An NAI Costa Rica
Report for the third quarter 2011, gives analysis categorised by supply, demand and prices, and an evaluation of new projects.
Extract from the report:
The office property market is stable with an availability rate of 8.9%, up 1.1% from last quarter, due to the steady inflow of new office centers to the market.
Investment projects to be initiated or already in motion demonstrate that there is more movement in the credit sector and there are several major projects under construction. Banks are more willing to invest, contrary to what was seen 24 months ago where investment was totally paralyzed.
Currently there are approximately 130.000m2 of office projects under construction of which there is an occupancy rate of about 33% and almost 430.000 m2 are in the planning process, which could begin and end in the next three to four years depending on demand.
The office property market
shows stability for the second half of 2011 because, despite the entry of a few new office
centers, availability rates have remained constant at a level where the creation of inventory goes hand in hand with the growth of the economy.
Over the next 2 years the office market will face a critical period, because never before have so many projects been seen in the same period, this will be the largest m2 entry in the history of the country.