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Oxígeno Human Center is a mixed-use development in Heredia, Costa Rica, located 10 km from San Jose, spanning 80,000 square meters of gross leasable area across its first phase on 6.3 hectares, opened in 2018 with ongoing expansions in a three-phase plan. It features modern infrastructure including energy-efficient designs and green spaces like an 8-km walking track and a 161,000-square-foot rooftop park, aiming for LEED certification.
The property integrates retail, entertainment, sports, and gastronomy under a "Human Playground" concept by JERDE, hosting 200 stores with anchors such as Cinemark cinema and Ekono supermarket.
Tenant mix includes fashion brands like Tommy Hilfiger and Express, sports outlets like Sneax, technology and home goods, and diverse dining options including PF Chang"s, TGI Friday"s, and local eateries.
Market position in Heredia benefits from Central Valley growth, with the area"s population exceeding 400,000 provincially and 1.2 million within a 20 km radius, featuring a youthful demographic with median age 32.6 and average household income of $1,200 monthly. Occupancy stands at approximately 90%, aligned with national retail averages of 92-95% in 2023 per Colliers reports. Footfall averages 416,667 monthly visitors, or about 5 million annually, with daily figures of 10,000-15,000 on weekdays and up to 30,000 on weekends, supported by events and recreational amenities that extend average dwell time to 2.5 hours.
Rent levels range from $25-35 per square meter monthly for prime spaces, plus 8-10% overage on sales, with minimum lease terms of 3-5 years for larger units.
Leasing advantages include flexibility for pop-ups and experiential retail, high visibility from Route 3 access, and synergies between entertainment and shopping that boost conversion rates to 25%. However, challenges include moderate competition from nearby malls like Multiplaza Heredia and seasonal footfall dips during rainy months (May-November), alongside minor access issues from aging peripheral roads during peaks.
Overall, it offers stable performance in a growing suburban market with low vacancy below 5% for prime assets, though fashion and electronics categories face saturation risks.
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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
Demographics and Accessibility
Heredia province has over 400,000 residents, with a 20 km radius capturing 1.2 million people at 0.8% annual growth. The demographic is youthful, with over 40% under 30, median age 32.6, average household size 3.1, and median monthly income $1,200, driven by students from the National University and young professionals. Accessibility via Route 3 and public transport is strong, with 1,660 parking spaces, but aging roads cause minor congestion during peak hours. This supports mid-tier retail performance, with consumer spending focused on leisure and family activities, though economic pressures like 3-4% inflation may limit discretionary purchases in weaker categories.
Tenant Mix and Occupancy
The 200-store tenant mix emphasizes experiential retail with fashion (Tommy Hilfiger, Express, Casio), sports/wellness (Sneax, Greenlubs), technology/home goods, Cinemark cinema, and gastronomy (PF Chang"s, TGI Friday"s, Taj Mahal). Anchors like Ekono provide everyday essentials. Occupancy is around 90%, reflecting Heredia"s low vacancy under 5% for prime properties and national trends of 92-95% in 2023. Strengths include high dwell time from integrated entertainment, but drawbacks involve moderate saturation in fashion and slower growth in electronics, potentially impacting category-specific sales amid stable local demand.
Competition and Market Risks
Competition includes Multiplaza Heredia and City Mall Alajuela (15 km away), offering traditional anchors, alongside upscale venues like Multiplaza Escazú. Heredia"s retail saturation is moderate, with footfall boosted by population growth but challenged by established players. Risks encompass seasonal rainy season dips (May-November) reducing visitors, economic volatility in Costa Rica"s sector, and access issues from infrastructure aging. Leasing terms offer flexibility for emerging brands, yet require diversification beyond saturated categories; market reports from Cushman & Wakefield highlight opportunities in leisure-oriented retail with 5% annual growth potential.
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Heredia
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