Costa Rica: Office and Store Prices in Mini Cities
Wednesday, August 14, 2013
Rent an office in a standard office building costs around $17.38 per square foot, whereas in a mixed-use development the price rises to $23.
This was revealed by a study by the real estate company Colliers International, who also explained that "when it comes to mixed use commercial premises, the average price recorded by the company reaches up to $28, whereas in other commercial centers the figure drops to $18.17 ", reported

"The premises are sold before completion of the projects. Although they exceed average prices, tenants receive benefits. Users have offices close to all amenities such as restaurants, banks, hotels and convenience stores. Meanwhile, the commercial tenants have a captive market, " said Danny Quiros, manager at Colliers intelligence.

Within these projects, 42% was absorbed by corporate offices, while 32% was used for establishing medical clinics, these are followed by law firms, architects and universities. Additionally, in the commercial foodservice industry 22% of what is available in this market has been used, while 17% is occupied by food franchises.

The concentration of mini cities, mainly in the west of San Jose, has been driven by a rise in business hotels, an increased workforce, along with the construction of the road to Caldera.
More on this topic
Real Estate Rentals: Outlook for 2021
September 2020
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.
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.
Panama: High Supply and Demand for Offices
March 2016
Although construction of office space keeps rising, the real estate union has projected that rental prices will remain steady this year without any significant changes.
The union of real estate in Panama City believes it is not yet time to speak of a "glut" in the office market, although the inventory continues to grow, without having a direct impact on rental prices. Figures released by show the office market "... at the end of 2015, has 236,192 m2 available and approximately 433,496 m2 under construction. "
Real Estate Market in Costa Rica in June 2013
November 2013
2013 has confirmed a trend toward mixed-use projects with spaces for various uses, especially commercial, residential and office space.
The commercial property market has shown an increase in supply of 9.8%, totaling 884,135 m². Among the activities that have contributed the most to the dynamism of this market is the opening of fast food restaurant chains and projections are that it will continue to increase.
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