Latin America's office market is poised for a decade of strong growth, it has been claimed. According to a Jones Lang LaSalle report, economic growth and a thriving jobs market will help to boost real estate in the region.
The report highlighted Mexico as one country where the office market will enjoy a renewed interest from investors. Despite being hit hard in the 2009 recession, Mexico City withstood the economic crisis well and the office market is predicted to increase to nearly 13 million square feet in the next five years.
Elsewhere, Buenos Aires in Argentina has also seen a steady supply of newly constructed office space enter the market, although the economic outlook for the country is slightly more clouded, Jones Lang LaSalle said.
On a whole, Latin America is well positioned for a decade of growth to come, it concludes. "Latin America's office markets continue to brighten for investors, as a shift occurs from tenant to landlord favourable markets. Economic growth, rising standards of hiring and discovery of Latin America's tourism assets all bode well," it stated.