Nearshoring (transferring offshore operations to a site closer to a company’s headquarters) and hybrid work are the trends for this 2023 that drive an encouraging outlook for the Costa Rican real estate market, according to experts.
“The transactions that take place in the industrial and logistics sector will be those related to projects that can attract high value-added companies —such as Life Sciences— under the nearshoring trend that will consolidate in 2023. Regarding offices will continue to transform and evolve to become flexible environments, suitable for socializing, belonging and teamwork in a hybrid mode”, said José Ignacio González, Director of Market Research & Consulting at Cushman & Wakefield | AB Advisory. In the same way, companies will increasingly explore with greater interest the possibility of settling in parks outside the GAM, in corridors such as Grecia and Orotina, due to the extended benefits offered by the free zone regime in these areas. On the other hand, during the beginning of 2023 it is expected that prices will continue to be under downward pressure due to the high availability of space, which will benefit the sector. “It is expected that the behavior of a greater distance between the list and closing prices will continue. The owners will maintain a business model focused on greater differentiation and flexibility of their spaces, as well as their commercial conditions”, added González.