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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Grupo Zeta has opened a shopping center in San Jose which has 25 stores and a parking area for 80 cars.
This is the first shopping center by the chain Vivo Plaza and was built on a plot of 3,700 m², near the Instituto Costarricense de Electricidad (ICE) in San Pedro. 80% of the premises have already been occupied and measure from 50 m² to 250 m².
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.
The opening of 15 retail outlets at Tocumen International Airport in Panama has attracted 120 companies.
Brands interested in being in the new Duty Free areas include Carolina Herrera, Mont Blanc, Cartier, Prada, Armani and Victoria's Secret.
Juan Carlos Pino, manager of Tocumen SA, said this month they will decide on the concession scheme to use for the commercial spaces, adding that in some cases they will put out tenders and in others will be resolved through direct negotiations.
The Government will select the companies who will have a presence at the North Terminal and the concessions will be granted under the mechanism of an "invitation".
Airport management said the bylaws of the terminal allows these direct contracts, side stepping the mechanisms of PanamáCompra. A shortlist of companies has been made and they have been invited based on their previous experiences.