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Overview

What's Typical

Term

Any length, 3–5 yrs typical

Breaks

Negotiable

Renewals

Negotiable

Rent

Net

Escalation

Not fixed, or 3–5%% after 2nd year

Free rent

Up to 3 months for fit-out. Usually 30 days for build-out of tenant improvements.

Security

1 month by law, more if landlord delivers space finished or turn-key.

Fit-out

Tenant pays.

Tenant’s broker

Landlord normally pays.

Right to sublet

Allowed subject to Landlord's approval.

Transparency

Limited

Ownership

Most office buildings are condominiums.

Owner occupancy

High: 50% of better buildings

Efficiency

High; usable area = 95% of rentable area

ITBMS Tax

Paid by tenant: 7% over the monthly rent.

Property Taxes

Landlord pays

Offices

Panama City +50 7 210 1675