[Updated Oct 2020] A guide to serviced offices and office space for rent in Asuncion as well as general information that may be useful if you are considering renting office space in the city.
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History & Geography
One of the oldest cities in South America, Asuncion is the capital of Paraguay and the regional centre of commerce and culture. The city sits on the left bank of the Paraguay River in the south of the country. Asuncion is near the confluence of the Paraguay River and the River Pilcomayo and is separated from nearby Argentina by the Bay of Asuncion. Asuncion is known as the ‘Mother of Cities’ because it is one of the oldest cities in South America and many colonial expeditions to found cities like Buenos Aires set out from Asuncion. Spanish explorer Juan de Ayolas was the first to visit the area on his expedition to find the mines of Alto Peru. Ayolas founded a fort on the site and named it Nuestra Señora Santa María de la Asunción. Asuncion became the capital of the Spanish administration in South America after Buenos Aires was destroyed in a native uprising in 1541. In 1731 there was a mass uprising against Spanish rule led by Jose de Antequera y Castro. Though this rebellion failed it was the first stirrings of independence in South America. In 1811 Paraguay became an independent nation and Asuncion was named as its capital city. This event sparked a wave of building in Asuncion, with many of the city’s roads being constructed during this time. During the presidency of Carlos Antonio Lopez later in the 19th century, the city expanded even more, with schools, factories, and railroads built. In 1864 the Paraguayan War broke out with disastrous results for the country as a whole. By the end of the war in 1870 much of the country’s male population had been killed and Asuncion was occupied by Brazilian troops. After the war, Asuncion took decades to recover. This recovery was helped by waves of immigrants from Europe and the Ottoman Empire. Asuncion experienced an economic boom in the 1970s. Today the city is a major industrial centre and the principal port of Paraguay.
Economy
Asuncion is the economic centre of Paraguay. The population of the city itself is approximately half a million people however up to six million live in the surrounding urban area. A full 65 percent of the population is under the age of 30 with many immigrants from the surrounding countryside flocking to the city for work in recent years. Most of the country’s major companies and banks are located in the city as well as most of the country’s manufacturing and industry. Agriculture was a staple of the economy in the past though today it’s presence is negligible. Asuncion has a fairly diversified economy with trade and services being the primary industries. Approximately eight out of ten people in Asuncion are employed in these tertiary sectors. Industry and construction is the next largest area of employment, employing about 16 percent of the working population. Among the major international banks who have operations in the city are Citibank, HSBC, Itau Bank and BBVA. Mercer Human Resource Consulting has ranked Asuncion as the least expensive city to live in the world for the last five years in a row.
Tourism & Culture
Asuncion has a healthy tourist industry and a large range of attractions and sites. Among the sites are the Metropolitan Cathedral, the Church of La Encarnacion, the Palacio de Los Lopez, the Casa de la Independencia and the National Pantheon of Heroes, where Paraguay’s most important figures are entombed. The main street downtown is Calle Palma which has a range of shops, restaurants and cafes, as well as historical buildings and plazas. Located in front of the Presidential Palace is the famous Manzana de la Rivera’, a series of traditionally built homes which have been lavishly restored and are an interesting testament to the changes in architectural style the city has gone through. Another popular tourist activity is taking the old trains from the historic railway station to the cities of Luque and Aregua. Asuncion also has a number of opulent shopping malls containing various boutiques with the top brands in the world. Among the most popular shopping centres are Shopping Villa Mora and Mall Excelsior. The city has a tropical climate with hot and humid summers and fairly mild winters.
Transportation
Asuncion is served by Silvio Pettirossi International Airport. The airport is located in the nearby suburb of Luque and is easily accessible. The city itself boasts a comprehensive and well-used public transportation system. The bus system, in particular, is extensive and efficient and has service to many of the satellite towns in the area. There is also long-distance bus service to neighbouring countries like Argentina and Brazil. The Paraguay River has a ferry terminal and runs service to downtown and the Argentinian city of Clorinda. Taxis are also a popular form of transport, as are private cars.
Office space for rent in Asuncion
Asuncion is still an emerging market and therefore Grade A office space is fairly limited in the city. Some of the major districts in the city are La Encarnacion, San Roque and La Catedral. Of these La Encarnacion is the main area for office space, containing the city’s CBD. The General Diaz and Bella Vista quarters especially house some of the city’s best office space. The surrounding city’s like San Lorenzo, Luque and San Antonia are very low on Grade A office space. Asuncion’s economy is thriving again after years of stagnation and many have predicted that there will soon be major new development projects in the pipeline.
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