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Centro Comercial Multiplaza Escazú is an open-air shopping center on Autopista Próspero Fernández in San Rafael de Escazú, San José Province, Costa Rica. It covers over 100,000 square meters with 90,000 square meters of gross leasable area across three levels, built in 1992. The tenant mix features over 200 stores, including luxury brands like Louis Vuitton and Gucci, mid-tier options such as Zara and H&M, anchors like Walmart and Siman, a Cinemark multiplex, and diverse restaurants.
Occupancy exceeds 95%, with 5% vacancy in a low-vacancy market. Annual footfall is 12 million visitors, averaging 666,667 monthly, with peaks of 50,000 on weekends and 120-minute dwell times; 40% from suburbs, 20% tourists near the airport. Demographics target upper-middle to high-income groups, with household incomes over $50,000 annually, average age 35, 3 persons per household, and 30% expatriates in a 150,000-person area growing 1.1% yearly.
Rent ranges $45-60 per square meter monthly, with 3-5 year leases, 8-10% escalations, and average unit size 4,500 square meters. Positioned as a key upscale hub in the Greater Metropolitan Area, it offers high accessibility via highway, 3,000 parking spaces, and quality operations like 24/7 security. Leasing benefits include flexible terms, strong demand, and cross-traffic from mix, but face seasonal dips and e-commerce impacts.
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Hours of Operation
Hours
| Monday | 10:00 AM — 09:00 PM |
| Tuesday | 10:00 AM — 09:00 PM |
| Wednesday | 10:00 AM — 09:00 PM |
| Thursday | 10:00 AM — 09:00 PM |
| Friday | 10:00 AM — 09:00 PM |
| Saturday | 10:00 AM — 09:00 PM |
| Sunday | 10:00 AM — 08:00 PM |
Hours may vary on public holidays. Check with individual stores for specific holiday schedules.
Insights
Demographic Profile
The catchment area includes 150,000 residents in Escazú and greater San José, with 1.1% annual growth and 30% expatriates from North America and Europe. Households average 3 persons, age 35, with incomes exceeding $50,000 yearly; per capita spending reaches $450 on apparel, $750 on food/beverages, $300 on entertainment annually. Unemployment is 8.3%, supporting stable retail demand in this affluent suburb, though economic volatility in tourism affects 20% of visitors.
Competition and Market Factors
Competing with Avenida Escazú and Plaza Ocotal within 5 km, the area has 115 square meters of retail per 1,000 residents, indicating saturation in fashion and dining. Regional vacancy is 8%, with e-commerce eroding 5-7% of sales yearly. Multiplaza holds dominant position via luxury focus, but risks include weak categories during economic slowdowns and 3% growth potential limited by urban expansion pressures.
Accessibility and Lease Terms
Direct highway access aids reach, but peak-hour congestion on Autopista Próspero Fernández poses challenges; public transport links and 3,000 parking spaces support 12 million annual visitors. Leases span 3-5 years with renewal options, $45-60 per square meter rents escalating 8-10% yearly; flexible for internationals despite import duties. Operational quality is high with 98% uptime, though aging infrastructure and rainy season dips reduce footfall by 10-15%. Safety records 2 incidents per 1,000 visitors.
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Escazú
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City Snapshot
Escazú
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