José Carlos Leigh, business director of Urbanova, notes that, at the end of 2023, they managed to close the business of Offices with a solid vacancy level, 10 points below the market and, by 2024, they see a very active first quarter as they have managed to include new clients in their portfolio.

For his part, the commercial manager of Centenario Oficinas, Gary Moncada, observes that the Real San Isidro Business Center and the Cronos Business Center, in Santiago de Surco – both with prime offices – maintain their position as the best proposals in their areas. of influence.

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“They have an occupancy percentage of 80% and 87%, respectively, at the end of 2023. As for 2024, we expect to reach 89% occupancy of our entire Prime office portfolio,”

says the commercial manager of Centenario Oficinas, Gary Moncada.

Regarding the income of more Offices of this type for this year, Sandro Vidal, director of Consulting and Research at RE Propiedades, explains that this market is in a phase of entry of new constructions at minimum levels, in fact, he states, in 2023 8,400 m2 were registered, the lowest income in recent years.

“The new buildings that enter the market are projects that were conceived before the pandemic, but due to factors such as stoppages and the current situation, the start of their operations was extended. By 2024, two new buildings will enter in San Isidro and Miraflores, adding between them 22,000 m2 of useful offices”says.


vacancy in Prime offices by 2024

It is estimated that a healthy vacancy should be between 10% and 12%. The market still accounts for oversupply and it is one of the reasons why less is being built, says Vidal.

According to the Prime offices report from RE Propiedades, at the end of the fourth quarter of 2023, the average price of this type of offices increased by 1.6% compared to the previous quarter, reaching US$ 15.3 per m2 per month , not counting taxes.

For Vidal, the existing offer since 2018 has maintained the average rental price with some stability in Lima, although the price depends on each submarket. With this, a greater expectation is observed on the part of the owners that goes hand in hand with the increase in demand.

. “By 2024, no significant changes are expected in rental prices, although gradual increases are expected according to the type and characteristics of the product,”

notes the director of Consulting and Research at RE Propiedades, Sandro Vidal.

As for demand, this has increased compared to previous years; However, if the current placement process is compared versus the pre-pandemic periods, it is noted that today this process takes longer – from the beginning of the search to the signing of the contract -, says Vidal.

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Humberto Martínez, CEO of the Marcan Real Estate and Construction Company, explains that in Peru there is a distortion in the reading of the office market, especially because they are considered Prime due to the location and some size conditions of the area. But, worldwide, the first condition for a building to be considered Prime is that it belongs to a single owner, he details.

“There are buildings that were built several years ago and that have generated a significant vacancy and they will not be able to be placed because they are already very old and new companies are acquiring buildings with better capacities or more updated”he notes.

Martínez adds that this increases the number of vacancies and even these buildings should end up leaving the Prime market if they are not going to be placed.

“A building that has 50% (of offices) empty at US$ 10 per m2 for five years is clearly not a building Primeit states.

B+ Offices

Unlike the Prime offices (spacious, with greater distance between floor and ceiling, and usually certified as green buildings), In the B+ you can find spaces from 30 m2 or 40 m2, as well as common use areas and less distance between floor and ceiling, explains Vidal.

“Due to commercial dynamics, the B+ offices are aimed at small and medium-sized businesses, as well as independent professionals and entrepreneurs. “Prime offices are mainly aimed at corporations or companies with space requirements that these buildings can satisfy,”

comments the Director of Consulting and Research at RE Propiedades, Sandro Vidal.

Martínez points out that they began to notice a recovery in this market in 2022. 2023 went quite well and 2024 will be a year of higher placements.

These types of offices, because they are smaller, are rented for a higher value per square meter, says Martínez. “We are seeing rents above US$20 per square meter. In the case of Prime offices, we see that they have also recovered since they came from US$ 11 in 2021 and today they are already above US$ 15.he notes.

