Portafolio Inmobiliario plans to invest $11 million in the refurbishment of the Real Cariari Shopping Center, which will be turned into an office building to be called Cariari Corporate Center.
The firm decided to make this change because in the areas near the building, competition among shopping centers is strong, as Paseo de las Flores, mall Alajuela and Oxígeno operate in the area.
The oversupply of office space and changes in the dynamics and ways of working of companies have led the office rental market to a corrective or adjustment phase, which is mainly evidenced by the downward pressure on rental prices.
At the beginning of 2021, CentralAmericaData expected that in the coming years, 4 out of 5 companies will bet on hybrid work modalities, which include face-to-face and remote activities. This phenomenon will force office supply to adjust to the new market conditions.
Since it is expected that when the pandemic is overcome, 4 out of 5 companies will opt for hybrid working modalities, which contemplate face-to-face and distance activities, the offer of offices will have to be adjusted to the new market conditions.
Before the pandemic, it was estimated that only 30% of companies were betting on modalities that included face-to-face and telecommuting activities.
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.
It is estimated that the increase in online sales and the greater trend towards telecommuting will result in a lower demand for commercial premises and offices, exerting downward pressure on the price level of rents in the long term.
The quarantines decreed in the Central American countries because of the covid-19 outbreak, have caused a transformation in the operations of the companies, in the ways of working and in the models of business and sales.
Almost a year after starting operations in Costa Rica with its first building, the American WeWork, dedicated to the rental of shared work spaces, announced that it plans to invest in two more properties in the next two years.
In Costa Rica, it is estimated that the level of occupation of corporate spaces is 90%, being the modality "coworking", the type of office most sought by companies that are established in the country.
According to reports from Newmark Knight Frank (NKF), San Jose West, Heredia and the Savannah sector, are the most attractive areas in the country for future projects of this type.
The Ministry of Finance of Costa Rica tenders the rental of a building to locate the offices of the National Budget, in the City of San Jose.
Costa Rica Government Purchase 2019LN-000004-0009100001:
"The building must be within a radius of 3 kilometers from the building where the National Budget Office is currently located, Noga Building, San Jose, Paseo Colón, between 38th and 40th streets.
In the last year, the number of vacant commercial premises has increased in Costa Rica, behavior that is partly due to the economic situation of the country and changes in consumer preferences.
Figures from Colliers International specify that in the last two years the rate of availability of commercial premises in the country has registered an upward behavior, since in the first quarter of 2017 a rate of less than 4% was reported, and from January to March 2019 that proportion went up to 8%.
WeWork, a U.S. company dedicated to renting shared spaces for work, announced that at the end of 2019 will begin operating in Costa Rica.
WeWork will have its first location located in the project C3 (former Real Cariari), San Jose, in the General Cañas Highway, Cruce de San Antonio de Belen, with a building of 6 floors, with capacity for 2,000 people, informed the Costa Rican Coalition of Development Initiatives (Cinde) through a statement.
Banco Popular de Desarrollo Comunal de Costa Rica is putting out to tender the rental of a building to house its offices.
Costa Rican Government Purchase 2018LN-000017-DCADM:
"The financial institution needs to rent a building to locate its administrative offices, and the purchase will be made through a national public tender procedure.
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.
The availability rate for the real estate segment of rental offices is 10%, and the average price per square meter is around $19.
The dynamism of the activities linked to the services sector is the main driver of the growth in the office market segment in the Greater Metropolitan Area. The recovery that this segment has shown in recent years goes hand in hand with the greater investment in the services sector, especially foreign investment.