2023
Capabilities
Tenant Representation Costa Rica
Tenant Representation Costa Rica
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
JLL is the trade name of, and a registered trademark of, Jones Lang LaSalle Incorporated.
We help maximize the value of your real estate decisions so you can achieve your ambitions, however bold and challenging they may be.
We help maximize the value of your real estate decisions so you can achieve your ambitions, however bold and challenging they may be.
Global presence
Annual Revenue
$19.4 B
countries
+80
R.E. Professionals
102,000
Capital markets, leasing and research teams provide real-time market data across all geographies, services and products.
Quality
We leverage all geographic regions and business lines providing integrated, seamless service.
Firm-wide commitment
Dedicated global team is charged solely with facilitating cross-border capital.
Access to global capital
• The International Property Awards named JLL as the best Property Consultant in Central and South America for five consecutive years 2012 – 2017.
• JLL is the only commercial real estate service company to achieve Platinum status as a LEED+C Verified Provider ID
• Argentina, Colombia, Chile and Mexico awarded by The International Property Awards alternately as best Advisor or best Real Estate Property Consultant for five consecutive years 2012 – 2017.
• Latin America JLL No. 1 Real Estate Advisor and Consultant at the Euromoney Real Estate Awards 2016.
• The World's Most Ethical Company by Ethisphere for nine consecutive years 2008 – 2016.
• JLL one of the most admired in the world by FORTUNE 500 magazine in 2008, 2015 and 2017.
• ENERGY STAR Partner of the Year, Sustained Excellence 2013-2016.
• Fortune 500: 2015, 2016, 2017
• JLL is the only commercial real estate service company to achieve Platinum status as a LEED+C Verified Provider ID
• Argentina, Colombia, Chile and Mexico awarded by The International Property Awards alternately as best Advisor or best Real Estate Property Consultant for five consecutive years 2012 – 2017.
• Latin America JLL No. 1 Real Estate Advisor and Consultant at the Euromoney Real Estate Awards 2016.
• The World's Most Ethical Company by Ethisphere for nine consecutive years 2008 – 2016.
• JLL one of the most admired in the world by FORTUNE 500 magazine in 2008, 2015 and 2017.
• ENERGY STAR Partner of the Year, Sustained Excellence 2013-2016.
• Fortune 500: 2015, 2016, 2017
Awards and Recognitions
Customized solutions
We have extensive experience in the region while understanding that "there are no universal solutions". We understand the unique needs and characteristics of each company and its culture and translate them into a tailored strategy.
100% JLL inc.
Unlike franchises or joint ventures with a local brokerage firm.
Integral service
We work together with a team of multidisciplinary professionals 100% in House and we propose an integrated solution that includes all the services of the real estate process on its different fronts.
Good practices
Recognized for ten consecutive years as the most ethical real estate services company in the world.
Long term relationships
We work collaboratively with our clients and establish long-term relationships, continuously delivering results and being their strategic partners.
Transactional approach
Our transactional approach is based on consulting, guaranteeing full market coverage, as well as the reduction of conflicts of interest.
Why JLL?
Our presence at a regional level is added as an advantage to provide clients with the necessary cultural understanding, typical and characteristic of the different countries of Latin America, together with in-depth knowledge of trends and best practices at a global level.
We are global and local
Transactions
Proyect Management
Facilities Management
Portfolio Management / Workplace
Proyect Management
Facilities Management
Portfolio Management / Workplace
Our Services
Our team
- Zach CheneyNLA Director – Transactions, Work DynamicsMr. Cheney is responsible for JLL's consulting and transaction activities in South America's Northern Cone, Central America and the Caribbean ("NLA"). Over the past fifteen plus years he has executed on over 20,000,000 ft² of Tenant Representation, Agency Leasing, Capital Markets acquisitions/dispositions and Consulting and Valuation assignments region-wide. He has experience executing office, industrial, retail, resort and land related transactions in Argentina, the Cayman Islands, Chile, Colombia, Costa Rica, the Dominican Republic, Ecuador, El Salvador, Honduras, Guadeloupe, Guatemala, Guyana, Jamaica, Martinique, Panama, Peru, Puerto Rico, St. Croix, Trinidad and Tobago, Uruguay and Venezuela, among other countries.
- Cindy SuarezVice President – Tenant Rep, Work DynamicsCindy is responsible for providing consultancy transaction services for large corporate clients with an international and regional footprint while providing executive oversight and monitoring assignments from start to end.
