Cayman has historically been known as a financial center, but there has been a recent increase in demand for class A office space financial tenants that are requiring less space. That is according to Daniel Purdy, VP of leasing at Dart Real Estate. He is seeing more and more tenants seeking commercial office space in the 2,000-square-foot to 4,000-square-foot range. Purdy recently gave GlobeSt.com an exclusive tour of Dart Real Estate’s mixed-use Camana Bay development and according to Purdy, we can expect to see more family office, funds and reinsurance tenants taking space in 2018.
While not disclosing the identity of the tenants, when discussing the areas those are coming from, Purdy pointed to cities like Sao Paolo, New York and Melbourne. “I expect many of those firms to set up new offices in Cayman, in some part, due to anticipated changes in physical presence legislation,” he says. But that isn’t the only reason companies are drawn to the area, he said.
Camana Bay’s location specifically, provides access to amenities, which include banking, shopping, dining, gyms, health services and retail outlets. Tenants are also drawn to the spaces because they are sustainable, modern, storm resistant, high quality office space that can easily be customized to suit the needs of their employees, he explains…
