Costa Rica: Saturation of Office Buildings Indicated

It has been reported that the vacancy rate in the office segment in the real estate market now exceeds 10%.

Friday, September 9, 2016 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."

"... because of this
real estate office development in Costa Rica is becoming segmented, both geographically and functionally, where there are a lot of projects, but supply is more strategic, said Randall Fernández, manager of the firm. "

See: "Costa Rica: Residential Projects for $58 million"

Fernandez added that unlike the niche offices, the commercial segment shows an average availability rate of 5.7%. 

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More on this topic

Over-supply in the Real Estate Market?

November 2017

Reports state that the available supply of office space in square meters in Panama City grew from 18% in July of last year, to 21% in the same month in 2017.

A study reported on by indicates a sustained increase in the available supply of office space in the Panamanian capital, which went from 1,669,189 square meters in July last year, to 1,629,504 in the second half of this year. 

Costa Rica: Office Market in September 2016

November 2016

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.  

Costa Rica: Real Estate Office Market

November 2011

An NAI Costa Rica Report for the third quarter 2011, gives analysis categorised by supply, demand and prices, and an evaluation of new projects.

Extract from the report:

The office property market is stable with an availability rate of 8.9%, up 1.1% from last quarter, due to the steady inflow of new office centers to the market.

Office Space Market Recovers in Costa Rica

April 2011

Vacancy rates for office real estate have stabilized, staying below 10%, which indicates that there is no oversupply.

The data comes from a summary of Costa Rica's office space real estate market for the last quarter of 2010 by NAI Costa Rica.

Supply increased slightly from 849,500 m2 to 856,500 m2 while vacancy rates dropped from 9.9% to 8.5%, due to increased occupancy in UltraPark II, Torre Mercedes and Forum I.

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