Saturday 30 September 2023

What reasons for businesses to choose newer office spaces in Costa Rica?

Offices completed in 2015 or later have registered a net occupancy growth

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30 September 2023 - At The Banks - Source: BCCR

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Q COSTA RICA  – The demand for high-tech office spaces that exceed the comforts of home is increasing more and more. Businesses in Costa Rica are turning to newer office spaces that can compete with what workers have at home and provide decent experiences that justify commuting to workplaces.

This is reflected in the rise of rental prices for modern buildings that feature advanced services such as ultra-fast internet and smart meeting rooms.

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“In today’s flight in search of quality, smart office technology is becoming more of an expectation than a luxury,” says Ariel Castillo from JLL’s Technology area.

Before the pandemic, many corporations loaded up on their “war for talent” arsenal by renting open-plan office space in attractive sectors. The buildings they chose were packed with amenities like corporate gyms, bike storage, and cafeterias.

Companies are now seeking out technologies such as artificial intelligence to understand daily routines and work habits, smart software to predict energy consumption, and media rooms for video calls in order to make the office experience more attractive than what is available at home, as the trend of hybrid work rises.

Such technologies are set to make office technology superior to what people have at home amid the rise of hybrid work.

“The more fluid environment will be a great attraction point for people to return to the office,” says Ariel Castillo, Director of JLL Technology. “Many employees like remote work and flexibility, so there needs to be a good case for returning to the office. The office should offer the same lifestyle convenience as the home.”

Recent JLL research shows that the quality journey is being fueled by outsized leases on new construction.

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In Costa Rica, the office market experienced significant growth in 2022, with the entry of 59,941 square meters of new office space. This brought the total amount of office space on the market to 1,446,890 square meters.

It is relevant to note that San José maintains its position as the second-largest office market in Central America, and currently ranks 11th among the largest office markets in Latin America.

JLL reports that effective rents are expected to continue to rise on new products, while second-generation assets will require larger concession packages to remain operational. Ultimately, investing in smart technology and the infrastructure that supports it is essential for a successful office tour with potential clients.

“There is real value in investing in smart technology and the infrastructure that supports it, otherwise, the building may not even be seen by potential customers,” says Castillo.

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