Commercial Real Estate in the Cayman Islands
Is the Commercial Real Estate Market In The Cayman Islands Robust?
Yes! There are many commercial real estate options to suit a variety of needs in the Cayman Islands. As of the penning of this article, there are offices, retail shops, warehouses, restaurants and even a bakery on the market. Whatever your commercial space needs may be – options can be found in this island offshore market. The commercial space rental market in Cayman is also one of the sturdiest in the Caribbean. Moreover, there is currently a high level of demand for various classes of commercial space. You want a place for your business – Cayman is the place you want to be looking. Prices currently range from $25M to $349,900.
Lets Get Down To Brass Tacks: Who’s Buying & The Numbers
Lots of different kinds of customers are looking for a variety of commercial options in the Cayman Islands. The majority of that demand, however, stems from the offshore financial sector. Who are these entities? Glad you asked. They can range from insurance companies to accounting firms to law firms. Financial services are one of the biggest industries in Cayman so any type of company associated with the managing/moving/making of money can be found doing their day-to-day business in our commercial offerings. With respect to retail space – businesses that cater to the cruise ship traffic comprise the lion’s share of the market. They take up +/- four million square feet of all types of commercial class spaces. This runs across the spectrum of Class A and B spaces. Of this figure, the Class A duty free retail spaces downtown rarely turn over and they command premium prices when and if they come to market. There are still some opportunities, however. Bigger businesses in the center of the Capitol do vacate some of the lesser class office spaces in favor of newer digs in Cricket Square or DART’s Camana Bay. This flight has slowed in recent times as owners offer more attractive lets and undergo renovations to bring dated spaces more inline with the needs of the tenants of the times (I mean who doesn’t want a new corner office?). Smaller, less expensive mixed-use office space is also becoming more popular in Cayman as small companies split the costs of things such as conference rooms and restrooms. The Capitol also affords these smaller companies and independent operators easy access to bars, restaurants, breakfast spots and the government buildings (not to mention killer ocean views).
What Else Is Out There?
So where’s the premium stuff? Class A and A+ spaces are currently mostly centered around Camana Bay and Cricket Square. Offices in these spaces are around $55 per square foot or higher. If you want retail space on Seven Mile Beach you are looking at $40 per square foot. Rental rates are currently rising though so make sure to check in with a professional for the latest price points. Also, recently a rejuvenation of the downtown/capitol/George Town area has begun and it shows great potential for more business to be done in that area of the island. More shops, bars, hotels and restaurants will certainly make this a more attractive area for those looking for commercial real estate spaces and opportunities. Once this rejuvenation is complete prices will most assuredly increase as demand becomes stronger. The time to get in is now.
So I’m Ready To Get Serious. What’s My First Step?
Your first step is to reach out to one of the CIREBA member real estate professionals on the island. They will be able to effectively lead you through the process and explain it in greater detail. Once you have a commercial space identified that fits your company’s needs your CIREBA agent will be able to make inquiries and work with you towards a sale or rental agreement. They will also be able to provide suggestions and advise on the next steps to getting your business to our shores. I recommend that you contact ERA Cayman Islands at firstname.lastname@example.org and let one of their professionals assist you in navigating the process. The commercial market, like the residential market, is growing in Cayman. It is one of the best places in the world to live and conduct business. Safety, strong infrastructure and a high quality of living await you here. Enrich your life and business in the Cayman Islands.