Choosing An Office Space In Panama City
PANAMA CITY GUIDE TO OFFICE SPACE
In Panama City, there is a plethora of workspace solutions, prices, and locations. Defining what is the optimal office space is the first step.
- What is the use and function your office space must provide
- The total size of the office needed
- The efficiency of the total usable workspace is very important.
- Location for your office in Panama
- The infrastructure needed to serve the needs of your office staff
- Management of the office space and building of particular importance when renting office space
- Price or value which is way more the $ per square meter of space.
We will look at each of these office use factors in relation to what is available in the Panama City area. Then we will look at the overall Panama City office market conditions.
Choosing the Best Office Space for Your Business in Panama
What you choose is incredibly important to your business. You would want an environment that increases innovation, collaboration, and productivity. It all boils down the most essential factors that contribute to the best office space choice. which at Panama Office Rentals we like to call it PRIME – Price, Room, Infrastructure, Management, Efficiency.
1 What is the use and functions your office must provide
While you may feel instinctively know this it is good to write this and what is needed for each function. Do you need a space to store stuff, product samples, packaging, client presentation equipment, and such? Do you have clients coming to your office or is it a back-office and you meet clients in the field? Do you need meeting rooms and will these be used to meet clients or just for employee meetings? This can affect the value of different aspects of the office such as location and class of building, Can you have a class C office in a class A location or visa versa.
2 Room To Breath In Your Panama Office
Knowing the total square meters of office space you need is not a simple task and involves all 7 points to choosing the perfect office space. How many employees will you have? High density is about 8 SQM per employees and Spacious is up to 50 SQM per employee
- Do you envision having a lot of individual offices, or open areas with employees in cubes or workstations?
- Does each employee need an individual desk or is sharing possible?
- How many people are going to be in the office part-time? Permanently?
- How many remote employees will you have?
- Can everything you need fit into the workspace?
Do you need a conference room or can you use a shared conference room which can save a huge amount of space but are usually expensive on a per hr base if it is something you need every day, but very economical if you need one once or twice per month
One suggestion is to do an office design 'test fit' of the space before deciding on a property. This will allow you to grasp exactly the right amount of space for your business. With a plan of the office, you can digitally create the layout one may also consider mocking out a potential layout with newspaper taped together to represent desks, chairs, and other equipment. it's a great way to better visualize how you will optimize the space. You will also have to fit the dream into the cost reality. Panama Office space tends to cost a minimum of $10 per m2 for class C offices and closer to $30 for well-located class A offices, Small spaces are often significantly more per m2 rented but may have common areas that you get to use and meeting rooms that you can rent by the hr thus significantly reducing the total office space needed.
3 Efficiency
When considering the room needed for your office efficiency will have a great effect on this. A particular property might offer a lower lease rate, but it might not be the most economical deal when comparing your total cost of occupancy on an "apples to apples".Look at this example. You may be offered a 1,000-square-meter space with a 20 percent load factor, meaning that one-fifth of the leased space on which the tenant pays rent is not usable for business purposes—it's made up of elevator lobbies, hallways, and restrooms. Another competitor may offer 1,000 square meters with a 12 percent load. Even if the first offer's rent is cheaper, the second option may be a better deal because you can fit 42 desks in that space, but only 35 desks into the office with the higher load factor. As you are making comparisons between alternatives, don't forget the occupancy cost. Based on usable square feet, you have to look at differences in common area factors and space efficiency. This will help you identify the cost on a use-value basis. Efficiency also includes location. Ask yourself the following questions:
- Easy access can clients get there easily?
- Can employees come to work easily?
- One often overlooked commute time factor that is "elevator rush hr" as Panama has some of the tallest buildings in Central America this is not always a good thing in a commercial workspace where the rush hr elevator travel can be 1/2 hr to the 70th floor.
