Buenos Aires Real Estate

The city government of Buenos Aires has decided to take some great steps forward in the old neighborhood of Parque de los Partricios. As of this past September, the industrial center is well on its way to full development. The first company to launch was Tata Consultancy Services, and the area is planning to be filled with 15 companies in all.

The area consists of 200 hectares, and will be a center for the promotion and development of technology, innovation and knowledge, and it aims to concentrate technological companies, especially those working in information technology.

While the project has received attention from various companies, Vizora is one of the first to act on this interest, already having invested over U$D 4 million. It hopes to help establish high-level technology companies.

At this point, they are working on converting a building that was originally intended for the manufacture and storage of paper. The idea is to renovate existing spaces and convert them into modern offices, making them ready for rent. And, of course, their target market is technology companies. That specific building consists of 11,500 m2 of offices and warehouses, and about 3800 m2 of accesses and garages.

The land is bounded by Rondeau, 24 de Noviembre, Cátulo Castillo, and Sánchez de Loria, just one block away from the park. The main entrance will be on Rondeau, and there will be secondary entrances on 24 de Noviembre and Sánchez de Loria.

The building will be occupied in phases, and the conversion is set to be completed 18 months from its start date, sometime around mid-2011. Vizora is looking specifically at high-end technology companies, both foreign and domestic.

While prices have yet to be fixed, Vizora is expecting to charge between USD 14 and USD 19 per m2 in the office area, and between USD 5 and USD 8 per m2 in the storage and garage areas. Anticipated occupancy times will be between 4 and 18 months in the office spaces. This tecnologics district will bring a of investment opportunities in the Buenos Aires real estate market.

The city of Buenos Aires is fully supporting this project, and is even offering incentives to companies who decide to call this area their home. First, they will be exempt from paying certain taxes for the first 10 years, and their rent will be lowered. Also, those living and working in the C District for a period will not have to pay ABL.

This specific area was chosen for two main reasons: 1) to provide a higher level of development, as the area is currently full of sheds, and 2) it is a highly accessible area, with plenty of bus lines, and the H Line of the subway.

Government officials hope that the new district will promote economic development through investments, as well as create an environment for creation and innovation in software development and other new technology services.