Rentals: Lower Occupancy, Lower Prices

As a result of the crisis, the unemployment rate of commercial premises in Costa Rica rose from 8.81% to 9.86%, and the average price per square meter fell by 3%.

Thursday, May 14, 2020

It is estimated that 20% of the stores located in the country's malls will not be able to open after the most critical phases of the covid-19 outbreak are overcome, according to Colliers' figures.

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

Pablo Fernandez, general manager of Colliers International, explained to that "... In the shopping centers we are seeing an increase in the unemployment of the properties and also contract renegotiations are established because they do not have the economic solvency to pay a rent, this is presented in the best of cases, since many stores have had to close completely."

The article adds that "... Faced with the strong blow of the pandemic, Colliers recalled how merchants have had to adapt quickly to cope with this situation, implementing as E-Commerce, Social Commerce and Click&Collet'."

See "Commercial Metamorphosis: Where are the Consumers?"

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More on this topic

Real Estate Rentals: Outlook for 2021

September 2020

Because the supply of office and commercial buildings has increased, and at the same time unemployment has also risen, in Costa Rica the directors of these properties foresee that next year the parties will have to renegotiate the contracts.

Data collected by Colliers International indicate that between June 2019 and the same month in 2020 the total inventory of commercial buildings increased by 1.5% from 1.16 million m2 to 1.18 million m2.

Shopping Centers: Unemployment Rate Concerns

September 2020

As a result of the crisis, in Costa Rica in June of this year the rate of availability of premises in shopping centers climbed to 11.8%, a proportion of concern because a healthy level should not exceed 10%.

The phenomenon, which is not new in the country, has worsened in the context of the covid-19 outbreak, since in mid 2019 it was reported that in the last year the unemployment of commercial premises in Costa Rica was on the rise, a behavior that was explained in part by the country's economic situation and by changes in consumer preferences.

Offices: Changes in Market Conditions

August 2020

Since office construction is still active and could enter a phase of over-supply, combined with the strong increase in telecommuting, the market could face a contraction in the coming months.

Because of the spread of covid-19, governments in Central America have decreed strict home quarantines.

The Best Locations for Retailers

June 2012

The latest survey by the real estate company Colliers International, serves as a guide to compare rental prices of commercial premises in the Greater Metropolitan Area of Costa Rica.

Within the large existing supply, average prices per square meter for monthly rental in shopping centers are around $26.25 west of the capital and $22.75 in the east.

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