Marcan has offices whose sales have been evolving positively. “We have two projects in Miraflores that we have just finished building and, in both cases, the placement is at 70%”Add.


In the case of the Prime officesthe RE Propiedades report identifies the FIBRA Camino Real office projects in San Isidro Golf and Pardo 200, in Miraflores, which are completing works and are expected to begin operations in the first part of this year.

With them, more than 20,000 m2 of useful offices would be added to the inventory.

According to Leigh, Urbanova will inaugurate in the coming weeks Flex by Urbanova, a proposal of ‘coworking‘prime that covers 4,000 m2 with 650 work spaces located on Paseo Begonias.

“Flex will provide a comprehensive experience with high-quality flexible offices, of different sizes, furnished and equipped, meeting rooms, amenities, outdoor terrace and amphitheater. “It is a space that we have built from scratch and that will occupy floors two, three and four of the Plaza del Sol building.”account.

Meanwhile, Centenario is soon to inaugurate the comprehensive remodeling of the Camino Real Towers.


The placement of implemented offices increased compared to 2022.

It is expected that in the following months some developers will add implemented offices as part of their offer, says the RE Propiedades study.

“The Pilar and Central Towers have already been completed and, soon, the Royal Tower will be finished. We are transforming the lobbies of the three towers and (this work) will conclude together with the façade of the last tower. This project required an investment of S/ 42.5 million. “We have focused on adding value to our assets through strategic investments”says Moncada.

As for the B+ offices, RE Propiedades identified that in the fourth quarter of 2023 an increase of 0.3% was recorded compared to the previous quarter. In this way, the new inventory is 920,000 m2, distributed in 158 buildings.

This increase is due to the entry of the OB Roosevelt 6000 project in Miraflores, with 2,200 m2 of Offices. In addition to this, a new project was launched in San Isidro, adding a total of 6,684 m2 of Offices tools. With these figures, 2023 became one of the years with the lowest entry of new buildings, which is related to the gradual recovery of the construction sector. Officesnotes Vidal.

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Marcan will launch two boutique projects in the second quarter, each with an investment of S/ 100 million. One will be located in San Isidro and another in Miraflores, and they will add 8,000 m2 and 10,000 m2, respectively, to the B+ market by 2026.

“We have noticed in recent years that this office market has been very active. In the last seven years, including the pandemic, more than 300,000 m2 of offices have been developed in Lima,” points out.

Vidal explains that the offer of B+ offices is located in more districts compared to the prime offer. Miraflores has the highest concentration, but they are also found in San Isidro, Surco, La Victoria, Lince, Cercado de Lima, Magdalena, San Borja, San Miguel, Barranco and Surquillo.

Clients have new needs when taking over an office

Flexibility, design, technology and location are the main characteristics.

Specialists agree that organizations feel the benefits of in-person work, as it impacts productivity, the transmission of business culture and promotion of leadership.

Gary Moncada, Commercial Manager of Centenario Oficinas, notes that there are new habits and needs on the part of his clients who require flexibility due to the type of work they do (hybrid) and the spaces they need to carry out their operations quickly. “We observe that common spaces have great potential to promote work in companies,” he says.

Likewise, office design is more important than before, he adds. “It’s something we’ve focused on for the design of our Community Lounges, Centric Space and the other common areas,” she says.

José Carlos Leigh, Business Director of Urbanova, agrees that one of the most sought-after aspects is flexibility in deadlines.

“We are attentive to trends and anticipate needs. (They are looking for) flexibility, because it can be rented for short terms, exceptional service and quality, infrastructure and technology that impacts the well-being and productivity of its collaborators, in addition to the strategic location and easy access,” he explains.

For his part, Humberto Martínez, CEO of Marcan Real Estate and Construction, notes that one of the reasons users choose B+ offices is not only to be close to their clients, but also to their homes. “This market has developed towards La Molina, Magdalena, Surco, San Borja, because they are closer to the demands for services of the city and the people who use them,” he explains.

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