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Plaza Concordia is a compact, established shopping center located on Vía España in the El Cangrejo neighborhood of Panama City. Opened decades ago, it occupies a prime spot in a bustling commercial corridor known for its mix of local businesses, hotels, and banking institutions. The property spans approximately 10,000 square meters with multiple levels, offering around 50-60 retail units primarily focused on everyday consumer needs.
Tenant mix includes technology repair and accessory shops like SMT Company PTY, pharmacies, casual dining options, a weekday foodcourt, coffee outlets such as Duran Coffee Store, and service providers like Western Union.
Occupancy rates hover around 85-90% based on recent listings of available spaces, with some units marketed for sale or lease.
Rent levels in this older facility range from $15-25 per square meter monthly, lower than newer luxury malls, providing cost-effective entry for small retailers.
Market position benefits from high visibility on a major thoroughfare, attracting a diverse footfall of local residents, office workers, and expats.
Leasing advantages include flexible terms for short-term pop-ups, proximity to metro stations (Iglesia del Carmen 270 meters away), and a stable demographic draw. However, aging infrastructure may require tenant investments in fit-outs, and competition from larger centers like Multiplaza impacts premium category performance.
Overall, it suits budget-conscious operators targeting convenience-driven categories amid Panama City's retail saturation in fashion and luxury segments.
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Hours of Operation
Hours
| Monday | 06:00 AM — 08:00 PM |
| Tuesday | 06:00 AM — 08:00 PM |
| Wednesday | 06:00 AM — 08:00 PM |
| Thursday | 06:00 AM — 08:00 PM |
| Friday | 06:00 AM — 08:00 PM |
| Saturday | 06:00 AM — 08:00 PM |
| Sunday | Closed |
Hours may vary on public holidays. Check with individual stores for specific holiday schedules.
Insights
Demographic Profile
El Cangrejo features a vibrant, upper-middle-class demographic with a population density supporting steady retail traffic. The area houses around 20,000 residents, including young professionals, expats from the U.S. and Europe, and local families, with average household incomes exceeding $3,000 monthly. This mix drives demand for practical goods like electronics, health products, and quick-service food, aligning with Plaza Concordia's tenant focus. Proximity to universities and offices boosts weekday visits, while nightlife enhances weekend footfall. Challenges include seasonal tourism fluctuations and gentrification pressures raising operational costs.
Accessibility and Footfall
Positioned on busy Vía España, Plaza Concordia enjoys excellent accessibility via public transport, including nearby Iglesia del Carmen and Vía Argentina metro stations on Line 1, just 270-590 meters away. The site benefits from high vehicular and pedestrian traffic, estimated at 50,000 daily passersby in this central corridor. Parking is available but limited and costly at $1-2 per hour, encouraging walk-ins from surrounding businesses. Footfall metrics indicate moderate volumes of 5,000-7,000 visitors daily, peaking during lunch hours and evenings, supported by the area's role as a commercial hub. Risks involve traffic congestion during peak times, potentially deterring drive-in shoppers.
Competition and Lease Terms
Plaza Concordia faces competition from upscale malls like Soho Mall and Multiplaza, located 2-3 km away, which dominate fashion and entertainment with higher occupancy (95%+) and rents of $30-50 per square meter. Local street retail on Vía España adds pressure in categories like apparel, leading to market saturation for non-essential goods. Lease terms are tenant-friendly, with 3-5 year options, percentage rents tied to sales (5-8%), and common area maintenance fees around $5 per square meter. Advantages include lower base rents suiting startups, but drawbacks encompass outdated facilities requiring $10,000-20,000 in renovations and weaker anchor tenants compared to regional averages.
Building Details
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Panama City
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Panama City
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