Excess Supply in Costa Rican Office Complexes

The office space sector in Costa Rica increased available area by 20% in 2008 and prices fell by 12%.

Monday, March 23, 2009

Office parks were the hardest hit in 2008, in comparison with other sectors of the real estate market such as industrial and commercial, due to an increased supply of new buildings and the effects of the international crisis.

El Financiero of Costa Rica published an article based on the quarterly report from the real estate industry developed by Colliers International: "Office complexes had an annual increase of 20% in available area (totaling 753,548 square meters) but rental prices fell by 12% to $14 per square meter."

More on this topic

Costa Rica: Housing Market May 2016

July 2016

Commercial property known as Community Centers, whose buildings are between 1,000 m2 and 20,000 m2, led the growth in supply in the sector.

From the report Second Quarter 2016 by Newmann Grubb Central America:

OFFICES: Availability is approaching breakeven point 

The Office Market in Costa Rica

October 2013

In the last year the country has built about 120 thousand square meters of new class A and AB office spaces, and recorded an availability rate of 11.9%.

In recent years, Costa Rica has become one of the major markets for offices in Latin America, ranking eighth in creation of supply in this sector, according to a study by the US real estate firm Jones Lang LaSalle (JLL).

Excess Supply of Office Centers in Costa Rica

March 2013

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.

Too Many Offices in Costa Rica?

May 2012

If all the planned office buildings were constructed, supply would exceed demand.

At the moment, the construction companies involved are ready to begin construction of 180,000 m2 in the Greater Metropolitan Area (GAM) in San Jose, which, if this went ahead, would lead to a situation of market oversupply, reports Elfinancierocr.com.

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