In a March 2016 report, JLL reviewed the metrics of the office market of Caracas. Total stock amounts to around 1,135,000 square metres. Because of the challenges of rampant deflation, the devaluation of the local currency and the challenges of transferring money out of Venezuela, many renters have sought to buy the space that they occupy. The complex exchange rate system has made it difficult for owners to agree leases with tenants. Scarcity of building materials has hampered construction of new buildings and supply of new space. Nevertheless, new supply over the two years to the end of 2017 should amount to around 1,300,000 square metres. Absorption and supply of office space during 2015 amounted to 11,000 square metres and 18,000 respectively. The vacancy rate at the end of the year was 4.5%. Class A rents are USD760-880 per square metre per month at the official exchange rate and USD33-38 per square metre per month at the parallel rate.

Source : JLL/Mar 2016/Caracas/OFF