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Contrary to a popular Brazilian expression that says Brazil will always be the country of the future, JLL's investments and hotels teams think now is the time for Latin American  countries to shine. The execs spoke to potential investors at the Ritz-Carlton Hotel about opportunities Tuesday afternoon.
JLL's Pedro Azcue and Peter Roberts
JLL's had offices anchoring the north end of Latin America in Mexico City  and  Monterrey for 26 years and the south end at Sao Paulo and  Rio de Janiero for 14 years, Pedro Azcue and Peter Roberts tell us. Peter says a new JLL survey reveals investors are the most interested in Mexico, Brazil, Colombia, Argentina, and  Chile. Office and industrial are strong property types in the major markets in those countries. Pedro notes that emerging markets will lead the charge coming out of the recession and anticipates Brazil's strong fundamentals—including a 5% GDP growth and 1.3% population growth per year—will help it lead the way.
JLL's Hector Klerian
Focusing on Mexico, JLL's Hector Klerian says Mexico City's 38M SF of office stock would make it the 14th largest market in the US. Currently, it has just 8.1% vacancy, and large firms like GE and MetLife have recently signed 55k SF-plus  leases. New deliveries will give the market some oversupply in the coming year, but unemployment is at or near pre-recession levels, so some absorption should happen quickly, Hector says. (Here we thought cries for a border fence were election-season fervor. Turns out, they were just attempts to stay on time, and on budget.)