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Download Buenos Aires Office Market Report 1Q21 RESEARCH 1Q 2021 The Expansion of New Current Conditions – The weighted average asking price decreased from $ 28.58/ SF in the prior Submarkets quarter, averaging $26.86/SF. – Class A vacancy raised compared to the 15.50% in previous quarter, averaging The Office Market 16.67% of the total rental area. – Q1 2021 shows a negative net absorption of 284,565 SF, recovering some of the negative 435,339 SF in the previous quarter. At the beginning of 2021 and after a year of social, preventive and compulsory isolation in Argentina, the national vaccination campaign began. Economic activities will now have a chance to fully recover. In Market Analysis March 2021, schooling returned and some employees returned to offices, ASKING RENT AND AVAILABILITY under health protocols. Its continuity depends on the framework of $35 30% restrictions that the government decrees based on the evolution of the 25% pandemic. $28 20% $21 The Buenos Aires office market is the largest in Argentina, with 28.11 15% $14 million square feet of total stock, including 17.87 million square feet of 10% $7 5% rentable Class A space. $0 0% 1Q20 2Q20 3Q20 4Q20 1Q21 In the first quarter of the year, there was a slight increase in vacancy and Avg. Asking Rent (US$/SF/YR) Vacancy Rate (%) net absorption, which continues on the negative path. The vacancy rate during this first quarter closed at 16.67% of the available stock, and the NET ABSORPTION net absorption was negative 284,565 square foot. The average rental value decreased compared to fourth-quarter 2020, averaging US 1.200.000 $26.86/SF. 900.000 600.000 No new Class A office stock was added this first quarter. The stock was re- 300.000 categorized, given that some of the buildings were obsolete with the new 0 market demands. Two new submarkets were added: Palermo and Parque -300.000 -600.000 Patricios. 1Q20 2Q20 3Q20 4Q20 1Q21 New Inventory (SF) Net Absorption (SF) Argentina Market Summary Current Prior Year Ago 12 Month Capital City Buenos Aires Quarter Quarter Period Forecast Population (estimated 2021) 45,808,747 Total Inventory (Const.) 28,1 MSF 27,0 MSF 27,0MSF ↗︎ Total Stock (Lettable) (*) 17,8 MSF 17,1 MSF 17,1MSF ↗︎ GDP MM US$ 445.445 Availability Rate 16.67% 13.50% 13.50% ↗︎ GDP per capita MM US$ 7.117 Quarterly Net Absorption -284,565SF -435,339 SF -435,339SF ↗︎ Currency Peso Average Asking Rate $26.86 $28.58 $28.58 ↘︎ Under Construction 2,5 MSF 3,6 MSF 3,6 MSF ↘︎ Unemployment Rate 11.0% (*) Includes the recategorization of stock and the inclusion of 2 new submarkets 1 RESEARCH 1Q 2021 Rent Values by Submarket CABA SUBMARKETS Every submarket has a particular area or properties that outperforms the AVERAGE ASKING RENT ($/SF/YR) – AVAILABILITY RATE (%) rest. Significant variations can be verified between properties and the average of each submarket. 30.03 Avg. CATALINAS RETIRO Asking Rate An example of this are the blocks located in Catalinas between Av. LN 11.63 ($/SF/YR) Availability Alem and Av. Madero, where average asking rents reach US $39.02/SF, Rate 27.03 while in the rest of said submarket, the average rent is US $27.10/SF. (%) 13.83 In the Northern Zone of Buenos Aires, the building Centro Empresarial 9 DE JULIO 27.10 Libertador stands out with a monthly rental of US $36.79/SF, while the average rent in the rest of the submarket is US $28.15/SF. 27.59 16.30 25.64 PUERTO MADERO The Panamericana Corridor has areas that are in high demand because of MICROCENTRO the submarket´s geographical distribution and extension. The most in- demand offices are found in corporate complexes such as Lumina Panamericana, Thames Office Park, Urbana, Optima Business Park, Bureau Parc San Isidro and Edision Officia, with the lowest vacancies and highest average rent. Although asking rents in these buildings reach US $25.00/SF, the average rent for the rest of the submarket is US $22.17/SF. 17.47 Inventory Change 31,58 No relevant incorporations occurred in the Class A market in first-quarter ZONA SUR 2021. The stock variation corresponds to the incorporation of Parque 24.38 Patricios and Palermo as new submarkets. 4.73 Since 2014, due to a political decision to install the headquarters of the PARQUE PATRICIOS city government and generate benefits for its development, Parque Patricios has consolidated as a new office submarket. This submarket contributes to stock with 10 buildings, with 2.16 million square feet built and 1.62 million square feet of rentable space; that represent 9.1% of the NORTHERN AREA SUBMARKETS total inventory and a vacancy of 4.73%. AVERAGE ASKING RENT ($/SF/YR) – AVAILABILITY RATE (%) Eighty percent of the rentable area belongs to corporate headquarters, such as the Buenos Aires City Hall with a total built area of 484,375 square Avg. Asking Rate feet and 409,028 square feet of rentable space; Prisma and OSDE ($/SF/YR) headquarters has a total built area of 290,625 square feet and 232,500 Availability square feet of rentable space; and the Accenture building adds a total Rate (%) built area of 241,111 square feet and 193,750 square feet of rentable space, all of them without vacancy. 