Arguing that the dynamic evolution of covid-19 has changed the socio-economic conditions of the population, a decree was issued to modify the rule that suspends evictions and launches, for the duration of the health emergency.
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.
The Assembly approved in third reading a bill that suspends for a 120-day period all launches and evictions of private real estate intended for housing, commercial establishments, professional use, industrial and educational activities.
The plenary session of the National Assembly, supporting the state of emergency as a result of the effects generated by the infectious disease covid-19, approved in the third debate the draft law 299, by which measures on the leasing of real estate are dictated, informed the institution.
In the first half of the year, the commercial supply in Panama reached 1.8 million rentable square meters, 4% more than was reported in the same period in 2017.
According to a report from CBRE Panama, in the first six months of the year a total of thirteen Class B + and B sites entered the market, totaling some 47,000 m2of commercial space in Panama City. These projects registered an occupancy rate of 60.7%.As a result, average rents requested continued to decrease, with supply exceeding demand for existing available spaces.
Increases have been reported of up to 20% in the demand for office space in excess of 50 square meters, with prices ranging from between $8 and $12 per square meter.
Currently the monthly rental price for corporate buildings around $19 per square meter, one of the types of offices with the highest demand in southern sector of the capital, the Dupla Norte, and the road to Masaya. Overall, location, parking availability and price are the main factors that companies consider when leasing office space.
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