BRIEFS. real estate

Office space rents increase 25 percent

The price of renting premium office space rose 25 percent in the past year.

According to a report by the consulting firm CB Richard Ellis, the monthly rental in Panama cost $22.50 per square meter in the first half of 2008, more than $4.50 above the price recorded in the same period last year.

Between 2007 and 2008, about 120,000 square meters of premium office space was added.

However, there has been a sharp increase in demand for the retail space, which has pushed up rents.

According to the consultant, a large number of companies that were renting non-premium space decided to upgrade, and many existing renters looked to expand.

The expansion of the country’s call centers has also placed a demand on premium space.