Costa Rica: $165 million in Real Estate Projects

Two business groups in the capital are building two projects that combine residential, commercial and office spaces.

Tuesday, March 11, 2014

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. "

Examples include the Belen Center to be located in Heredia, and Bamboo Eco-Urban to be built in San Sebastián, south of San Jose. The projects will have a total investment of $165 million.

Among the attractions of these mixed-use complexes is the fact that "planning and development is carried out at various stages and substages. So, if any of the phases is fails to sell, the original plan can be reduced or reconsidered instead of having to deal with empty megaconstructions ".

The developer Guillermo von Breymann told Elfinancierocr.com that "the placement and success of the first phase will cover the future cost of the following ones, as happened in the case of Multiplaza and the Intercontinental hotel, and as is planned for the Belen Center ".

"A study by the real estate firm Colliers revealed, for example, that 1 m² of mixed use commercial property is worth $28, $10 more than the average in malls. In offices, the price goes from $17 to $23 ".



More on this topic

Costa Rica: Boom in Construction of Shopping Centers

January 2015

Projections are that this year about 149 thousand square meters of commercial spaces will be built in different parts of the country, mainly west of the Greater Metropolitan Area.

Some of the upcoming projects include: City Mall in Alajuela, City Place in Santa Ana, e Center in Heredia, and Bamboo Eco Urbano in San Jose, among others.

Real Estate Market in Costa Rica in June 2013

November 2013

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.

Costa Rica: Office and Store Prices in Mini Cities

August 2013

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.

More Investment in Property in Costa Rica

February 2013

Industrial parks, shopping centers, office complexes and homes are the new developments announced by real estate groups.

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.


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