The office market has been one of the hardest hit in recent years. The rise of remote work due to the pandemic has changed work habits around the world, including in Latin America, with the adoption of hybrid work models. Although demand has begun to recover in the region and appears to be continuing that trend, according to real estate brokerage Jones Lang LaSalle (JLL), vacancy rates remain high. Which city in Latin America has the largest amount of vacant Class A and B office space?

ANSWER

Panama City. At the end of the first half of the year, the Central American capital had a vacancy rate of 45%, followed by Rio de Janeiro (36.5%), Quito (30%), and Lima (24.1%).