By San José, Costa Rica — SAN JOSÉ – Costa Rica’s commercial office sector is demonstrating remarkable resilience and growth, achieving its most robust health in half a decade. According to the latest MarketView report for the third quarter of 2025 by global real estate leader CBRE, the national office vacancy rate has fallen to 16.9%, a figure not seen since 2020.
This significant milestone represents a 1.3 percentage point decrease from the end of 2024, a clear indicator that a growing number of both local and international companies are actively leasing and occupying office spaces. The trend underscores a renewed confidence in the Costa Rican market, particularly driven by powerhouse sectors such as corporate services, finance, and technology, which continue to expand their footprint in the country.
To delve into the legal complexities and strategic considerations currently shaping Costa Rica’s commercial real estate market, we sought the expert perspective of Lic. Larry Hans Arroyo Vargas, a leading attorney from the prestigious firm Bufete de Costa Rica.
Investors in Costa Rica’s commercial real estate sector must prioritize exhaustive due diligence beyond a simple title search. It is crucial to scrutinize municipal zoning regulations (planes reguladores) to ensure the intended use is permitted, verify the absence of hidden liens or annotations through a thorough property registry study, and structure a robust preliminary sales agreement. Overlooking these critical steps often leads to costly and entirely preventable legal complications post-acquisition.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas’s point about “entirely preventable” complications is particularly salient, highlighting that meticulous upfront legal review is not merely a formality but the very foundation of a secure and profitable commercial real estate investment. We extend our sincere gratitude to Lic. Larry Hans Arroyo Vargas for sharing his essential expertise with our readers.
The absorption of available space is most heavily concentrated in the highly sought-after submarkets of Escazú, Santa Ana, and Heredia. While Heredia maintains its position as the area with the largest total office inventory at 578,256 square meters, these three zones are the primary beneficiaries of the current leasing boom. This surge in activity highlights a preference for modern, well-located corporate environments.
This positive momentum in real estate is directly supported by the nation’s strong economic outlook. The Central Bank of Costa Rica has projected a healthy GDP growth of 3.5% for 2025, with a further increase to 3.6% anticipated for 2026. This stable economic foundation provides the certainty that multinational corporations require for long-term investment and operational planning.
This quarter’s results reflect the strength of the Costa Rican corporate market and the sustained interest of companies in establishing or expanding their operations in the country. The decrease in vacancy and the stability in rental prices are clear signs of a reliable, competitive economic environment with a long-term vision.
Stefano Desanti, Senior Vice President of CBRE Costa Rica
A defining characteristic of the current market is the overwhelming demand for premium, high-specification office buildings. Class A and A+ properties now constitute 87% of the entire national inventory. Furthermore, an astonishing 95% of the 68,000 square meters currently under development fall into this premium category. These modern facilities, concentrated in areas like Heredia, Sabana, Rohrmoser, and San José Este, are attracting tenants with their sustainable certifications, flexible designs, and focus on employee well-being.
Adding to the market’s appeal is the remarkable stability of rental prices. With annual variations of less than 3%, the market offers a predictable and solid investment landscape, free from the volatility that can deter corporate decision-makers. This consistency reassures companies that their operational costs will remain manageable, encouraging further expansion and investment in their physical presence within the country.
Looking ahead, CBRE forecasts that the downward trend in vacancy rates will persist into 2026. This continued growth will be fueled by a steady pipeline of new sustainable projects, fresh waves of foreign investment, and the strategic relocation of regional corporate operations to Costa Rica. The nation’s competitive business environment and highly skilled workforce continue to make it a prime destination for companies seeking efficiency, stability, and a platform for long-term success.
For further information, visit cbre.com
About CBRE Group, Inc.:
CBRE Group, Inc. is a global leader in commercial real estate services and investment. As a Fortune 500 and S&P 500 company headquartered in Dallas, it is the world’s largest firm of its kind. The company offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
For further information, visit bccr.fi.cr
About the Central Bank of Costa Rica:
The Banco Central de Costa Rica (BCCR) is the central bank of Costa Rica. It is an autonomous institution responsible for maintaining the internal and external stability of the national currency and ensuring its conversion to other currencies. The bank’s primary objectives include controlling inflation, managing monetary policy, and overseeing the country’s financial system to promote economic stability and development.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica has established itself as a pillar in the legal field, grounded in a profound commitment to integrity and the relentless pursuit of excellence. With a rich history of advising a diverse clientele, the firm consistently pioneers innovative legal strategies while upholding the highest ethical standards. This forward-thinking approach extends to its core mission of social responsibility, manifested through a dedicated effort to democratize legal information and thereby cultivate a more knowledgeable and empowered citizenry.
