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.
Because of the spread of covid-19, governments in Central America have decreed strict home quarantines.
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.
The Assembly approved in third reading a bill that suspends for a 120-day period all launches and evictions of private real estate intended for housing, commercial establishments, professional use, industrial and educational activities.
The plenary session of the National Assembly, supporting the state of emergency as a result of the effects generated by the infectious disease covid-19, approved in the third debate the draft law 299, by which measures on the leasing of real estate are dictated, informed the institution.
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.
Although some office buildings report acceptable levels of occupancy, since the crisis began in April last year, rental prices in Nicaragua have fallen by up to 35%, and no improvements are envisioned in the short term.
Businessmen dedicated to the rent of real estate assure that in this scenario of political and economic crisis, they have had to diminish costs to give facilities to the clients and thus to stimulate the contracts.
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.
It is estimated that it will take about seven years to commercialize, through the usual channels, the over-supply of between 500,000 m2 and 600,000 m2 that currently exists in the real estate market in Panama.
Those times when real estate projects were selling fast are already in the past.
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.
A decline in the arrival of new international companies to the country could be one of the reasons behind the increase from 21% to 24% in the availability of office space in the Panamanian real estate market.
According to a report from CBRE Panama, total availability in the office market increased during the second half of 2017, going up by 2.5%.The document adds that the office market closed the second semester with a total inventory of 1,661,234 m2, after making some adjustments of surplus stock and a demolished building.
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