28.15 19.89 9.78 The buildings developed by HIT in 5 and 8 add up to 317,535 square feet of 15.06 CORREDOR built area and 206,667 square feet of rentable space; Tesla Patricios II adds LIBERTADOR CORREDOR a total built area of 296,000 square feet and 176,528 square feet of PANAMERICANA rentable space. The occupancy is 90.0% in both cases. 26.06 34.00 The Palermo submarket was added to the inventory in this quarter, with 28.79 30.36 six buildings totaling 361,420 square feet of total built area and 201,985 POLO DOT square feet of rentable area, representing 1.1% of the total stock. Most of ZONA NORTE CABA the buildings in this submarket are full, while others, such as the recently 28.61 completed WO LEAF Building, with 74,378 square feet of rentable space, is 49.34 almost 100% available, raising the average vacancy of the submarket to PALERMO 49.34%. NEWMARK BUENOS AIRES OFFICE MARKET 2 RESEARCH 1Q 2021 The Expansión of New Submarkets Average Asking Rate - Availability CLASS A In March 2021, according to the ranking “Global Cities of the Future 2021/22 ”published by the fDi Intelligence division of the prestigious 20% international media Financial Times, Buenos Aires was selected in third $40 place, after New York and Moscow, as one of the cities with the best 15% foreign direct investment strategy. This recognition is the result of several $30 policies, infrastructure development & urban security and the qualified 10% human capital. $20 According to information published by the City Government , Buenos 5% $10 Aires is the place of origin of the five “Argentine unicorns” and headquarters of more than 3,200 tech companies that employ almost $0 0% 80,000 people; that is around 62% of the argentine companies in that 2017 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2018 2019 2020 2021 industry. Parque Patricios: Tech District Avg. Asking Rent ($/SF/YR) Vacancy (%) Planned as part of a comprehensive urban development, Parque Patricios Inventory – Availability - Average Asking Rate was designated as a Technology District, offering a series of tax benefits INVENTORY BY SUBMARKET for companies located in it until 2035. To date, there are 345 registered companies located there, with around 20,000 direct employees. 5.000.000 40 These benefits range from exemptions of taxes as gross income and real 4.000.000 32 estate taxes for the companies, as well as tax benefits for builders and special credit lines for the purchase and construction of the buildings. 3.000.000 24 All this explains why, in recent years, several office buildings designed 2.000.000 16 and oriented for the technology industry have been developed in this district. These are flexible offices with large open spaces focused on 1.000.000 8 collaborative work and innovative amenities for socialization, valued by new generations of employees. 0 0 Retiro Palermo Polo Dot Polo Zona Sur Zona Catalinas 9 Julio 9 de Libertador Zona Norte Zona Microcentro Panamericana Puerto Madero Puerto Parque Patricios Parque Inventory (SF) Vacancy Rate (%) Avg. Asking Rent ($/SF/YR) Inventory Composition Availability Composition Puerto Madero Puerto Madero Zona Sur Zona Sur 6,7% 3,9% 17,6% 10,0% 17,2% 11,1% Microcentro Microcentro Catalinas - Retiro Catalinas - Retiro 6,1% 11,9% 6,9% 9 de Julio 9 de Julio 11,6% 4,8% 5,3% Parque Patricios Parque Patricios 8,8% 1,1% Palermo Palermo 8,1% 9,1% 3,3% Zona Norte CABA Zona Norte CABA 2,6% 5,0% 26,3% Polo Dot 4,2% 18,3% Polo Dot GBA Panamericana GBA Panamericana GBA Libertador GBA Libertador NEWMARK BUENOS AIRES OFFICE MARKET 3 RESEARCH 1Q 2021 Palermo GDP Palermo is part of the Audiovisual District; that also includes the Chacarita, Villa Ortuzar, Paternal and Colegiales neighborhoods. To 10% promote development, the City of Buenos Aires offers similar benefits and 5% tax exemptions to the Technology District until 2026. 0% According to information published by the city government, audiovisual activities are the most dynamic segment of the economy, with more than -5% 1,900 companies based in the city that employ more than 18,600 people. -10% This submarket is in full expansion, with more than 1.29 million square feet under construction and 646,000 square feet of rentable area that will -15% 2006 2013 2005 2007 2008 2009 2010 2011 2012 2014 2016 2017 2018 2019 2020 2021 be added to the stock in the next two years.
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