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Santiago Real Estate Grows

Abel Halpern November 5, 2007

Santiago real estate sector is growing, but demand from local and foreign companies is far larger than supply.

BY CHRONICLE STAFF

Thanks to relatively low growth in construction of office space, Santiagos commercial real estate market is seeing price increases and reduced vacancy rates.

"It is growing as a response to current lack of supply which is reflected in the extremely low vacancy rates," says Carlos Antunez, managing director of the Chile office of CB Richard Ellis.

Alberto Rochefort, business director at NAI Sarra, the Chile affiliate of NAI Global, agrees. "Retail, offices and industrial are all growing in terms of offer and demand," he says. "In all of them prices are increasing and vacancy is dropping."

A relatively new trend is the growing demand from foreign multinationals attracted by tax incentives, low overall social costs and Chiles eductation level, says Shannon Robertson, the Buenos Aires-based managing director of the Latin America operations (excluding Mexico) for Jones Lang LaSalle.

Santiagos real estate sector is also seeing growing investment from foreign...

Keywords: Cencosud, Chiles education, outsourcing, Parque Arauco, real estate investment funds

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