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Booming office construction reported in Santiago, Chile
A recent study suggests that Chile’s capital city of Santiago is in the middle of a boom period in the construction of luxury offices, as building levels have reached their highest point for seven years. The study was conducted by the property consultant Mackenzie Hill, and shows that over 187,000 sq. m. of ‘category A’ offices – those meeting the highest standards for architecture, working conditions and security - are to be built during 2007. This is an increase of 105% on 2006.
According to Mackenzie Hill, 41% of the new offices will be built in Las Condes. This is considered one of the city’s most popular residential areas, with convenient transport links and fashionable restaurants and cafés, making the district perfectly suited to the new luxury developments. Downtown Santiago will account for 22.6% of construction, and a further 18.5% will be in Huechuraba.
This year’s expansion of office premises in Santiago will provide valuable space for the many businesses wanting to set up operations in the city. The vacancy rate is just 0.7% so far this year, the lowest in the city’s history, while Santiago continues to be a popular location for the regional bases of many large multinationals. Companies with bases in the city currently include Microsoft, JP Morgan, Coca-Cola, Ford, IBM and Reuters. This is good news for investors in Chilean property, as the employment opportunities it generates creates increased demand for housing.
Furthermore, with the recent announcement that Chile’s president Michelle Bachelet is struggling with the billions of dollars currently in the government coffers – surplus cash could reach $20 billion by the end of the year – it is likely that Santiago will receive a considerable level of investment before the year is out.
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