Buenos Aires Office Space Guide

[Updated Oct 2020] A guide to serviced offices and office space for rent in Buenos Aires 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

The capital of Argentina is located to the northeast of the country and is bordered by the River Plate to the south and the Matanza River to the east. A number of creeks and lagoons crisscross the city and drain to the Atlantic Ocean. Buenos Aires is the third-largest city in South America and offers one of the best standards of living in the region. The city was first established in 1536 by a Spanish expedition and was dubbed Ciudad de Nuestra Senora Santa Maria del Buen Ayre, translated as ‘the City of Our Lady Saint Mary of the Fair Winds’. However, the city was abandoned in 1541 due to attacks by native tribes. In 1580 a second and more permanent settlement was established by Juan de Garay and became known as Buenos Aires. The settlement grew fairly rapidly, fed by trade with Europe. In the late 18^th century Charles III of Spain declared Buenos Aires an open port, without trade tariffs, which greatly increased the city’s prosperity. During the war with Britain in the early 19^th century, the port was attacked twice by the Royal Navy and was captured and occupied briefly on the second attempt. In 1810 the Argentine War of Independence broke out, and in 1816 independence from Spain was finally achieved. In 1880 Buenos Aires was declared as the capital of the country. The city grew rapidly during the 20^th century, though a large gap between the wealthy and the labouring poor soon arose, along with extensive shanty towns around the city. During the 1970s to the early 1980s, Argentina was ruled by a military junta, however, democracy was returned to the country in 1983. During the early 1990s, the city saw a construction boom and its economy soared. Today Buenos Aires is not only the capital of Argentina but a regional icon of culture and commerce.

Economy

Buenos Aires has one of the most powerful and dynamic economies in South America. Its economy is worth an estimated USD 84.7 billion, approximately one-quarter of the whole Argentinian economy. It is ranked as having the 13^th largest economy of all the cities in the world. Much of this economic might comes from the fact that Buenos Aires possesses one of the busiest ports in the region and serves as a logistical hub for the area. However, the city also has a thriving services industry. In particular, advertising is well represented in the city, as are the industries of financial services and real estate, who between them contribute 31 percent of the economy of the city. The city is the hub of the country’s financial system and over half of the country’s deposits and lending take place in the city. Manufacturing currently makes up about 16 percent of the city’s economy and construction also plays a significant role. To the west of the city lies one of the most important agricultural regions in the country, the Pampa Humeda, which produces corn soybeans and wheat.

Tourism & Culture

Over the last decade, tourism has been a fast-growing industry in Buenos Aires and the city is now one of the most visited in South America. In 2008 close to 2.5 million tourists visited Buenos Aires and Travel and Leisure Magazine recently it as the second-best city in the world to live in after Florence. There are a few streets and avenues in particular which have become tourist meccas. Primary among these are Avenida Alvear, which is in the upmarket Recoleta area and contains a number of 5-star hotels, and the Avenida Corrientes, which is the main street in the city known for its associations with the tango culture so famous in Argentina. Many visitors to the city attend a tango show, while others enjoy sampling the famous Asado cuisine of Argentina. Asado is the country’s distinctive barbeque method. Buenos Aires also hosts a number of popular festivals throughout the year which attracts thousands of visitors. One of the most well known is Creamfields BA, Quilmes Rock and the Buenos Aires Jazz Festival. The city enjoys a mild climate, with hot summers and winters where the temperature seldom goes below ten degrees Celsius.

Transportation

Buenos Aires is served by the Ministro Pistarini International Airport which is approximately 22 miles south of the city. About 85 percent of the passengers handled by the airport are international. The city itself is known for its inefficient traffic system which can sometimes see the centre of the city gridlocked for hours. However, the city does have an efficient and widespread street tram system as well as a bus system which has more than 150 lines. Buenos Aires is also planning a large subway system. And the city also has numerous yellow taxis, however licensing laws are laxly enforced and the drivers have a reputation for overcharging tourists.

Office space for rent in Buenos Aires

Currently, the vacancy rate in Buenos Aires is approximately 9.52 percent. The main office areas in Buenos Aires are Catalinas, Plaza Roma, Microcentro, Plaza San Martin and Puerto Madero. The average rental price for Grade A property is USD 26.03 per square meter per month. Catalina and Plaza San Martin currently have the highest rental rates in the city on average. However, Puerto Madero is the area that has had the largest number of transactions in the last few quarters. Neither the rental rate nor the vacancy rate is expected to fluctuate greatly in the coming quarters.

We carry out a free office space search and our advisory and acquisition services are also free, always. Our Buenos Aires office space brokers and agents are globally regulated by the Royal Institution of Chartered Surveyors (RICS) ensuring the highest standards of commercial property advice and service at all times. We look forward to helping you find the best office space for rent for your business.

The Office Providers are Regulated by the Royal Institution of Chartered Surveyors (RICS)