Excess Supply of Office Centers in Costa Rica

Despite the increased availability of office space, 14 new office centers are projected to be added to the 15 currently under construction.

Monday, March 11, 2013

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.

"It's not healthy to have so much space available at the same time, especially when the economy is slow, however it does all depend on the developer's experience as some have done well," said Danny Quiros, market intelligence manager at Colliers.

"There is a significant amount of square meters available in office centers and free zones. In our case, the growth is due to the arrival of multinational companies, including IBM and Intel," said Joseph Benavides, corporate manager of American Free Zone.

"A slowdown in the growth of the economy certainly would influence the results of placement, slowing the development of the sector. Companies are becoming more cautious about investment risks," said Carolina Rudin, marketing coordinator of Plaza Tempo.



More on this topic

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.

It is Not Enough to Offer Desk Space

October 2012

When setting up an office block you need to provide ancillary services such as restaurants, banks, pharmacies, gyms, convenience stores, and even health care.

The growing supply of office space requires a differentiation strategy which is not just about the quality of the buildings, but the added value that is given with accessibility to services needed for both corporate functions, and employees.

Where, What and How Much?, Real Estate in Costa Rica

March 2012

In the past two years, land prices in the radius around the canton of Alajuela have multiplied by six.

Within the GAM (Gran Area Metropolitana), since 2010 Alajuela has been top area in terms of square meters processed, say statistics from the Association of Engineers and Architects (CFIA). That would explain the very interesting property prices in this canton.

Eight New Shopping Centers in San Jose

January 2012

New businesses will open in the Greater Metropolitan Area of San Jose in 2012, with spaces of between 4,000 and 100,000 square meters.

The stores identified are: Lagunilla, Torre 202, Plaza Carolina (stages 1 and 2), Plaza Tempo, Trivium Center, Plaza Lincoln, Paseo Plaza Santo Domingo and Metropolis, according to information provided by Danny Quiros, Market Intelligence Manager of Colliers International , a `real estate consulting firm.

 close (x)

Receive more news about Business and Investment

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


Real City Group

Real City Group is a real estate office, located in San Jose , Costa Rica. We are a excellent resource for Real Estate in Costa Rica . Our expertise covers a wide real estate collection.
Operates in Costa Rica
Phone: (506) 22968787 - (506) 88213828

Company Profile

Stock Indexes

(Apr 6)
Dow Jones
-5.60%
S&P 500
-5.10%
Nasdaq
-5.64%

Commodities

(Oct 23)
Brent Crude Oil
42.660
Coffee "C"
109.25
Gold
1,905
Silver
24.720