Shopping Centers: Unemployment Rate Concerns

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%.

Thursday, September 10, 2020

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.

A study by Colliers International reveals that the average price of rentals has also varied in this context of economic crisis and change in consumption habits, given that in recent months the cost per square meter of premises went from $18.50 to $17.94.

You may be interested in "Shopping Centers: New Normal, New Strategies"

Julieta Bonilla, spokesperson for Grupo Ceco, which groups 10 shopping centers, told that "... the problem has increased as of June. A great impact was noticed last July, because in that month those complexes and commerce in general could only open eight days."

Pablo Fernandez, general manager of Colliers International, thinks that "... the commercial sector must pay attention to the tendency of the E-Commerce, method that has taken more strength due to the current situation."

See "Online Sales: What are Consumers Looking for?"

CentralAmericaData reports that so far this year in the Central American markets the interest in e-commerce services reported a clear upturn, with Guatemala, El Salvador and Panama being the countries that registered the greatest increases in interactions associated with the topic.

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Shopping Centers: Post Covid-19 Opportunities

January 2021

Designing or adapting properties to be of mixed use, offering more entertainment options and mixing in an adequate way the type of tenants to whom the premises will be rented, are strategies that could give a new boost to shopping centers.

The pandemic drove consumers away from shopping centers, as government home quarantines in the region, the rise of e-commerce, and bans on people from visiting these facilities significantly affected mall operations.

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 Malls: Massive Closing of Stores

July 2020

It is estimated that in Costa Rica at least 40% of the premises located in shopping malls have been forced to close permanently due to the restrictions imposed by the covid-19 outbreak.

The phenomenon is not new, 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 partly explained by the economic situation of the country and by changes in consumer preferences.

Rentals: Lower Occupancy, Lower Prices

May 2020

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%.

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.