commercial real estate to lease

Media Release: Cayman Islands Economic Growth Surpasses 2017 Projections

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Will demand for commercial real estate to lease in the Cayman Islands get a boost this year? It might be poised to do so, based on the latest economic indicators. With economic growth projections surpassed for 2017, analysts say the Cayman Islands is enjoying an economic boom.

The latest report from the Cayman Islands Economics and Statistics Office shows the jurisdiction’s GDP grew by 2.9 per cent in 2017, a jump from the 2017 third quarter projection of 2.4 per cent. The trend is expected to continue throughout 2018, with a projected GDP growth of 3.0 per cent by the end of the year.

This growth has been attributed to the increasing diversification of the economy, as well as significant gains in the financial services, tourism and construction sectors – the three pillars of the British Overseas Territory’s economy.

Perhaps the most dynamic industry in the Cayman Islands – the construction sector continues to emerge as a significant player showing positive growth, increasing its gross value by 7.2 per cent in 2017.

The growth in this industry reflects the infrastructural capacity of the islands keeping pace with its growing population’s demands for residential and commercial real estate for sale from companies who want to do business on Grand Cayman.

Dart Real Estate, Grand Cayman’s largest developer has invested US$1.3 billion in infrastructure and development projects over the past 20 years, with a further commitment to invest US$400 million through 2025.

“We were pleased to read the reports on the country’s economic performance to date,” said Justin Howe, Senior Vice President of Development at Dart. “Given the current state of the Cayman Islands’ robust GDP and diminished public debt levels, we have confidence in the long-term sustainability of a broader financial services and tourism-based economy, which will in turn drive our continued development of commercial, residential and hospitality offerings.”

In the short-term, this investment includes the continued development of its 685-acre master-planned new urbanism community, Camana Bay, via the construction of underpasses on two of Grand Cayman’s main roadways, the expansion of the Cayman International School and the construction of a 60,000- square foot supermarket.

This uptick in development is driven by an increase in demand for commercial real estate to lease from companies who choose to do business on Grand Cayman or expand their current footprint on the island.

“We have seen an increase in enquiries for Class A office space at Camana Bay over the last year,” said Dart Real Estate President Jackie Doak. “The territory’s positive economic performance is definitely a factor and we expect more interest over the next year.”

For more information on Dart Real Estate’s developments and commercial real estate to lease, visit our commercial leasing page.

Esterley Tibbetts Highway

President’s Update: February 23, 2017

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February’s development update celebrates Kimpton Seafire’s success in the travel world publications, announces Dart Real Estate’s plans to build Camana Bay’s largest commercial building, speaks to traffic management plans on the Esterley Tibbetts Highway and informs of the Seafire sales team’s move to Bungalow 1 at Seafire.

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One Nexus Way

Camana Bay Times: Camana Bay’s Building Evolution

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Just like any other town, Camana Bay has evolved. It’s not just the tenants that have evolved in the decade since the Town Centre opened; the landscaping has evolved; the type of visitors has evolved; they way people use the spaces has evolved; and, as One Nexus Way – Camana Bay’s next Class A office building – exemplifies, design and construction have also evolved.

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SALT Technology Group

Spotlight On: SALT Technology Group

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SALT Technology Group is Camana Bay’s newest commercial tenant and its team of eight (and growing) has already brought the company’s unique personality to the Town Centre. SALT aims to remove the jargon from IT and help clients make smart decisions about technology.

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CIIPA

Spotlight On: CIIPA

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Camana Bay has been home to the Cayman Islands Institute of Professional Accountants (CIIPA), the country’s regulator of public accountants, for the last two years. Being based in the Town Centre offers the organisation a central location for any of its 1,000-plus members to pay a visit and the opportunity to be close by many of the financial offices also based in Camana Bay.

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