Within the large existing supply, average prices per square meter for monthly rental in shopping centers are around $26.25 west of the capital and $22.75 in the east. These two areas are the most in demand, followed by south of San Jose, Cartago, Alajuela and finally Heredia.
There is a difference in prices depending on the type of shopping center, with regional malls or centers having a higher average price, followed by outdoor plazas with an average of 15 stores.
"If you combine this division and the areas, you get interesting results. For example, in large centers, the prices for Cartago (only including Terramall) are very close and even equal to some areas of San Jose. However, the former metropolis also offers the cheapest in terms of medium size", reported Elfinancierocr.com
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The rental of commercial areas in shopping centers in the country has increased between 7% and 11% in the past two years.
In the greater metropolitan area the rental price per square meter increased by 13% in this period, reflecting the growth in demand for commercial spaces. According to industry experts, the growth of retail chain stores and franchises is one of the factors putting the most pressure on demand.
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.
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 Elfinancierocr.com.
Specialty and department stores are the entities demanding the most space in commercial centers and malls in the capital.
The vacancy rate for Class A commercial property fell by 7.4% in the first half of 2013 to 4.8% in the second half of 2013, due to the fact that the rise in meters available in major shopping centers has been absorbed at a good pace, with many of those spaces being leased before the works are finished, reported a study by the real estate firm CBRE Panama.