The first of the five buildings that will form part of the La Lima Corporate Center was launched in Cartago, which will require a global investment of close to $98 million.
The project in charge of the real estate company Garnier & Garnier, is a complex of offices that is constructed in a plot of eight hectares in the industrial park La Lima, and contemplates the construction of up to five buildings of four floors each one, informed the Costa Rican Coalition of Initiatives of Development (Cinde).
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.
Despite the increased availability of office space, 14 new office centers are projected to be added to the 15 currently under construction.
Data from Colliers International shows that in Costa Rica, the availability of spaces has doubled from 7% in 2011 to 13% last year. Meanwhile the Association of Engineers and Architects in Costa Rica, reported an increase of 33% on the amount of square meters dedicated to new offices last year.
Industrial parks, shopping centers, office complexes and homes are the new developments announced by real estate groups.
Among the projects for this year include the extension of Avenida Escazú, the opening of Mango Plaza Mall in Alajuela and the inauguration of the fourth office tower El Cedral in Escazú, all scheduled for May. The same company, Portafolio Inmobiliario, is also building two restaurants at the Pez Vela Marina in Quepos and the second phase of Plaza Brasil in Heredia.
A new satellite signal system, installed at the Juan Santamaria Airport in Costa Rica, will reduce the prohibitive zone of tall buildings in areas near the terminal.
Edwin Jimenez, the Directorate General of Civil Aviation, said the municipalities of Alajuela and Belen will be affected by these changes, because in those places there is interest in constructing buildings with heights of over twenty meters.
If all the planned office buildings were constructed, supply would exceed demand.
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.
4D Real Estate Development has inaugurated the first phase of the Terra Campus Corporate office center, adjacent to the mall Terramall in Costa Rica.
From the press release by 4D Real Estate Development:
San Jose, Costa Rica, May 3rd , 2012 - 4D Real Estate Development has announced the opening of the first stage of the TERRA Corporate Campus, a Class A office center, located in East San Jose, a sector with the most development and economic dynamism in the greater metropolitan area.
New businesses will open in the Greater Metropolitan Area of San Jose in 2012, with spaces of between 4,000 and 100,000 square meters.
The stores identified are: Lagunilla, Torre 202, Plaza Carolina (stages 1 and 2), Plaza Tempo, Trivium Center, Plaza Lincoln, Paseo Plaza Santo Domingo and Metropolis, according to information provided by Danny Quiros, Market Intelligence Manager of Colliers International , a `real estate consulting firm.
The east and west of the capital are the areas that will see the greatest growth in 2012.
The economic slowdown experienced by Costa Rica , resulting from the global economic depression seems not to have greatly affected the construction sector, at least when it comes to office centers.
The east of the capital, which gained strength in recent months, as well as the west, where there is already a large range of offices, will see the emergence of new office centers next year.
The National Insurance Institute (INS) has put out to tender the construction of a new building for its headquarters in Guadalupe.
According to the specifications the tender is for the procurement of professional services (architectural and engineering) to conduct preliminary studies, preliminary design of construction drawings, specifications, detailed budget, carry out the demolition of the existing building and construct the new site for the National Insurance Institute using a prefabricated system in Guadalupe, San Jose.
The action plan is designed to address the state of emergency that has been declared on the border between Costa Rica and Panama.
A press release from the Costa Rican Ministry of Foreign Trade states:
“The five month action plan will involve increasing the number of traffic officers, implementing an electronic collection system for fumigation charges, extending opening hours until midnight, contracting a design for the primary zone, implementing a system of international transit of goods, widening the highway to four lanes, and starting the remodeling of the immigration building. ‘Technological tools exist today that allow us to complete formalities in advance. To promote use of these, and to make the Peñas Blancas border crossing a place to pass through and not to do paperwork, we will establish before the primary zone a checkpoint that will to give priority to exporters who arrive with their paperwork already processed’, said Vice Minister, Fernando Ocampo.
The east of the capital of Costa Rica has become an important pillar for real estate development, and will receive $40 million in investment for a Class A office center
From the press release:
San Jose, Costa Rica, July 21, 2011 - 4D Real Estate Development has announced the start of works at TERRA Corporate Campus, a Class A office center located in one of the sectors of the city with the fastest growing economic dynamism.
'Terra Oficinas' ("Office Land" in Spanish) and 'Parque Empresarial del Este' ("East Side Business Park") are two new centers in the east of San Jose.
With an investment of more than $100 million, the Parque Empresarial del Este office block will be built on a 90,000 m2 site in the east of the Costa Rican capital, close to the center. Terra Oficinas is a little further out by the Terra Mall shopping center and is funded by Aldesa.
4D Real Estate is developing an office center in the canton of La Unión, Cartago.
Terra Campus Corporativo will consist of 22.708 square meters of rentable office space, parks and commercial areas.
Marcela Fernandez, director of 4D Real Estate Development, spoke with Nacion.com: "The project was created in order to provide businesses with office space east of the city, which has a large population, mostly having to travel westward to reach their workplaces."
The Salvadoran group is building 'Plaza Tempo' in Escazu, a shopping center and office complex.
The 16.000 square meters of office complex and the 6.300 of commercial areas will be integrated into the Holiday Inn Hotel, which will open in less than a month.
"The complex will have space for 934 vehicles and the spinal cord of the project will be a pedestrian street crossing the commercial sector and ending at the five-story Office Center," reported the article in Nacion.com.