Multipurpose Projects: More Profitable?

For real estate developers, combining offices, residences and businesses in the same project reduces the risk of losing profitability, as lower demand for one component can be offset by higher demand for another.

Monday, February 18, 2019

With the aim of reducing investment risks, Costa Ricalas companies prefer to build multi-purpose projects, which combine residences, offices and shops.

Also see "Construction: $320 Million in New Projects"

Elfinanciero.com review that "... During the last ten years, properties such as Avenida Escazú, City Place, Plaza Tempo, Escazú Village and more recently Santa Verde have been built. At least three projects will soon be added to these: Boulevard Plaza, Núcleo Sabana and Eco Urbano. The concept of multiple use was born as an alternative for people to meet the needs of housing, work, sports, entertainment and food in one place."

The article adds that "... Cushman & Wakefield I AB Advisory expects that over the next five to ten years it will move from isolated multi-purpose projects to planned mini-cities, where people can count on a large pedestrian area, open spaces and the advantage of feeling safe. These projects will include spaces for work, study, shopping, entertainment, exercise, living and socializing, all around large green areas."

One of the most important multi-purpose projects to be developed in the country over the next few months is "Sabana Corporate Center," which will have a construction area of 90,000 square meters.

See "Corporate Center Projected for $50 Million"

According to the "Construction in Central America" platform by CentralAmericaData, the building will have several uses besides the corporate one, since the basements from 5 to 2 will be exclusively for vehicle parks. From basement 1 to level 2, there will be parking lots and commercial premises. From the 3rd to the 6th floor there will be parking lots, and from the 7th to the 16th floor the entire office area will be located. A hotel will be conditioned on levels 17 and 18, and floors 19 and 20 will be for residential use.

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More on this topic

Office Building: New Investment in El Salvador

November 2019

Grupo Roble announced that in June 2020 will begin construction of an office tower that will have a profitable area of about 14 thousand m2, which will be located near the Multiplaza shopping center.

Representatives of the real estate company Grupo Roble, reported that the project to be developed from next year is called "Roble Corporate Center", which will be located between the Multiplaza shopping center and the apartment complex of Torre El Pedregal.

Costa Rica: Good Figures for the Office Market

October 2017

The availability rate for the real estate segment of rental offices is 10%, and the average price per square meter is around $19.

The dynamism of the activities linked to the services sector is the main driver of the growth in the office market segment in the Greater Metropolitan Area.

Global Real Estate Conference in Panama

March 2016

Investors and entrepreneurs in the global real estate sector will be meeting from 21st to 26th of May in Panama City to discuss issues such as project finance and marketing trends.

The World Congress of the International Federation of Real Estate Professionals (FIABCI) will be held this year in Panama City, and is expected to include the participation of representatives of companies linked to the housing market from all continents.

"Life, Work, Shopping and Entertainment"

August 2013

All in one place. In the west of the capital of Costa Rica "mini-cities" are being built which meet the needs of this new lifestyle trend.

In the west of San José, four real estate projects are attempting to impose a new lifestyle. The first is "Avenida Escazú, whose initial phase was started in 2009 (medical towers, cinema, hotel, parking and residences) and which then added more cinemas, restaurants and shops," noted an article in Elfinancierocr.com.

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