If you find an office that ticks all the boxes, then you're well on your way to finding a good office location. Additionally, the security of the neighborhood as well, and what's close to the office should also be thought through. All of these factors are important for keeping your clients and staff happy! This is why the Paitilla area is a huge hotspot for businesses in Panama City. It enjoys one of the best locations in the city from where you can easily go to the heart of the banking district, Costa del Este as well as the northern corridor that leads directly to the airport while being very close walking distance to a huge residential area as well as close to the major bus routes as well but is lower cost compared to Santa Maria and Costa del Este, there are older B class offices spaces in building like the Plaza Paitilla Mall as well as luxury Class A buildings like RBS tower of Panama
4 Location:
Mentioned above Location is a very critical aspect to consider. Panama City metropolitan area is quite large with distinct areas that serve different client demands and requirements. Some of the commercial areas of Panama City to consider for your office needs are the Paitilla area, Panama Central Banking district, Santa Maria, Costa del Esta, and many more.
5 Infrastructure
This is a more important feature for some businesses than others. In the tech era, there are not many businesses that can function efficiently without a reliable internet connection. Buildings connected with fiber optics provider choices are becoming essential in today's world. Or small managed office spaces with internet included. In the hart of all of Panama City's main office and commercial space, you will find very good interconnectivity but in some of the more outlying areas of Panama, this can be an issue. Generally, Panama is a very connected country that ranks high on the availability of high-speed connectivity.Infrastructure doesn't mean just the internet, and telephone connections also parking for staff and visitors, cost of parking, type of air-conditioning and cost, security in the building. For example, RBS tower has met the security requirements of the Korean Embassy. Type and speed of the elevators, is there a front desk consigner and a lobby with a waiting area.The immediate surrounding area, do you have easy access to restaurants, supermarkets, road connectivity, traffic issues how easy is it to get to your vendors such as banking or access to the airport and such.
6 Management
A well-managed property makes everything easy. Property managers are your primary point of contact with the building owner. Before making an office building selection, consider the performance of the property manager, their level of involvement with the property. Where is their office located?The image of the building and its tenants can play a role in developing your brand, as well as recruiting and retaining employees.
7 Price
Price is probably one of the first things most businesses want to know when they are choosing a new office. It has to be thought of in terms of the best value and deserves the last place on the list of things to look at. If you spend too little, you might either end up with an office you're not satisfied with or find yourself moving out within a short time which is expensive. You also do not want to spend too much, otherwise, you might struggle to pay the rent or move again elsewhere to downsize. Neither of those scenarios is ideal. It is about finding the right value that is the best for your business budget and goals. Ask yourself the following questions when considering how much to spend on your next office space:
- Can I afford the rent deposit on this office right now?
- Have I asked about any hidden costs? (Maintenance, the extra cost of parking, etc.)
- Is this office priced in line with similar office spaces in the area?
- What is the extra value this space brings to my business
The first question gives you a sense of affordability and knowing about hidden costs prevent you from being stung with charges you did not expect. The third question is simply to make sure you are getting the best deal possible. The last question lets you look at the added value of the perfect office space for your business. The Premier Casa Panama Office Team will ensure that our clients are getting value for their money.
Panama Office Rental Market
International investors are very interested in the Panama City office rental market. As Panama is one of the fastest-growing commercial hubs in the Americas that has strong long term future potential. Investors need accurate information to make a solid decision on choosing the best office and commercial real estate investment in Panama City. As a competitive office rental management firm in Panama City, we keep up to date with information on rates, occupancy, and the latest trends.
Panama has the most competitive and largest logistics capacity in Latin America and is among the 25% of the countries with the highest score in the world, according to NAI Global's past market report on Latin America and the Caribbean. Panama is creating market confidence with Fiscal and Labor incentives as an important factor in maintaining an attractive location to multinational companies.
Panama was praised by Forbes, "Panama City is becoming the financial center of Latin America, with scores of global and Latin-American financial institutions having a sizable presence there."
