Major office towers, along with other development, is helping boost commercial real estate in Santiago.
BY GIDEON LONG
SANTIAGO, Chile – It was the moment that - symbolically at least - marked the end of the economic crisis in Chile: on December 17, 2009, after a delay of almost a year, construction began again on the Costanera Center, the country’s flagship real estate project.
Once it is finished, in late 2011 or early 2012, this huge project should be quite a sight, consisting of four skyscrapers built over a shopping mall. The main tower will be the tallest in Latin America - 70 storeys and over 300 metres high - as big as the Eiffel Tower.
The project, costing over $600 million, will have a total surface area of 694,000 m2, split between office and retail space. The main tower alone will provide Santiago with 128,000 m3 of new offices.
“The emblematic Costanera Center was the icon of the recession,” real estate company Colliers International says in their end-of-year report on the Chilean market. “Paradoxically it has become nowadays the icon of the real estate reactivation.”
It seems that the new office space provided by the Costanera Center will be sorely needed. Because despite the global slowdown which pushed Chile into recession last year, Santiago is still attracting ...
Keywords: CBC, Costanera Center, Industrial, NAI, Office, Retails, Titanium La Portada