In Costa Rica the strong growth of retail space within large malls is leading to transfers, remodeling, and new tactics to attract tenants, and an increase in the number of vacant units.

Elfinancierocr.com reports that “The ‘theft’ of tenants by new malls and the exodus of other brands to smaller formats are just two of the effects of the boom in malls in the country.”

“One of the immediate consequences has to do with an increase in the rate of available store spaces in the commercial sector. According to information from Colliers, up to last December, the industry closed with a rate of 2.5%, while a year ago the figure was 2%. The calculation takes into account not only the vacant sites in existing shopping centers, but also those which have not yet opened in the new malls. Though the increase is not alarming, it is significant if you take into account that a worrying level would be close to 5%.”

The change in the commercial property sector also has to do with the rise of “plazas”, both small and medium sized [shopping centers].

Source: ElFinancieroCR.com