According to the International Monetary Fund (IMF), Panama's economy has grown by an average annual rate of over 5% for the last 10 years and looks to remain the fastest-growing economy in the Central American region for the foreseeable future. The expanded Canal, strong foreign direct investment inflows (especially from China), and large public work projects (urban renewal of Colón and an expansion to the Metro line in the capita) will keep GDP growth rates above 5% going into the future other than a temporary expected decline in 2020 due to COVID.
Panama has signed multiple Free Trade Agreements including the FTA signed between Korea and Panama where Panama will serve as a logistics hub for the growing trade between Asia and Central America.
In essence, what we see are multinationals continuing to rent and expand, and large infrastructure projects like the Panama metro and growth in the logistics sector continuing to draw professionals and executives from around the world to Panama. This results in a stable growth environment expectations for Panama based on real long term economic growth.
Foreigners can own real properties in Panama without any restrictions. They enjoy the same property rights as Panamanians. However, financing your real estate purchase with mortgages can be difficult, especially for foreign buyers. The process can take two to three months. More than 80% of real estate transactions involving foreign buyers are in cash.
Premier Casa Panama Office Rentals is a professional office and commercial building management group. Having been in business since 2002 with a reputation for excellence, integrity, excellence, and innovation in both commercial property, office, and office center management services as well as residential property management. Provide bill pay service, cleaning services, a full-service maintenance program that can oversee everything from minor repairs to major remodeling to maintain the quality look for your businesses. Whether you are in need to rent an office space or in need of management for your well-located quality office space feel free to contact us for more information.
Centrally located office rentals space in the heart of Panama City that can suit all your commercial real estate rental needs. Parking, 24-hour security, from ocean and city view office space to small economical full-service offices and in the prime commercial areas of Panama City. Look at our office rental space listings to find the perfect office space for your needs.
Plaza Paitilla office mall has opportunities available now Premier Casa can offer centrally located office rentals space in the heart of Panama City, a thriving community that you can become part of and flourish to your fullest potentials. We look after people and care about their needs, enabling them to work where they want, how they want, when they want, at a diverse range of prices.
We currently boast flexible workspace solutions in Plaza Paitilla Mall. Also known as Centro Commercial Plaza Paitilla, it is situated at the Paitilla end of Balboa Avenue, which is one of the capital city's high-end residential and commercial areas.
Plaza Paitilla offices enjoy one of the best locations in Panama City from where you can easily go to the heart of the city, Costa del Este as well as the northern corridor that leads directly to the airport. This accentuates the accessibility necessary for you as well as your clients and your employees to get to the office. Plaza Paitilla with RBS tower is already home to a multitude of institutions and companies that are making the best out of our office rentals. RBS tower is home to the Korean Embassy. It is across the street from the Hardrock, Radisson, and Golden Tower 5-star hotel as well as the multicentral retail mall. Interconnected to Plaza Paitilla is the RBS office tower, a luxury office building. You can find rental and the occasional sale opportunities through Premier Casa, which is primarily focused on space within and in the immediate area of Plaza Paitilla Mall. See it for yourself by paying a visit to the businesses of the Plaza Paitilla area and feel free to contact us about locating your business in one of Panama City's most high-end areas.
AVE BALBOA, ETONNANTE PUNTA PAITILLA, TOUR DE RBS, OCEAN ET VUE SUR LA VILLE
$175 Tous les jours | $700 Hebdomadaire | $2,000 Mensuel
Location : Panama, Panama City, Punta Paitilla
BUREAU DE COIN RBS TOWER PAITILLA
$267,500 Vente
Location : Panama, Panama City, Punta Paitilla
COMMERCIAL SPACE IN RBS TOWER
$2,266 Mensuel | $302,136 Vente
Location : Panama, Panama City, San Francisco
PUNTA PAITILLA, RBS TOWER, BUREAUX AVEC VUE SUR MER ET SUR LA VILLE
De $178,204 A $398,164
Location : Panama, Panama City, Punta Paitilla