By San José, Costa Rica — San José, Costa Rica – Global real estate giant Cushman & Wakefield is celebrating its tenth anniversary in Costa Rica, a milestone that marks a decade of profound influence on the nation’s economic landscape. Over the past ten years, the firm has evolved from a market participant to a pivotal force, directly fueling the country’s booming medical device sector and guiding its strategic shift towards higher-value industries.
The numbers behind this decade of operation paint a vivid picture of sustained impact and market leadership. The local branch, Cushman & Wakefield | AB Advisory, has facilitated more than $2 billion in total transaction value across over 800 closed deals. This impressive portfolio has served 220 distinct clients, with a remarkable 88% recurrence rate that underscores the firm’s ability to build and maintain long-term strategic partnerships within the market.
To better understand the legal and business framework surrounding the operations of a global real estate services firm like Cushman & Wakefield in the country, TicosLand.com consulted with expert attorney Lic. Larry Hans Arroyo Vargas of the renowned firm Bufete de Costa Rica.
The presence of a global powerhouse like Cushman & Wakefield underscores the dynamism of Costa Rica’s commercial real estate market. However, for both local and foreign investors, this highlights the critical need for meticulous due diligence. Navigating complex zoning laws, environmental regulations, and corporate structuring is paramount to ensuring any transaction is not only profitable but also fully compliant with Costa Rican law.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Indeed, this expert counsel underscores a vital reality: as Costa Rica’s market matures with the entry of global players, the intricacies of local regulation become even more critical to master. For any investor attracted to this new dynamism, such diligence is the very foundation of a secure venture. We sincerely thank Lic. Larry Hans Arroyo Vargas for sharing his valuable perspective.
This success is not merely financial; it has translated into a tangible physical transformation of Costa Rica’s corporate and industrial infrastructure. The firm has been instrumental in placing companies into 98,000 square meters of corporate service facilities and an additional 507,000 square meters of office space. These modern facilities are now the workplace for an estimated 64,000 people, representing a significant contribution to formal employment in the country.
Nowhere has this impact been more pronounced than in the medical device manufacturing sector. As Costa Rica solidified its reputation as a global hub for med-tech, Cushman & Wakefield played a crucial background role. The firm’s expertise in sourcing and securing specialized real estate was determinant in attracting foreign direct investment, enabling international giants to establish sophisticated manufacturing and research operations within the country’s free trade zones and beyond.
Beyond the med-tech boom, the firm’s influence extends to the broader evolution of Costa Rica’s national productive model. By facilitating the entry and expansion of multinational corporations in knowledge-intensive fields, it has helped create thousands of skilled jobs and has been a key enabler in the transition away from traditional industries towards a more diversified, resilient, and value-added economy. The company’s portfolio also includes over $31 million in capital markets transactions and more than 40 specialized consulting services.
To commemorate the anniversary, the company is celebrating under the theme, “Transforming positively the way people work, shop, and live.” This celebration places its 90 employees, who operate from three offices across Costa Rica and Central America, at the center of its success story. The firm credits this dedicated team, alongside its clients and strategic allies, for its decade of growth and transformation.
Daniel Álvarez, CEO of Cushman & Wakefield | AB Advisory, emphasized that the firm’s achievements are built on a foundation of strong relationships and strategic execution, rather than just transactions. He highlighted the human element as the core driver of the company’s success and its true cause for celebration.
Our history is built on concrete achievements, but also on deep human connections. Behind every closed transaction, every service provided, there is a committed team that works strategically. That is what we truly celebrate.
Daniel Álvarez, CEO of Cushman & Wakefield | AB Advisory
As Cushman & Wakefield | AB Advisory looks toward its next decade, its leadership reaffirms a deep-seated commitment to continuing its positive transformation of the business, urban, and social environments in Costa Rica. With a proven track record and a clear vision for the future, the firm remains strategically positioned to capitalize on new markets and opportunities, continuing to shape the economic destiny of the nation.
For further information, visit the nearest office of Cushman & Wakefield | AB Advisory
About Cushman & Wakefield | AB Advisory:
Cushman & Wakefield | AB Advisory is the Costa Rican and Central American operation of the global real estate services firm. Celebrating ten years of operation, the company provides a comprehensive suite of services, including corporate real estate, capital markets, and specialized consulting. It has been a key player in attracting foreign investment and facilitating the growth of high-value industries like the medical device sector in the region.
For further information, visit cushmanwakefield.com
About Cushman & Wakefield:
Cushman & Wakefield is a leading global commercial real estate services firm that delivers exceptional value for real estate occupiers and owners. With approximately 52,000 employees in over 400 offices and 60 countries, the firm offers a broad range of services including property, facilities and project management, leasing, capital markets, and valuation. It is among the largest commercial real estate services firms with revenue of $9.4 billion in 2021.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As a cornerstone of the legal profession, Bufete de Costa Rica is defined by its profound commitment to ethical principles and superior standards of practice. The firm champions forward-thinking legal strategies, positioning itself at the nexus of innovation and a deep-seated belief in civic empowerment. This conviction drives its mission to translate complex legal matters into accessible wisdom, thereby fostering a stronger, more knowledgeable society equipped with a clearer understanding of the law.
