Tuesday 22 June 2021

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.

- Advertisement -

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

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%.

- Advertisement -

“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.

 

- Advertisement -

FACT CHECK:
We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

Q Costa Rica
Reports by QCR staff

Related Articles

First five months of the year reflect recovery of Costa Rican exports

QCOSTARICA - The value of Costa Rica exports increased by 23%...

Full court decides not to investigate or dismiss Emilia Navas

QCOSTARICA - Emilia Navas will not be removed from her position...

MOST READ

Pandemic reinforces the Costa Rica’s attractiveness as a global destination for wellness tourism

QCOSTARICA - The pandemic caused by Covid-19 fuels the strategy of positioning Costa Rica as a world destination to develop wellness tourism, since travelers...

Internet speed decreases during peaks in service

QCOSTARICA - Ever wonder why your surfing on the Internet slows down, to even a crawl, mainly in the evenings? This is due to...

Vaccination commission endorses J & J vaccine, says no to Sinovac

QCOSTARICA - The Comisión Nacional de Vacunación y Epidemiología (CNVE)  - National Vaccination and Epidemiology Commission - endorsed the use of Johnson and Johnson...

Cynthia Ann Telles named new U.S. Ambassador to Costa Rica

QCOSTARICA - Today, U.S. President Joe Biden announced his nomination of Dr. Cynthia Ann Telles as United States ambassador to Costa Rica. According to the...

Companies covered up defective asphalt

QCOSTARICA - The judicial file of the Cochinilla Case, on alleged corruption in road works, exposes how three companies would have covered up the...

Fifth tropical wave precipitation will be heavier in the north of the country

QCOSTARICA - For this Wednesday, the arrival of the fifth tropical wave of the season is expected, thus reinforcing the rainy activity mainly to...

Today’s Vehicle Restriction June 18: 9 & 0 CANNOT circulate

Today, Friday, June 18, vehicles with plates ending 9 & 0 CANNOT circulate The measure is countrywide and applied between 5:00 am and 9:00 pm,...

Treasury threatens to close doors to Sinpe Móvil to avoid tax evasion

QCOSTARICA - What had been a good tool as a payment mechanism for sellers and businesses, the Ministry of Finance (Treasury) has in its...

Will that be Cash or Sinpe Móvil?

QCOSTARICA - Sinpe Móvil is easy to use. From your phone, you can send money to friends, family and pay for things. Or receive...

WANT TO STAY UP TO DATE WITH THE LATEST!

Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.