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Panama City is throwing a birthday party for the Panama Canal, its biggest tourist attraction and economic driver.

The Canal, which opened in 1914, is still a marvel of engineering and human determination. It is one of the wonders of the world, literally connecting east and west and changing the dynamics of world trade.

Events highlighting the Canal’s anniversary have been going on all year, everything from art exhibits and museum shows to a documentary film. But the real party will be Aug. 15, including ceremonies at the Miraflores Locks and a Centennial Gala at the Figali Convention Center.

For the property industry, the Canal party once again puts the spotlight on the Panama City success story. The Chicago Tribune ran a great travel article on the Canal yesterday, which has been typical of the coverage. CNN voted the Canal as one of its top locations to visit in 2014, due to the Canal festivities.

But the celebration also serves as a reminder that the property market in Panama City is driven by real business and global industry. Panama City real estate is not based on speculation and flippers. The Canal helped create a foundation for Panama City to grow into the primary regional center for international business, a role the city is now fully embracing.

The number of multinational companies setting up operations in Panama City continues to grow at an explosive rate. Procter & Gamble, Caterpillar and Halliburton are among a long list of corporate giants with growing operations here. These companies provide a steady stream of well-paid executives looking for homes in the city, creating the type of strong rental market that can’t be found in other cities.

Here at Punta Pacifica Realty, many of our clients are happily renting to employees from multi-nationals and we work closely with corporations looking for exceptional apartments for their top executives.

In many ways, Panama City’s international business culture is the real legacy of the Panama Canal. One hundred years later, the Canal is undergoing a $6 billion expansion to handle the next generation of super-sized ships, laying the groundwork for the next 100 years of Panama City business.

Duncan McGowan is president of Punta Pacifica Realty, a Panama real estate agency focused on Punta Pacifica, the exclusive neighborhood of 18 towers perched on the edge of the Pacific Ocean.