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 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%'."

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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.

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