The market reported an increase in its vacancy rate of 10-12%, while the inventory in square meters is also grew, by 12% during the first quarter of 2013.
The data was revealed during the Expo Offices event which took place on the 5th and 6th of August.
According to Rodolfo Cruz, manager at Inmobiliaria Contempo, "the inventory went from 985 thousand square meters in the first quarter of 2012, to 1,110,000 square meters in the first quarter of 2013, and the vacancy rate rose from 10% to between 11 and 13%, according to various measurements. Experts say that more than 10% means that there is an oversupply, a reasonable supposition given the large number of projects that are coming in," said Cruz.
With an investment of $60 million, Centro Corporativo El Tobogán is being built on a four-hectare site, a project which will feature 105 offices, 1,100 parking spaces, 20 shops, 66 warehouses, and a rooftop helipad.
The property is category A + for office centers in downtown San Jose, the highest category there is, meaning that it will have luxury finishes and amenities.
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.