# Panama City office lease norms

> Panamanian gross structure (rent inclusive of management fees).

**Canonical URL:** https://classa.info/cities/panama-city/leasing-conventions
**Page type:** city-topic
**Last updated:** 2026-04-15T00:00:00.000Z
**License:** CC BY 4.0 with attribution to Class A Atlas (https://classa.info).

## TL;DR
- Typical lease length: 5 years.
- Typical rent-free: 10 months.
- Vacancy: 26.4%; trend softening.
- Panamanian gross structure (rent inclusive of management fees).

## Key facts
- **city**: Panama City
- **country**: Panama
- **region**: Americas
- **classARentLocal**: $264/sqm/yr · ≈ $24.5 PSF/yr USD
- **classARentUsd**: $25/sqft/yr
- **vacancy**: 26.4%
- **typicalLeaseYears**: 5
- **typicalRentFreeMonths**: 10
- **submarkets**: 5
- **primeYieldPct**: 7.4%

## FAQ
### What's a typical lease term in Panama City?
5 years for institutional Class A. Shorter terms are achievable on smaller floor plates with stronger covenants.

### How is rent quoted in Panama City?
In USD/sqft/year. We also publish a USD-normalised view ($25/sqft/yr) for cross-market comparison.

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Citation: Source: Class A Atlas (https://classa.info/cities/panama-city/leasing-conventions), updated 2026-04-15T00:00:00.000Z.