In the Greater Metropolitan Area 46% of the inventory of industrial real estate developments, such as warehouses and industrial buildings, are located in Heredia and Alajuela.
From a statement by Newmark Grubb Central America:
The provinces of Alajuela and Heredia, with 24% and 22% of the total inventory of industrial real estate developments in the Greater Metropolitan Area respectively, maintain the lead as suitable for complexes such as warehouses, mini-warehouses, industrial buildings and logistic works.
The segments of industrial warehouses, and office warehouses, where those that provided the most dynamism in the industrial real estate market in the Greater Metropolitan Area of Costa Rica at the end of the second quarter.
From the quarterly report by Colliers Costa Rica entitled "Industrial and Logistics Property Market":
It has been reported that the vacancy rate in the office segment in the real estate market now exceeds 10%.
Nacion.com reports that "... an analysis by Colliers International shows that the office market is undergoing a period of greater caution, since the vacancy rate is above the 10% threshold for defining market saturation."
Reports of increases from $75 to $500 per square meter have been made in some areas south of Managua and values up to $580 per square meter in the coastal department of Rivas.
The tourism boom seen in the areas in Rivas, followed by Leon and Granada are responsible for the increase in the value of the properties, some of which sometimes sell for $580 per square meter."...In the case of Rivas the increases occurred between 1996 and 2007 when the construction of major tourism projects was announced."
An environmental impact study has been submitted for construction of a mixed-use building complex in the former Howard base, in Panama Pacific.
The Environmental Impact Assessment (EIA) was submitted by London & Regional Panama S.A. to the Ministry of Environment in Panama in June 2016, as revealed by the report entitled "Construction Projects in Central America"compiled by CentralAmericaData.com.
It has been announced that in early 2017 construction will begin of the first phase of a residential and commercial project consisting of three 21-story towers in Barrio Lujan, San Jose.
The real estate developer Kirebe plans to start the first stage of the complex, to be called Tri-o, in early 2017.Each of the three towers will be built within 2 to 3 years and the amount of investment announced for the first stage is $28 million.An Environmental Impact Assessment (EIA) was submitted in December 2015.
In Panama an environmental impact study has been submitted for construction of a shopping center measuring 129 thousand square meters in Penonomé, Cocle province.
The Environmental Impact Assessment (EIA) study was presented by Grupo ZS, S.A. to the Ministry of Environment of Panama in May 2016, as revealed by the report "Construction Projects in Central America" by CentralAmericaData.com.
Construction plans for the province include 150 thousand square meters in construction of commercial and residential centers in the coming months.
Of the eight planned projects, four are mixed-use complexes combining residential, commercial and entertainment buildings, and another two are the mega project called Oxigeno and San Francisco square.In the residential segment, the other two projects, Las Flores, and Bambu, amount to 40 thousand m2 and 17,600 m2, respectively.
A $2.7 million issue made by the UHR Development Company which intended to build a boutique hotel in the area of Bella Vista has been declared overdue.
In 2013 the company attempted to raise $12 million on the Panamanian stock market, but apparently, the issue was not attractive enough and they ended up raising only $2.7 million. Three years later, the issue has been declare past due, and should have been honored by UHR Development on 22 February 2016.
The value per square meter in the Panamanian colonial settlement has almost doubled in the last 10 years.
The restoration of the 'Casco Antiguo' (Old Town) of Panama, which has received investment and economic boom in the city has made property prices soar. According to a report published by Martesfinanciero.com, there are about 900 buildings and houses in the area. In 10 years, the value per square meter has increased from $1,500 to $1,800 to over $2,300 and $3,000, depending on the view and location. Commercial premises for rent are priced between $35 and $50 per square meter, and those for sale range from $3,500 to $4,000, real estate brokers say.
Investors and entrepreneurs in the global real estate sector will be meeting from 21st to 26th of May in Panama City to discuss issues such as project finance and marketing trends.
The World Congress of the International Federation of Real Estate Professionals (FIABCI) will be held this year in Panama City, and is expected to include the participation of representatives of companies linked to the housing market from all continents.
A rise has been indicated in commercial, residential and hotel developments in areas of Santa Tecla and Antiguo Cuscatlán thanks to its geographical and topographical advantages.
The proximity to the coast and its topographical features make the southwest area of El Salvador an attractive area for real estate development, particularly for commercial, residential and hotel developments, reports Elsalvador.com. The region includes the entire metropolitan area southwest of the country including Santa Tecla and Antiguo Cuscatlán.
The costs required to overcome the deficit of potable water in the residential area must be paid by developers of new projects or by reevaluating the land.
After confirmation of the drinking water crisis in the area, the question arises of how to finance the other aqueduct required in Punta Paitilla (San Francisco). Concerns have elevated after the Institute of Aqueducts and Sewers (IDAAN), determined that new infrastructure will be needed to meet the demand for drinking water in the residential area. This will also affect future developments planned in this location.
In three days of business activity builders and companies in the real estate sector closed deals worth $10 million.
Representatives from the companies participating in the fair stated that 112 homes were reserved worth a total of $3.5 million. Added to this another 200 people signed up to waiting lists and will be completing their reservation process in the coming weeks, explained Ricardo Melendez, president of the Chamber of Builders of Nicaragua (Cadur).
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