Lima’s commercial real estate market continues to evolve, with steady growth seen in its commercial corridors. These areas – characterized by high pederestian and vehicle traffic, the presence of anchor tenants, and low vacancy rates – have become the most sought-after locations for retail operators.

Expanding Commercial Corridors

Currently, Lima Metropolitana and Callao have 46 established commercial corridors, mainly concentrated in Lima Top (San Isidro, Miraflores, San Borja, and Surco) and Lima Moderna (Surquillo, Lince, and Magdalena). In these districts, supply remains limited while demand continues to grow, driven by the integration of retail spaces on the ground floors of new residential developments, which is injecting more supply and momentum into the market.

The expansion of these corridors typically takes five to seven years, gradually solidifying as both foot and vehicle traffice increase. Moreover, improvements in transportation infrastructure have boosted the growth of emerging areas such as East Lima.

Demand and Rental Costs

The most in-demand retail formats range from 50 to 150 sqm – ideal for pharmacies, convenience stores, and restaurants. Larger spaces over 500 sqm are typically required by clinics, laboratories, and auto repair shops.

In 2024, the average rental rate rose by 8.9%, reaching $20.08 per sqm, with more pronounced increases in Lima Moderna (+13.3%) and Lima Top (+7.7%). Districts such as San Isidro Financiero and Las Gardenias have seen the highest price ajustments. Additionally, lease terms now often extend from 5 to 10 years due to the growing presence of major operators.

Opportunities and Trends

Vertical growth through Multifamily projects has encouraged the integration of retail spaces into residential buildings, offering greater convenience and proximity for consumers.

At the same time, street-facing retail remains a key strategy for brans aiming to combine physical presence with digital initiatives. Identifying up-and-coming corridors will be crucial for investors and operators in the coming years, ensuring the profitability and long-term viability of their businesses.