Two business groups in the capital are building two projects that combine residential, commercial and office spaces.
The need to diversify risk when selling various types of real estate, and to meet the demand for residential centers where residents have easy access to shops and services, has led to real estate investors to focus on mixed-use projects, which have "everything in one place. "
A company from Honduras is developing a mall measuring 200 thousand square meters in the city of Alajuela.
Next month the Lady Lee Corporation will begin construction of City Mall in Alajuela, measuring 200 thousand square meters, and having 300 commercial premises and parking for 2,700 vehicles.
Enrique Rodriguez, head of Public Relations and Communication of the new complex, told Crhoy.com that "the earthwork has already been done and now, in March, we will begin building the huge structure, a project which is being managed by the Honduran company Postensa".
There is Increased investment in medium-sized commercial developments in the vicinity of residential areas.
Changes in people's habits, looking to cut commuting time from their place of work to their homes is influencing the investment decisions made by real estate developers who are focusing on building medium sized malls (between 1,000 and 5,000 m), located in the vicinity of residential areas and at high traffic points.
2013 has confirmed a trend toward mixed-use projects with spaces for various uses, especially commercial, residential and office space.
The commercial property market has shown an increase in supply of 9.8%, totaling 884,135 m². Among the activities that have contributed the most to the dynamism of this market is the opening of fast food restaurant chains and projections are that it will continue to increase.
In Costa Rica half of the municipalities do not have a master plan that establishes conditions for urbanization.
Currently the Ministry of National Planning and Economic Policy (Mideplan) has approved six projects to develop these plans in the municipalities of Montes Oro, Poás, Pérez Zeledón, Siquirres, Orotina and Naranjo. Others such as Desamparados, Hojancha, Coto Brus and Grecia are under study.
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%.
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).
There are plans to build a mini-city on the beach in Puntarenas, two mega projects and 6 other smaller works that represent $211 million in investments.
The three largest projects will be developed by local companies in the province of Puntarenas, in the Central and Garabito cantons. "These, together with six other smaller private works, represent investments of over $211 million and the use of more than 164 hectares of land in the next 15 years," noted an article in Elfinancierocr.com.
All in one place. In the west of the capital of Costa Rica "mini-cities" are being built which meet the needs of this new lifestyle trend.
In the west of San José, four real estate projects are attempting to impose a new lifestyle. The first is "Avenida Escazú, whose initial phase was started in 2009 (medical towers, cinema, hotel, parking and residences) and which then added more cinemas, restaurants and shops," noted an article in Elfinancierocr.com.
The demand for housing solutions and commercial spaces in downtown San Jose has led the cost of land per square meter to rise to $1,200.
Nacion.com reports: "Mata Redonda, Merced, Catedral, Hospital and El Carmen have in the last three years represented half of the total square meters (sqm) for which there are applications for building permits. In this area, construction of houses and stores has the most dynamism ... ".
During the first three months of 2013 the real estate market in Costa Rica received $377 million from the sale of properties and construction projects of foreign capital.
This amount represents 90% of the total resources directed towards this sector during 2012. In that period the country had revenues of $866 million in foreign direct investment, an increase of 41% compared to the same period last year.
With an investment of $30 million the Croc Casino Resort will be built in Jacó, which will have 17 floors, and is forecast to open in December 2014.
The complex will have 152 rooms and 44 luxury condominium residences as well as a beachfront pool, restaurants, a nightclub, a spa, the "Croc Habitat" retail shops and facilities for meetings and conventions.
A new five-storey tower will be built next to the first building, where companies such as GlaxoSmithKline, HB Fuller, and ProSoft, and others are already operating.
4D Desarrollos Inmobiliarios today announced the start of construction of the second stage of TERRA Corporate Campus, a Class A office center located next to to the Terramall mall, in East San Jose, a sector that in the past two years has seen high growth levels and economic dynamism, becoming a center of real estate development and commercial relevance.
A project by the Chamber of Construction proposes the creation of a residential lease that would allow home purchases without payment of a deposit.
"Currently the project is in the hands of the Ministry of Housing so that they can review and assess it and it is also being studied by a committee in the Chamber of Construction which includes the financial sector," noted an article in Elfinancierocr.com.
During the fair is estimated that deals will be made for over $250 million, and that there will be participation by companies from the USA, Canada, Spain and other European countries.
CAPAC Expo Habitat 2013 is the International Construction and Housing Fair organized every year by the Panamanian Chamber of Construction (CAPAC).
This fair will be held from 11 to 15 September at the Atlapa Convention Center Panama, Panama City.
In Costa Rica trade growth is evident not only in San Jose, but also in several inland cities which have recorded investment in local malls for offices and retail.
The enterprises are smaller than those developed in the capital, usually involving investments not exceeding one million dollars.
Among other things, an article in Elfinancierocr.com mentions projects like Plaza Turrubares in Turrubares of Alajuela, opening on December 12.