GRAND CAYMAN, CAYMAN ISLANDS—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 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.
But there is much more than the Camana Bay development that is drawing tenants to the Island. GlobeSt.com also recently sat down with Dart Real Estate president Jackie Doak, who said that there are many benefits to doing business here. It is one of the easiest and closest Caribbean Islands to reach from the USA and it is tax neutral, she said. In addition, it is English speaking, has a low crime rate and has an educated workforce.
Doak also pointed to the number of public and private schools as well as improved healthcare on the Island, which includes three hospitals. In addition, a new airport is expected to be completed by the end of 2018, she noted.
Purdy also pointed out that other benefits to doing business in the Cayman Islands are that it has a “world-class infrastructure propped by sustainable development.”
When asked about any challenges of courting tenants to the company's office properties, Purdy said that “it would be fair to say that we need to get the word out about what we have on offer to commercial tenants to those who have not yet visited Grand Cayman. Those who have never been here cannot fully grasp the high standard of infrastructure and development coupled with a second-to-none quality of life. You almost have to see it with your own two eyes to believe it.”
He continued that “Once clients arrive on Grand Cayman and see the benefits of doing business in the Cayman Islands, as well as experience first-hand the lifestyle and business opportunities we have to offer – not just to them but also to their families – they quickly realize the once-in-a-lifetime opportunity of relocating to live and work here. The Cayman Islands is made up of three islands – there is the largest island of Grand Cayman where most business is conducted, but just a short flight away are two other islands, Cayman Brac and Little Cayman, where anyone can easily go for a quick getaway and experience what those islands have to offer.”
But what is important to point out, Purdy said, “While Grand Cayman is an island, it continues to be well-connected, with airlift and proximity to our main target markets. There is also a network of financial services partners who are also actively promoting the jurisdiction so others can quickly realize you can live and work where others vacation. It simply is the best of both worlds.”
As for what type of tenants Purdy hopes to target in 2018? There has been an increase in tenants who are requiring physical presence in the Cayman Islands and will start as small space inquiries that will likely be developed into larger offices in the coming years, Purdy said. “Key areas for us in 2018 are reinsurance, family office groups and Fintech, and we are venturing more and more into the Latin market with strategic partners.”
Overall, Dart Real Estate's leasing portfolio spans more than 740,000 square feet and includes Camana Bay's commercial space is 650,000 square feet in total. Including 510,000 square feet of class A office space spread over five built for purpose commercial buildings: 18 Forum Lane, 94 Solaris Avenue, 69 Forum Lane, 89 Nexus Way, One Nexus Way and additional garden offices overlooking the Camana Bay Town Centre. Additionally the company has 140,000 square feet of retail space and a further 100,000 square feet of for-lease residential space. The company also has its Regatta Office Park, which includes 127,000 square feet of class B office space and in central George Town, the leasing portfolio spans 82,000 square feet over the Flagship Building and Island Plaza – mixed retail and office space.
Check back with GlobeSt.com for more from Purdy as well as more our visit with Dart Real Estate in the Cayman Islands.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
