Industry: Real Estate Construction is up 3%

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%.

Friday, August 21, 2020

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. The study specifies that as of June of this year the space of industrial properties without renting was located in 221,156 m2, which is equivalent to a 50% increase with respect to what was reported in June 2019.

Check out the "Feasibility studies of real estate projects" that we carried out at CentralAmericaData.

In the case of the industrial construction inventory, the report called "Real Estate Market Outlook: Industrial Division Q2 2020" details that between the second quarter of 2019 and the same period of 2020, the total area increased from 2.22 million m2 to 2.28 million m2.

You may be interested in "Real Estate Supply: How do Prices Behave?"

Nacion.com reviews that "... According to Colliers' research, most of the industrial construction inventory of the Great Metropolitan Area (GAM) is located in Alajuela (46%) and Heredia (26%), which represent 72% of the total. Cartago is the third location with the largest number of warehouses, as it is home to 12.6%."

Pablo Fernandez, general manager of Colliers, explained that "... the effects of the pandemic already have some reflection in the second quarter of this year, although this real estate sector remains healthy."

Thanks to the measures taken by the administrators and owners of the industrial complexes, up to now the impact has been controlled, the specialist said.

Reports from CentralAmericaData state that during 2019, 56 environmental impact studies were presented in Central American countries for the construction of industrial plants, and Costa Rica concentrated 58% of the estimated investment.

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More on this topic

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In order to house companies that are about to start operations or for companies that need to expand their operations in Coyol Free Zone, the Costa Rican industrial complex is building new infrastructure for an area equivalent to 67,347 square meters.

According to information disseminated by the industrial park located in Alajuela, Costa Rica, 17,725 square meters are currently being built, corresponding to new expansion processes of companies already installed and requiring more physical space to operate.

What Threats Are Facing Industrial Parks?

July 2019

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. 

Costa Rica: Industrial Real Estate Market up to December 2016

March 2017

The segments of industrial buildings and office-warehouses, provided the most dynamism to the industrial real estate market in the Greater Metropolitan Area of ​​Costa Rica at the end of 2016.

From the report "Industrial and Logistics Property Market: An Overview December 2016"  by Colliers Costa Rica:

Panama: Industrial Property Market in June 2016

September 2016

During the last year, inventory increased by more than 135,000 square meters, reaching a total of 867,526 sq m of leasable area.

From a report by Colliers Panama "Industrial  Overview - June 2016":

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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

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