Lima Office Report, S2 2020

The vacancy rate registered in the second quarter reached the highest figure in Lima's history; a result produced by the crisis of the COVID-19 pandemic, generating that the vacancy rate again stands above 20%; a situation that places the office market again in the oversupply phase.

On the other hand, it is observed that big landlords continue to offer greater flexibility so that their tenants continue to rent. It prevents them from returning spaces or not renewing a rental contract. Also, some landlords are evalutating the possibility of transforming vacant spaces to flex spaces format to offer an alternative to their current or future tenants who are looking for flexibility according to their needs.


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