Cost of office space

Latin CEO: Executive Strategies for the Americas, Dec, 2001

Cost of Offuce Space

The cost of office space in certain cities in Latin America, such as
Buenos Aires and Sao Paulo, has been among the highest in the world.
Rates peaked in 2000, however, and have come down in most cities this
year. These numbers reflect total occupancy costs ("gross rents"), not
just rental rates, for a typical 10,000 square-foot unit in a Class A
office building in a prime location in the city. Cities are ranked from
most to least expensive for 2001.

(US$ per year per square foot)

Location                1999   2000   2001

Buenos Aires, Argentia  50.17  50.17  48.93
San Juan, Puerto Rico   32.22  37.78  38.89
Mexico City, Mexico     38.72  36.38  36.38
Sao Paulo, Brazil       37.77  44.37  35.86
Caracas, Venezuela      36.23  35.67  35.67
Nassau, Bahamas         34.50  34.50  34.50
Rio de Janeiro, Brazil  32.10  34.51  30.60
Santiago, Chile         24.40  22.39  21.90
Lima, Peru              22.30  18.95  19.51
Panama City, Panama     17.34  17.34  17.96
Bogotta, Colombia       19.61  16.72  16.72
Quito, Ecuador          18.13  14.83  14.83

Source: CB Richard Ellis Global Research & Consulting, Latin America &
Caribbean. Rate survey taken in June/July of each year.