Since office construction is still active and could enter a phase of over-supply, combined with the strong increase in telecommuting, the market could face a contraction in the coming months.
Because of the spread of covid-19, governments in Central America have decreed strict home quarantines.
Banco Popular of Costa Rica has announced that it will invest $43 million in the construction of a new building, $34 million in the remodeling of the current one and $12 million in rent and adaptation of offices.
Representatives from the banking entity stated that they will be building new headquarters called "Edificio Metropolitano II".The building will be located in the Costa Rican capital, and will have 15 storeys and two basements, and will have the capacity to house 1,400 workers.
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.
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.
The Costa Rican Social Security Department is looking for buildings to house one thousand employees over three years while its central building is repaired.
The Social Security Department (CCSS) plans to spend almost $13 million on renting buildings, of which nearly $2 million has been earmarked for document storage and about $200,000 to move the furniture.
Complete gray works and at least 48 thousand square meters in the plant located in Down Town are part of the features that the office buildings to be offered to the Ministry of Finance must have.
One of the important specifications required the Ministry is that the building must be located within a radius of 10 kilometers from the main building of the Ministry of Finance.
In order to shorten timeframes the Ministry of Transport and Public Works of Costa Rica intends to award the work not by tender but by private contest.
EDITORIAL
The difficulty in implementing public works Costa Rica is notorious, due to a heavy system of checks and guarantees which causes sometimes indefinite extensions of state infrastructure projects. Now the Ministry of Public Works itself is seeking to circumvent this legal tangle by awarding a work $40 million through an emergency system of a direct contract contest.
The failed attempt to acquire a building which has already been constructed in order to reduce spending on rents, could lead to the start of a process to build one specifically designed for its needs.
The Comptroller General's Office refused the permission requested by the Ministry of Finance to buy the office complex 'El Tobogán', for $121 million, citing lack of market research.
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