Welcome to the Panama Weekly News Roundup! The Metro opened to the public with great success this week. There’s a boom going on in office construction, and the third phase of the Cinta Costera was completed and is now ready for use. Here’s the latest in Panama:
Panama Enjoys Historic Office Construction Boom
As business continues to boom in Panama, construction has surged to keep up with demand. According to a recent study, commercial office construction is at an all-time high, dominating the region as far as development goes:
Panama continues to experience the effects of an unprecedented office construction boom. Approximately 175,000 m2 of office space were delivered in 2013, with over 500,000 m2 planned for delivery in between 2014 and 2015. New supply of Class A and AB properties over the next three years will represent a 70% growth of the market.
About 40% of prime office stock today can be found in the Banking District, while the San Francisco and Corridor Sur submarkets each currently boast ~25% of total stock. Over the next three years, the majority of development will be concentrated in the Banking District (~350,000 m2 of production, or 60% overall), and the Corridor Sur submarket (~130,000 m2 of production, or 22% of overall Class A and AB stock).
Source: WorldPropertyChannel.com
Cinta Costera 3 is Officially Inaugurated
This week, the third phase of the Cinta Costera, Panama City’s coastal parkway and pedestrian space, was officially opened for public use. The third phase is highlighted by an aqueduct and highway expansion. It was built over the water, and will connect Avenida Balboa to a variety of neighborhoods, which were previously disconnected.
President Martinelli, said the work, which cost U.S. $ 782 million, “belongs to the people”, and is a work for the benefit of the whole country.
The third phase of the Cinta Costera interconnects Avenida Balboa and Avenida de los Poetas, and integrates the neighborhoods of El Chorrillo, Barraza, San Felipe and Santa Ana with the development of the city.
The work comprises 19 hectares, in addition to the road of 2.6 km, will count with bikeway, sidewalks, gazebos, event spaces, five playgrounds with facilities for children with disabilities, skate park, sports courts and a “fritódromo” for fry selling for El Chorrillo sector. Besides all this, were built more than 500 parking spaces, among other things.
Source: Go Get It News PTY
Panama Bringing Cuba in from the Cold
In 2015, Panama will host the Summit of the Americas, a yearly gathering of political leaders from all over the continent, to discuss economics, social policy, and cooperation. Cuba has never participated in the event, but in this upcoming year, Panama is trying to change that. Despite strained relations, Panama’s foreign minister has started lobbying for the Organization of American States (OAS) to admit Cuba as a member, and participate in the regional meetings.
The OAS reopened its doors to Cuba in 2009 after a suspension imposed in 1962 due to the communist takeover. Since then, however, Havana has stated repeatedly that it has no interest in returning to that organization. Despite the rejection of Cuba, the majority of Latin American countries has demanded that the island be invited to the summit. In 2012, several countries threatened to boycott the 2012 event in Colombia if Cuba was not invited.
Source: NewsroomPanama
Panama’s Metro (Subway) Line One Opens to Public
Panama’s newest civic milestone, the Panama Metro, opened to the public this week, and it has the city buzzing with excitement. The Metro is the first subway system in Central America, and still has three more lines planned for construction, before full completion. Read more, from our latest blog post:
The Panama metro opening could not have come at a better time, as national elections are a few weeks away. The Metro project has been used as a rallying point for the country’s current political leadership, and a great source of national pride for Panamanians of all backgrounds. The project was completed in record time, with Line One up and running after only three years of construction. It is considered the centerpiece in an array of public works projects spearheaded by the Martinelli administration that include the redevelopment of city roads, parks, and the coastal greenway known as the Cinta Costera.
The first few days of public use have been nothing short of remarkable, with each train filled to capacity, as regular train service gets underway. Some Metro officials have even reported that passengers are staying on the trains for round-trip service without de-boarding, in order to get the full experience of the new rail system. There have also been reports of overcrowding at the principal stations, with excited crowds waiting in line up to an hour just to board.
Continue reading about the new Panama metro
