In a March 2016 report, JLL noted that the vacancy rate in Panama City’s office market is 45.3% and increasing. The vacancy rate is 60% in the Obarrio sub-market and 51% in San Francisco. However, the vacancy rate is significantly lower in Costa del Este, Bethania and the Canal Zone. In 2015, absorption was 78,000 square metres or much less than the 196,800 square metres of new supply. Buildings that were completed last year are 66% empty. Class A rents are USD15-28 per square metre per month and are falling towards Class B rents.

Source : JLL/Mar 2016/ Panama City/OFF