The Office Market in Costa Rica

In the last year the country has built about 120 thousand square meters of new class A and AB office spaces, and recorded an availability rate of 11.9%.

Tuesday, October 22, 2013

In recent years, Costa Rica has become one of the major markets for offices in Latin America, ranking eighth in creation of supply in this sector, according to a study by the US real estate firm Jones Lang LaSalle (JLL).

"San Jose beats cities such as Buenos Aires (Argentina), Quito (Ecuador), Guadalajara (Mexico) and Medellin (Colombia), but ranks below Mexico City, Sao Paulo (Brazil) and Panama City, which occupy the top three positions," noted an article in Elfinancierocr.com.

Zach Cheney, JLL's director for Latin America, says that while Costa Rica does not have a developed market, it offers high standards of quality and service, rarely seen in the region. For example, it offers tenants the option to make adjustments to leased spaces.



More on this topic

$14 million Investment in Office Building

February 2018

In Costa Rica, a real estate developer has announced that it plans to start construction of an office building in Curridabat, San José, this year.

Representatives of construction company Desarrolladores 506, promoter of the project, reported that the building on seven levels will have 289 parking spaces. Its location will be in the northeast part of the Momentum Pinares shopping center and the new office tower will have direct access to the shopping center. 

Record FDI in Real Estate in Costa Rica

April 2014

The sector received 43% of the foreign direct investment that came into the country in 2013.

In 2013, $1.16 billion was invested by foreigners in real estate in Costa Rica, a record according to information from the Costa Rican Coalition for Development Initiatives (Cinde).

The Office Market in Panama

April 2014

A new supply of Class A and AB office spaces over the next three years will grow the market by 70%, projects the real estate firm Jones Lang Lasalle.

A report by Jones Lang Lasalle published on worldpropertychannel.com indicates that in 2013 175,000 m2 of office space was built and more than 500,000 m2 will be delivered between 2014 and 2015.

Rise of Office Centers in Guatemala

July 2011

The opening of the Desing Center corporate office buildings whose investment is $26 million, adds to the growing collection of new office centers in Zone 10 in Guatemala City.

The new center joins the 30 existing buildings and with them others whose construction is nearing completion, as is the case of the Sixtino II Building, the Interamerican Business Center, the Dubai Center and the Banco Industrial’s Tower 3 in Zone 4.

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