2013 has confirmed a trend toward mixed-use projects with spaces for various uses, especially commercial, residential and office space.
The commercial property market has shown an increase in supply of 9.8%, totaling 884,135 m². Among the activities that have contributed the most to the dynamism of this market is the opening of fast food restaurant chains and projections are that it will continue to increase.
Rent an office in a standard office building costs around $17.38 per square foot, whereas in a mixed-use development the price rises to $23.
This was revealed by a study by the real estate company Colliers International, who also explained that "when it comes to mixed use commercial premises, the average price recorded by the company reaches up to $28, whereas in other commercial centers the figure drops to $18.17 ", reported Elfinancierocr.com.
The demand for housing solutions and commercial spaces in downtown San Jose has led the cost of land per square meter to rise to $1,200.
Nacion.com reports: "Mata Redonda, Merced, Catedral, Hospital and El Carmen have in the last three years represented half of the total square meters (sqm) for which there are applications for building permits. In this area, construction of houses and stores has the most dynamism ... ".
During the first three months of 2013 the real estate market in Costa Rica received $377 million from the sale of properties and construction projects of foreign capital.
This amount represents 90% of the total resources directed towards this sector during 2012. In that period the country had revenues of $866 million in foreign direct investment, an increase of 41% compared to the same period last year.
Despite the increased availability of office space, 14 new office centers are projected to be added to the 15 currently under construction.
Data from Colliers International shows that in Costa Rica, the availability of spaces has doubled from 7% in 2011 to 13% last year. Meanwhile the Association of Engineers and Architects in Costa Rica, reported an increase of 33% on the amount of square meters dedicated to new offices last year.
Among the projects for this year include the extension of Avenida Escazú, the opening of Mango Plaza Mall in Alajuela and the inauguration of the fourth office tower El Cedral in Escazú, all scheduled for May. The same company, Portafolio Inmobiliario, is also building two restaurants at the Pez Vela Marina in Quepos and the second phase of Plaza Brasil in Heredia.
When setting up an office block you need to provide ancillary services such as restaurants, banks, pharmacies, gyms, convenience stores, and even health care.
The growing supply of office space requires a differentiation strategy which is not just about the quality of the buildings, but the added value that is given with accessibility to services needed for both corporate functions, and employees.
In an event exclusively for qualified investors, the Hacienda Pinilla resort complex in Costa Rica, which measures 1,800 acres and has hotels, a golf course and residential communities, will be auctioned.
The U.S. company United Country Real Estate, in partnership with Colliers International, will perform the live auction on Nov. 15 in Dallas, Texas. The event will be for qualified investors who have been invited to participate.
Within the large existing supply, average prices per square meter for monthly rental in shopping centers are around $26.25 west of the capital and $22.75 in the east. These two areas are the most in demand, followed by south of San Jose, Cartago, Alajuela and finally Heredia.
In the past two years, land prices in the radius around the canton of Alajuela have multiplied by six.
Within the GAM (Gran Area Metropolitana), since 2010 Alajuela has been top area in terms of square meters processed, say statistics from the Association of Engineers and Architects (CFIA). That would explain the very interesting property prices in this canton.
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