Guayaquil's Waterfront Sees $650mn in New Commercial Projects as Puerto Santa Ana Expands

Guayaquil's riverfront commercial corridor is undergoing its most significant transformation in a decade, with four major mixed-use developments collectively valued at approximately $650 million breaking ground along the expanded Puerto Santa Ana and Malecon 2000 districts.

The projects, detailed in filings with the municipal planning authority, include:

Torres del Rio (Uribe & Schwarzkopf): Two 32-storey residential and office towers with ground-floor retail, $210mn total investment, delivery 2028
Malecon Business Hub (Promotora Inmobiliaria del Pacifico): A 45,000 sqm Class A office complex with co-working spaces, $155mn investment
Puerto Nuevo Mixed-Use (Colombian developer Grupo Exito and local partner Pronobis): 280-room Hilton-branded hotel, convention centre, and commercial galleria, $185mn
Riviera del Guayas (Consortium led by Constructora Norberto Odebrecht successor Novonor): 18-hectare waterfront residential neighbourhood, $100mn Phase 1

Market dynamics

Guayaquil's commercial real estate market has tightened considerably. Class A office vacancy in the central business district fell to 11.2% in Q4 2025, down from 18.6% in 2023, according to Cushman & Wakefield's Ecuador affiliate. Average asking rents for premium office space have risen to $18.50/sqm/month, up 14% year-on-year.

"Guayaquil is finally being priced as the regional commercial hub it deserves to be," said Andres Ponce, managing director of Pronobis Real Estate. "We are seeing demand from fintech companies, agribusiness headquarters, and Pacific trade-related services firms."

Infrastructure enablers

The construction boom has been supported by the $280 million Aerovia urban transit system connecting Durán to central Guayaquil, which began operations in 2023 and has reduced commute times along the waterfront corridor by approximately 35 minutes.

The municipal government has also approved a 10-year property tax abatement for commercial developments exceeding $50 million in investment value within the designated waterfront regeneration zone.