Concern Over Commercial Vacancy Rate
Wednesday, May 8, 2019
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%.

Randall Fernandez, general manager of Colliers, explained to Crhoy.com that "... From 10% up there is a problem of unemployment or recession in the real estate cycle... we had years of 2.5% or 4% unemployment and today we are at 8%'."

You may be interested in "Shopping Centers Built in Central America"

Regarding the level of unemployment, the article adds that "... the figure is still considered 'manageable', but what worries is the trend. Unemployment has been growing especially last year and there seems to be no indication of a change of direction."

Among the factors that affect the occupation of commercial premises, the economic situation stands out, since the activity of the commercial sector has been declining for two years.

Also see "Where do Consumers Move?"

In addition to the change in consumer preferences, given that some choose to buy online, which is combined with an increase in the supply of commercial premises.

Regarding the movement of consumers in Costa Rica, reports from CentralAmericaData point out that the corridor that runs from the outskirts of La Guácima, passing through Ciudad Colón, Santa Ana, Rohrmoser and part of Pavas, constitutes the area of approximately 69 km2, through which most of the people with the greatest consumption capacity in GAM travel.

Source: Crhoy.com
DO YOU NEED MORE INFORMATION ABOUT YOUR BUSINESS SECTOR?
Request more information:
Name*
Last Name*
Email:*
Telephone (choose your Country):*


Company:*
Title:*
Size of the Company:*
Industry:*
Yes, I want to receive a call from a salesperson*
Comments:*
this site is protected by reCAPTCHA and Google's privacy policy and terms of service.
Need assistance? Contact us
(506) 4001-6423
Source: Crhoy.com
More on this topic
Shopping Centers: Post Covid-19 Opportunities
January 2021
Designing or adapting properties to be of mixed use, offering more entertainment options and mixing in an adequate way the type of tenants to whom the premises will be rented, are strategies that could give a new boost to shopping centers.
The pandemic drove consumers away from shopping centers, as government home quarantines in the region, the rise of e-commerce, and bans on people from visiting these facilities significantly affected mall operations.
Shopping Centers: Unemployment Rate Concerns
September 2020
As a result of the crisis, in Costa Rica in June of this year the rate of availability of premises in shopping centers climbed to 11.8%, a proportion of concern because a healthy level should not exceed 10%.
The phenomenon, which is not new in the country, has worsened in the context of the covid-19 outbreak, since in mid 2019 it was reported that
in the last year the unemployment of commercial premises in Costa Rica was on the rise, a behavior that was explained in part by the country's economic situation and by changes in consumer preferences
.
Shopping Malls: Massive Closing of Stores
July 2020
It is estimated that in Costa Rica at least 40% of the premises located in shopping malls have been forced to close permanently due to the restrictions imposed by the covid-19 outbreak.
The phenomenon is not new, since in mid-2019 it was reported
that in the last year the unemployment of commercial premises in Costa Rica was on the rise, a behavior that was partly explained by the economic situation of the country and by changes in consumer preferences
.
Rentals: Lower Occupancy, Lower Prices
May 2020
As a result of the crisis, the unemployment rate of commercial premises in Costa Rica rose from 8.81% to 9.86%, and the average price per square meter fell by 3%.
It is estimated that 20% of the stores located in the country's malls will not be able to open after the most critical phases of the covid-19 outbreak are overcome, according to Colliers' figures.
Key entities
Colliers Costa Rica
Countries
Costa Rica
Insight
Retail Real Estate
RELACIONADO
mall
Retail
shopping stores
Real Estate
rent
Daily Update Government PurchasesDownload brochure (only in spanish)Trade Inteligence Subscriber Access NewsletterContact Us MarketDataMexico Español
2008-2022 © CentralAmericaData.com
Trade InteligenceWho we areContact Us