Because the supply of office and commercial buildings has increased, and at the same time unemployment has also risen, in Costa Rica the directors of these properties foresee that next year the parties will have to renegotiate the contracts.
Data collected by Colliers International indicate that between June 2019 and the same month in 2020 the total inventory of commercial buildings increased by 1.5% from 1.16 million m2 to 1.18 million m2.
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.
If the quarantine and mobility restriction measures are extended by two months, it is predicted that by the end of the year the annualized demand for car rental services in Central America will have fallen by 30%.
The "Information System for the Impact Analysis of Covid-19 on Business", prepared by the Trade Intelligence Unit of CentralAmericaData, measures the impact that the crisis will have on companies according to their sector or economic activity, considering different scenarios for the coming months.
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.
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.
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.
Increases have been reported of up to 20% in the demand for office space in excess of 50 square meters, with prices ranging from between $8 and $12 per square meter.
Currently the monthly rental price for corporate buildings around $19 per square meter, one of the types of offices with the highest demand in southern sector of the capital, the Dupla Norte, and the road to Masaya. Overall, location, parking availability and price are the main factors that companies consider when leasing office space.
The mini city has become a target for locating companies in offices which now cost $3000 per square meter.
According to an article in Prensa.com "Up to the second half of 2012 there were 139 shops in Costa del Este, with an unemployment rate of 2.23%, one of the lowest in the capital, according to figures from CBRE Panama, consultant real estate. "
Safety and accessibility are the determining factors for the price of leases.
The price of renting a three-story house, air conditioned with garage for several vehicles and located in a middle class area is around $5000. In comparison a one storey, three bedroom is around $1000.
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