Against all odds, the Uruguayan economy grew 2.0% year-over-year in the third quarter of 2016, thus changing the annual GDP growth forecast.
The office market of Montevideo has sluggish dynamics when it comes to stock growth. The National Market Class A/A+ market is about 102,000 sq. m., and 70% of it is located in Punta Carretas & Buceo submarket. In H2 2016, no completions were delivered in Class A/A+ within the National Market.
At the end of 2016, the vacancy rate was 5.4% in the National Market and 5.1% in Free Trade Zones.
The average rent for Class A+ offices in the National Market was in the range of US$ 33.00 to US$ 46.80 per sq. m. per month, while the range in Class A spanned from US$ 24.50 to US$ 28.70 per sq. m. per month.
Concerning Free Trade Zones, average rental rates rose in H2 2016 given the increase in prices in Canelones in spaces scattered in three buildings. The rental price range for Class A+ in Free Trade Zones would span from US$ 34.40 to US$ 46.80 per sq. m. per month, while Class A would stand between US$ 23.00 to US$ 34.00 per sq. m. per month.