Wednesday, 23 September 2020

Vacancy sets off alarms in shopping centers

Colliers study detected an availability rate of 11.76% in June when the recommended maximum is 10%; businessmen say that in July and August the problem worsened

(QCOSTARICA) The vacancy rate in shopping centers reached 11.76% last June, a consequence of the COVID-19 pandemic.

For rent signs are common in many commercial centers

This figure puts shopping centers in a difficult situation because the healthy indicator should be under 10%, revealed a study Colliers International Costa Rica.

The analysis released this Wednesday, September 9, also reveals a downward impact on prices for commercial premises.

- paying the bills -

The average cost in all formats went from US$18.50 to US$17.94 per square meter, highlighted Colliers.

In December of last year, when the commercial sector was already feeling a financial impact, the vacancy rate was 10.16%.

As of March of this year, at the beginning of the health emergency in Costa Rica, the indicator rose to 10.38%, and last June it was already at 11.76%.

“Many developers and property owners comment that they are reaching renegotiations seeking that both parties end up benefiting and implementing measures to leverage their clients. However, the availability rate has been increasing every quarter,” said the general manager of Colliers Costa Rica, Pablo Fernández, in the statement.

In some cases, to maintain tenants, landlords are reducing rents temporarily, while reducing services such as security, maintenance, and other cost cutting measures to offset reduced income from rents.

- paying the bills -

 

Q Costa Rica
Q Costa Rica
Reports by QCR staff

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