REPORTE DE CAP RATES
Junio, 2019
Estimados clientes, aquí ponemos a su disposición toda la inteligencia del mercado de nuestros equipos de especialistas, en donde encontrarán las tasas de capitalización en bienes raíces comerciales: Edificios de Oficinas e Inmuebles Industriales Clase A, dentro de las principales ciudades de Latinoamérica.
CAP RATES REPORT
June, 2019
Dear clients:
We are glad to share the market intelligence of our Capital Markets specialists, where you will find the Cap Rates in commercial real estate among the main cities of Latin America for Class A+ / A Office Buildings and Class A Industrial Properties.
Mexico City, Mex.
Properties
Cap Rates
Trend
Office A+ / A
8.00% - 11.00%
Industrial A
7.50% - 10.00%
"The office market in Mexico City has many inventory available. The actual real estate cycle is focused on oversupply and has a lot of existing products under construction. In the case of the industrial sector, there isn't much availability and the occupation has not decreased. This trend remains stable."
San Jose, Costa Rica
Properties
Cap Rates
Trend
Office A+ / A
7.50% - 13.00%
Industrial A
8.50% - 11.00%
"The office market is in en expansion phase with normal availability rates and demand for class A + spaces by companies that are located in the western suburbs of the GMA. Class A buildings remain with average percentages of availability, driven by the demand for service companies spaces that come from Foreign Direct Investments."
Panama City, Pan.
Properties
Cap Rates
Trend
Office A+ / A
8.00% - 8.50%
Industrial A
9.25% - 9.50%
"The office market prices and construction have dropped. This has led to a very favorable stage for tenants. The industrial market continues to expand thanks to important infrastructure works and laws that encourage investment and the development of the logistics industry".
Bogota, Colombia
Properties
Cap Rates
Trend
Office A+ / A
6.60% - 7.85%
Industrial A
7.70% - 8.95%
"The market in the capital city of the country has a better dynamism in terms of supply. Since changes in demand have not been significant, prices show variations between 2% and 5%. This represents lower returns for investors in this first half of the year. Additionally, the currency appreciation of the dollar during the first semester of the year has been bigger, compared to the local currency growth rate. This scenario affect the return on investment."
Lima, Peru
Properties
Cap Rates
Trend
Office A+ / A
8.00% - 9.50%
Industrial A
8.00% - 10.00%
"The office market shows an oversupply of sqm but the vacancy rate has fallen to 19.5% in the 2Q of 2019, compared to 21.8% at the end of 1Q, 2019. The average list price has increased by 0.95%, with a value of US $ 15.93 / sqm versus US $ 15.78 / sqm at the end of the previous quarter. Only a new 9,000 sqm office project in San Borja is expected to be delivered in 3Q - 2019. "
Sao Paulo, Brazil
Properties
Cap Rates
Trend
Office A+ / A
7.00% - 9.50%
Industrial A
8.00% - 9.50%
"The office market will show this year (as well as in the following years) a low volume of new inventory. The downward trend in the basic interests rate, together with the growing trend of migration of the financial resources to investment vehicles backed by real estate products, has led to the increase in the price of assets, therefore, the decrease in cap rates. The industrial / logistics market is in the same scenario but less affected due to the bigger existing inventory and the spaces under construction to be delivered this year. As a result, investors have changed their approach, acting as project developers to obtain higher capital returns. "
Santiago, Chile
Properties
Cap Rates
Trend
Office A+ / A
5.4% - 5.8%
Industrial A
5.8% - 6.5%
"During the 2Q of 2019, there was no new inventory added in the A + / A office market. The vacancy rate decreased from 5.2% to 4.5%, with to a total of 110,515 sqm available. Both, the prices of lease and sales, decreased compared to the previous quarter.
Similar to the behavior the market had in the second half of 2018, during the first half of this year, there was no new inventory for industrial parks. The vacancy rate was 3.1%, which is equivalent to 625,571 sqm of available area. The North Zone leads market share with more than 46%. "
Buenos Aires, Argentina
Properties
Cap Rates
Trend
Office A+ / A
7.50% - 9.00%
Industrial A
10.00% - 12.00%
"The office market is in an income-oriented scenario in the long term and there are few investment opportunities where values can be maintained over time. Despite the economical cycles in Argentina, cap rates behave similar to the countries in the region with better stability. Regarding the logistics market, there are no acquisitions of products with return of investment because local developers are the ones who invest and retain their long-term incomes. "
Investment Opportunities in LATAM
ARGENTINA
American Express Office Building
- Floors: 2-3-4-5-6
- Location: Maipu 1210, Buenos Aires, Argentina.
- Cap Rate: 7.5%
- Sales price: USD $46,000,000
BRAZIL
Ativo Cubatão
- Location: Rod. Conego Domenico Rangoni 421, Cubatao, Sao Paulo, Brazil.
- Cap Rate: 8.5%
- Sales price: USD $24,570,000
CHILE
Co Working
- Location: Roman Diaz 117, Providencia, Santiago de Chile.
- Cap Rate: 7.5%
- Sales price: USD $1,800,000
COLOMBIA
Vision 72 Office Building
- Location: 72 Street, # 8 - 56, Bogota Colombia.
- Cap Rate: 7.96%
- Sales price: USD $12,697,295
COSTA RICA
Industrial Facility CEDI INS
- Location: Coyol, Alajuela (Green Park Industrial Park), San Jose, Costa Rica.
- Cap Rate: 11%
- Sales price: USD $13,800,000
MEXICO
Mural Tower
- Location: Insurgentes sur 1605, Mexico City, Mexico.
- Cap Rate: 10.5%
- Sales price: USD $10,600,000
PANAMA
MT1 | Panama Logistics Park
- Location: Panamericana Highway, 24 de Diciembre, Panama City.
- Cap Rate: 8.3%
- Sales price: USD $11,000,000
PERU
Alfrimac Industrial Properties
- Location: Ventanilla – Callao industrial zones and others, Peru.
- Cap Rate: 11%
- Financing through Mutual with Trust: USD $11,000,000