Too Many Offices in Costa Rica?

If all the planned office buildings were constructed, supply would exceed demand.

Friday, May 25, 2012

At the moment, the construction companies involved are ready to begin construction of 180,000 m2 in the Greater Metropolitan Area (GAM) in San Jose, which, if this went ahead, would lead to a situation of market oversupply, reports Elfinancierocr.com.

What is the current situation? At the end of the first quarter (2012) there were 990,721 square meters of office space, of which 9.4% is available. There are 126,909 meters square under construction. Colliers estimates that this supply can be absorbed smoothly by the market within 12 to 18 months.

But if pending projects such as Argentum, Torre Universal y Centrum Plaza -are initiated, office supply will exceed demand.



More on this topic

Over-supply in the Real Estate Market?

November 2017

Reports state that the available supply of office space in square meters in Panama City grew from 18% in July of last year, to 21% in the same month in 2017.

A study reported on by Elcapitalfinanciero.com indicates a sustained increase in the available supply of office space in the Panamanian capital, which went from 1,669,189 square meters in July last year, to 1,629,504 in the second half of this year. 

Costa Rica: Office Market - June 2017

July 2017

At the end of the first quarter, office space inventory totaled 1.4 million square meters, with an average price of $19 / m2, up 7% compared to the same period in 2016.

Data from the report "Office Real Estate Market up to June 2017" by Colliers Costa Rica shows that at the end of March this year the inventory amounted to 1.4 million square meters, an increase of 2.4% compared to the same period in 2016.

Panama: Oversupply of Offices

October 2012

An increase in the supply of offices in Panama City is putting downward pressure on occupancy levels.

According to the consultant Indesa, the occupancy level in the first quarter of 2011 was 95.4%, versus 86.5% for the same period this year.

Speaking about the topic, the Corporate Finance Director of Indesa, Francisco Escoffier, said that, "In the next couple of years it is not expected that the total demand for offices, including locally generated demand and the demand generated by the arrival of multinationals, will be enough to absorb new supply coming, so the available inventory will go up and occupancy will do down ... in the research occupancy means that there is physically one tenant in the property, which is a conservative definition. "

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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