From January to June of this year, the constructed area of warehouses and other industrial properties in Costa Rica increased by 58,273 square meters compared to the same period in 2019, which is equivalent to an annual increase of 3%.
Colliers, a firm specialized in real estate, informed that as well as the built area, the availability of spaces in the Costa Rican market also increased.
As a result of the crisis, the unemployment rate of commercial premises in Costa Rica rose from 8.81% to 9.86%, and the average price per square meter fell by 3%.
It is estimated that 20% of the stores located in the country's malls will not be able to open after the most critical phases of the covid-19 outbreak are overcome, according to Colliers' figures.
Although in Costa Rica the level of unemployment of buildings in industrial parks is 8%, some precincts are facing threats, since companies could leave them because of the traffic congestion in the area where they are located and the travel time of employees.
For Colliers, other threats faced by industrial parks in the country to have their facilities unoccupied are that companies have several sites for the separation of their processes and competition for human resources.
In Costa Rica, the retail sector is going through one of its worst moments in recent years, since several jobs have been lost and local unemployment is increasing.
Figures from the Economic and Social Observatory of the National University (UNA) show that the commercial sector has lost 15,446 jobs in recent years as a result of the slowdown in consumption in the country.
In the last year, the number of vacant commercial premises has increased in Costa Rica, behavior that is partly due to the economic situation of the country and changes in consumer preferences.
Figures from Colliers International specify that in the last two years the rate of availability of commercial premises in the country has registered an upward behavior, since in the first quarter of 2017 a rate of less than 4% was reported, and from January to March 2019 that proportion went up to 8%.
In Costa Rica, 43% of the residential projects that GAM builds, have been announced or are in pre-sale, mostly in Alajuela, Santa Ana, San José and Escazú.
Data from Colliers Internacional show that 290 residential projects are currently being developed in the Greater Metropolitan Area (GAM), of which 51 are in the canton of Alajuela, 30 in Santa Ana, 25 in San José and 18 in Escazú.
Traffic congestion, the price of land and rents, and logistical facilities are some of the reasons why more and more companies in Costa Rica prefer to be located outside of San José.
Between 2016 and 2017 the number of companies set up in San José fell from 15,311 to 14,748, which is equivalent to a decrease of 4%, according to figures from the National Institute of Statistics and Census.
Of the 255 complex business operating in the greater metropolitan area, 11 are in the regional center format, 42 community, 75 neighborhood, 134 strip, 21 are urban, 7 lifestyle and 5 entertainment.
The figures from Colliers Costa Rica indicate that shopping centers in small formats, called life style and strip centers are those that are beginning to predominate in the metropolitan area.There are currently six projects under construction in the strip format and another 12 which are planned to be developed, according to Colliers.
At the close of the quarter, there was an increase in the total inventory with the new supply of 53,067 square meters of rentable offices.
From a report by Colliers Costa Rica "Office Property Market September 2016":
The office property market in recent quarters has demonstrated a positive picture regarding new supply, as developers are starting projects to meet demand.Gross absorptions also look healthy and the vacancy rate of office space is slowly showing a decrease in its percentage.
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":
So far in 2015 12 shopping centers have been opened, in different formats, and by December 36 more projects will have been inaugurated, plus another 30 next year.
The tendency to build small shopping centers, open squares and mixed use areas has been highlighted by industry experts as the main differentiator compared to previous years when the development of large shopping centers predominated.
Two business groups in the capital are building two projects that combine residential, commercial and office spaces.
The need to diversify risk when selling various types of real estate, and to meet the demand for residential centers where residents have easy access to shops and services, has led to real estate investors to focus on mixed-use projects, which have "everything in one place. "
There is Increased investment in medium-sized commercial developments in the vicinity of residential areas.
Changes in people's habits, looking to cut commuting time from their place of work to their homes is influencing the investment decisions made by real estate developers who are focusing on building medium sized malls (between 1,000 and 5,000 m), located in the vicinity of residential areas and at high traffic points.
Foreign direct investment in the country rose by 15%, while in the free zones where businesses are exempt from income tax, the growth rate was 53%.
During the first half of 2013 free zones received $360 million while in the same period of 2012 the figure was $235 million, which is an increase of 53%.
According to information from the Central Bank of Costa Rica, "in general, FDI in the first half rose by 15% compared to the same period in 2012 and amounted to $1.335 billion, strengthening its growth after the drop of 2009 " reported Nacion.com.
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.