With nearly 10 years' experience working in the commercial real estate industry; prior to joining JLL she worked for companies such as OPAIN (El Dorado International airport) and Terranum, the largest real estate developer in Colombia. This experience gives her a unique insight and an advantage to our occupier clients when it comes to negotiating & strategizing on their behalf.
Ms. Suarez holds a degree in International Business Management from Universidad de La Sabana and Executive MBA from Politecnico di Milano. She is fluent in Spanish and English. - Felipe PabonSenior Consultant – Tenant Rep, Work DynamicsFelipe is Senior Consultant in the Transactions area for Central America and The Caribbean markets. He has experience in the corporate real estate sector since 2014, when he joined the Transactions team at the JLL office in Bogotá as an analyst. He led the Tenant Representation Area in Colombia, working with clients such as MSD, Convergys, HBO, BlackRock and Shire, among others.
He is currently focused on consulting projects and transactions in the key Central American markets with clients such as as the United States Department of State, Gibson Dunn, local investment funds, among others.
Felipe graduated in 2007 from the Universidad Pontificia Bolivariana in Industrial Engineering. In 2013, he obtained an MBA in International Business from Ajou University - Suwon, South Korea. He speaks English and Spanish fluently.
Scope of Services
Evaluate /
Validate Requirement
Validate Requirement
1 week
Identify & Analyze
Alternatives
Alternatives
3 weeks
Commercial
Negotiations
Negotiations
3 – 4 weeks*
Legal Negotiation
Closure
Closure
4 – 6 weeks*
01
02
03
04
* Estimated timing subject to discussions according to critical project milestones and internal client's approval processes.
a.Advise on market standards & practices.
b.Overview of current market conditions.
c.Understanding of the requirement to jointly define search criteria.
b.Overview of current market conditions.
c.Understanding of the requirement to jointly define search criteria.
a.Survey of options "Initial Options Report".
b.Negative selection of the properties provided in the market survey, identifying properties for inspection.
c.Selection of key sites / shortlist.
b.Negative selection of the properties provided in the market survey, identifying properties for inspection.
c.Selection of key sites / shortlist.
a.Preparation and submission of non binding Letter of Intent – LOIs for lease acquisition.
b.Negotiate 2-3 final prospects in parallel.
c.Evaluation of key sites (qualitative vs. quantitative).
d.Summarize and validate information received.
e.Recommendations.
b.Negotiate 2-3 final prospects in parallel.
c.Evaluation of key sites (qualitative vs. quantitative).
d.Summarize and validate information received.
e.Recommendations.
a.Support lease agreement review.
b.Ensure terms & conditions negotiated are incorporated on the lease.
c.Support final document execution.
b.Ensure terms & conditions negotiated are incorporated on the lease.
c.Support final document execution.
1. Understanding of the requirement to jointly define search criteria.
2. Advise on local market standards and practices.
3. Provide overview of the current market conditions.
2. Advise on local market standards and practices.
3. Provide overview of the current market conditions.
1. Provide a report on existing real estate market and likely future trends to identify all potential properties considering search criteria (Traditional or Flex Space)
2. Negative selection of the properties provided in the market survey, identifying properties for inspection.
3. Conduct required visits.
4. Negative selection to identify Initial Short-List.
2. Negative selection of the properties provided in the market survey, identifying properties for inspection.
3. Conduct required visits.
4. Negative selection to identify Initial Short-List.
1. Develop lease acquisition non-binding LOIs.
2. Issue LOIs to the Landlords/Owners/Brokers of Short-Listed properties.
3. Follow up with the Landlords/Owners/Brokers to secure delivery of proposals.
4. Qualitative analysis of the properties on the initial short-list.
5. Financial analysis of offers using discounted cash flows.
6. Re-confirm the Short-List of properties.
7. Issue counter offers to the Landlords/Owners/Brokers of short-listed properties.
8. Continuous update of the qualitative and financial comparison reflecting up-to-date information on the short-list properties as well as negotiation results.
9. Conduct required negotiations to secure the best possible offers.
10. Finalize negotiations and arrange execution of LOI, if required.
2. Issue LOIs to the Landlords/Owners/Brokers of Short-Listed properties.
3. Follow up with the Landlords/Owners/Brokers to secure delivery of proposals.
4. Qualitative analysis of the properties on the initial short-list.
5. Financial analysis of offers using discounted cash flows.
6. Re-confirm the Short-List of properties.
7. Issue counter offers to the Landlords/Owners/Brokers of short-listed properties.
8. Continuous update of the qualitative and financial comparison reflecting up-to-date information on the short-list properties as well as negotiation results.
