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Chile Real Estate Report Q3 2011
Business Monitor International, June 2011, Pages: 53
Business Monitor International's Chile Real Estate Report provides industry professionals and strategists, corporate analysts, real estate associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Chile's Real Estate industry.
Chile's real estate market has been growing rapidly, especially from 2010, spurred on by the strong economy and optimistic growth expectations.
We forecast real GDP growth of 5.4% in 2011 and 4.2% in 2012, with economic expansion to be increasingly underpinned by private consumption. There is a risk of overheating and higher inflation, however we believe policy makers have recognised this threat and will continue to act to reduce the threat to longer-term economic growth.
Both new supply and net absorption of office space have been very high and are growing, beginning in 2010. In Santiago, demand is surging. Supply has been immense, but is still only beginning to match demand in class A office space. The total new supply of office space in Santiago in 2010 was 161,500sq m, a massive increase of 148% year-on-year (y-o-y). Net absorption was up by 74% y-o-y.
In the industrial market, both demand and supply are increasing, but in balance, with demand slightly outpacing supply – even though new supply has been added at a very high rate. In Santiago’s industrial sub-sector, there has been an intensifying pickup from 2010, especially from H210. Chile's real estate sector has for years broadly kept supply and demand for commercial property in balance. Limited development in the past – before the current growth surge began in 2010 – has produced just enough supply to ensure low vacancy rates.
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