Excess Supply in Costa Rican Office Complexes
The office space sector in Costa Rica increased available area by 20% in 2008 and prices fell by 12%.
Monday, March 23, 2009
Office parks were the hardest hit in 2008, in comparison with other sectors of the real estate market such as industrial and commercial, due to an increased supply of new buildings and the effects of the international crisis.
Despite the increased availability of office space, 14 new office centers are projected to be added to the 15 currently under construction.
Commercial property known as Community Centers, whose buildings are between 1,000 m2 and 20,000 m2, led the growth in supply in the sector.
If all the planned office buildings were constructed, supply would exceed demand.
In the last year the country has built about 120 thousand square meters of new class A and AB office spaces, and recorded an availability rate of 11.9%.
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