
Estimate Total
Take Up
Sale Average Lease Average
Asking Rates Asking Rates
Prime Offices
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USD ,00
USD USD 610
USD 3
USD 00
USD Prime Industrial
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Prime Retail
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Consumption IBTCFFOSFEVDFECZ, due to the electricity
emergency.
HIGHLIGHTS
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Centro Plaza, Torre C, Pent House
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Caracas - Venezuela.
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+58 212 286 9580
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www.NAIVenezuela.com
MARKET REPORT
2
-BUJO"NFSJDB5IF$BSJCCFBO
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Over 380 million square feet of property managed.
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717 Fifth Avenue,12th Floor
New York, New York 10022
tel +1 212 405 2500
www.naiglobal.com