9. Conduct required negotiations to secure the best possible offers.
10. Finalize negotiations and arrange execution of LOI, if required.
1. Request initial lease drafts from the Landlord/Owner/Broker.
2. Review provided lease draft and deliver comments for client's legal advisor review.
3. Closely cooperate with the legal advisors to proceed with draft revision and required legal negotiations; participate in all legal discussions.
4. Support final document execution.
2. Review provided lease draft and deliver comments for client's legal advisor review.
3. Closely cooperate with the legal advisors to proceed with draft revision and required legal negotiations; participate in all legal discussions.
4. Support final document execution.
Market Overview – San Jose, CR
Peaking market
Falling market
Rising market
Bottoming market
1,425,176 m²
16.73 %
Q4, 2022 Total Stock
32,916 m²
Q4, 2022 Vacancy rate
Q4,2022 Net Absorption
USD $17 – $24 m²/ month
Rents – Prime / Class A
USD $10 - $22 m²/ month
Rents - Non Prime / Class AB
9 – 12%
Cap Rates
SJO
Market stock distribution
Heredia: This submarket has become a hub for call center, BPO, and SSC operations Heredia with about 40% of the total market stock and is characterized for being low density, with a significant amount of available land for new developments It also has a high concentration of industrial parks, of which the majority operate under Free Trade Zone status Additionally, its proximity to the airport makes it a convenient location
Escazu: Is regarded as the financial hub of the city, concentrating operations in the finance and front office sectors. Additionally, Escazu is a high profile, prestigious location with ample amenities. It is also the submarket that commands the highest rents.
Santa Ana: Located on the western side of the city; in recent years Santa Ana has grown exponentially in terms of prestige, population and inventory. Out of the 6 submarkets, Santa Ana shows the greatest growth rate.
San Jose West: This area is characteristic of smaller, outdated properties and spaces that were previously used for residential purposes and that in many cases, have been converted for commercial use This sector is also distinguished for housing many public sector agencies and is home to cultural sites including museums, parks and the national soccer stadium.
San Jose East: Is similar in terms of property type, however, is more hectic and disorganized than San Jose West. It also features lower cost buildings and fewer amenities In the last few years, contrary to the context of the area, some new high-profile projects have been emerging in this area, capitalizing on the lower costs of the sector.
Cartago: Is an emerging area located southeast of San Jose It is characterized for being a suburban area with plenty of land ready for development. Most of the movement in Cartago consists of industrial park type of operations (high value manufacturing and pharmaceutical), although recently it has been experiencing a slight growth in office type properties and parks.
Escazu: Is regarded as the financial hub of the city, concentrating operations in the finance and front office sectors. Additionally, Escazu is a high profile, prestigious location with ample amenities. It is also the submarket that commands the highest rents.
Santa Ana: Located on the western side of the city; in recent years Santa Ana has grown exponentially in terms of prestige, population and inventory. Out of the 6 submarkets, Santa Ana shows the greatest growth rate.
San Jose West: This area is characteristic of smaller, outdated properties and spaces that were previously used for residential purposes and that in many cases, have been converted for commercial use This sector is also distinguished for housing many public sector agencies and is home to cultural sites including museums, parks and the national soccer stadium.
San Jose East: Is similar in terms of property type, however, is more hectic and disorganized than San Jose West. It also features lower cost buildings and fewer amenities In the last few years, contrary to the context of the area, some new high-profile projects have been emerging in this area, capitalizing on the lower costs of the sector.
Cartago: Is an emerging area located southeast of San Jose It is characterized for being a suburban area with plenty of land ready for development. Most of the movement in Cartago consists of industrial park type of operations (high value manufacturing and pharmaceutical), although recently it has been experiencing a slight growth in office type properties and parks.
There are 6 submarkets throughout the San Jose metropolitan area ( The largest submarket is Heredia which stretches from the Juan Santamaria International Airport in the northwest of the GAM to downtown San Jose)
Local Market Practices – Traditional Offices
Unit of Measurement Square Meters (m²)
Notable SSC / BPO / Contact Center
Map Life Sciences
Costa Rica Track Record – Recent Transactions
Contact
Zach Cheney
Felipe Pabon
Cindy Suarez