The number of coworking spaces in Panama City has jumped by almost 28% since 2020, as independent workers and small- and medium-sized companies continue to thrive and expand, a new report found.
The study by the Newmark Central America market research team found that the coworking market in Panama City has been growing steadily for the past decade and should double in the next five years. At the moment, the capital has more than 30,000 square meters of co-working spaces, with the highest concentration in the banking district, Costa del Este and Punta Pacífica, the consultancy reports.
The Newmark Central America study indicates that the main users of coworking in Panama are independent workers or freelancers, startups, and small and medium-sized companies that use them as alternatives to traditional office rentals.
At Punta Pacifica Realty, we’re seeing dramatic evidence of many of the factors driving the popularity of coworking spaces. Panama City is seeing a surge in the growth of small, growing companies, as entrepreneurs and freelance workers flock to the city.
Our property management teams can confirm that the rental market is booming in the areas identified in the report with high concentrations of coworking spaces. An increasing number of our clients are independent workers or digital nomads establishing their operations In Panama — the classic client for co-working spaces. Many of our most popular rental buildings are within walking distance of several co-working operations.
The growth of coworking spaces is also attributable to big companies that use the spaces as an efficient way to expand their operations, the Newmark report notes. The growth of our rental and sales volume in recent years is due in large part to the expansion of many of the big international conglomerates, who continue to grow their local operations.
We have long relationships with international companies who supply a steady of renters for our clients in the business neighborhoods. The growth of coworking spaces has been a nice fit in these neighborhoods, helping to fuel the healthy economy.
Newmark suggests the growth of coworking spaces will continue in Panama City, as more and more companies adopt hybrid models and employ more remote workers. In the coming years, the trend will move to more outlying areas as people look to cut commute times, said Danny Quirós, market research director of Newmark in Central America