Last year, 12 environmental impact studies were submitted in Central American countries for construction projects of buildings to be used by government institutions, files that together amount to an estimated investment of $140 million.
The interactive platform "Construction in Central America", from CentralAmericaData's Business Intelligence Area, provides an updated list of public and private construction projects that have submitted environmental impact studies (EIA) to the respective institutions in each country.
Last year in Costa Rica, the office market vacancy rate doubled from 7.45% in the first quarter of 2020 to 15.15% in the same period of 2021, a rise that was largely induced by the implementation of telecommuting.
In this context of health crisis that was triggered by the spread of Covid-19 several companies changed their work dynamics, with migration to telecommuting being one of the most important changes.
Last February, the construction of an office building in Zone 14 of Guatemala City began, which will be called Park Avenue and will have 7,396 square meters of construction.
The new building, which will have seven levels and will offer profitable spaces of between 880 and 990 square meters for local and multinational companies, will be part of the Parque Las Americas Shopping Center.
Two towers that will house 119 apartments, 61 offices and 43 commercial spaces are to be built on a 4,014 square meter site located in zone 15 of Guatemala City.
According to the interactive platform "Construction in Central America" of CentralAmericaData's Business Intelligence area, Corporación Turena S.A., submitted to the Ministry of Environment the Environmental Impact Study (EIA) to develop the project called "Gaura".
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.
In Costa Rica, in January 2021, the second tower of the Escazú Village complex will be inaugurated, which will initially have WeWork and Veinsa Motors as tenants.
For the construction of the second tower, which has 11 levels and an extension of 20 thousand square meters, Portafolio Inmobiliario, the company that developed the project, invested $32 million.
The Guatemalan Tourism Institute is tendering the cleaning and maintenance service of the building that houses the central offices and the delegations in the interior of the country, for the term of 12 months.
After the contract was signed for the designs of the Penas Blancas and Tablillas border control posts, it is expected that in July 2021 the international bidding process for the construction of these enclosures can be initiated.
The Ministry of Foreign Trade (Comex) informed that on October 28, Duayner Salas, head of the institution, signed with the Consorcio Norte Sur Arquitectos, of Costa Rica, and the company C y C Asesorias Profesionales Limitada, of Santiago de Chile the contract for the design of the border control posts, whose works, as a whole, imply an intervention of an area of approximately 700,000 square meters.
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.
In Costa Rica, the engineering services for the construction and refurbishment of the Projects and General Direction of Traffic Engineering building were put out to tender.
Costa Rican Government Purchase 2020LN-000003-0058700001:
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