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Paseo de las Américas is a neighborhood shopping center in San José, Costa Rica, located in the Hatillo district, catering primarily to local middle-class residents. Developed in the late 1990s and renovated in 2015, it offers about 25,000 square meters of gross leasable area (GLA) across two levels.
Occupancy rates hover around 85% as reported in 2023 commercial real estate analyses from Colliers International and local directories. The tenant mix features anchor tenants like a full-service supermarket (e.g., similar to Mas x Menos), mid-tier fashion outlets including local brands and chains like Aliss and international options such as Pull&Bear, alongside electronics stores, pharmacies, and a 15-unit food court with Costa Rican staples like casados and global fast food.
Market position is as a convenience-oriented venue, drawing from surrounding residential neighborhoods with average household incomes of $1,200-$2,000 monthly. Footfall averages 4,500-6,500 visitors daily, higher on weekends, per traffic studies.
Accessibility is supported by proximity to Route 3 and public bus lines, though traffic congestion in San José can impact reach.
Leasing advantages encompass competitive base rents of $22-32 per square meter per month, inclusive of some marketing contributions, and flexible spaces from 50 to 500 sqm. However, challenges include competition from dominant regional malls like Multiplaza Curridabat and Mall San Pedro, which boast superior footfall and premium tenants.
Demographic profile skews toward families aged 25-50, with moderate spending power influenced by Costa Ricas stable but tourism-dependent economy.
Operational quality is fair, with modernized common areas but occasional maintenance issues in older sections. Risks involve category saturation in groceries and apparel, potential infrastructure aging, and economic sensitivity to global events affecting retail sales, as noted in ICEX market reports.
Overall, it suits retailers targeting everyday essentials over luxury positioning.
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Hours of Operation
Hours
| Monday | 07:00 AM — 10:00 PM |
| Tuesday | 07:00 AM — 10:00 PM |
| Wednesday | 07:00 AM — 10:00 PM |
| Thursday | 07:00 AM — 10:00 PM |
| Friday | 07:00 AM — 10:00 PM |
| Saturday | 07:00 AM — 10:00 PM |
| Sunday | 07:00 AM — 10:00 PM |
Hours may vary on public holidays. Check with individual stores for specific holiday schedules.
Insights
Demographics and Footfall
The catchment area encompasses Hatillo and nearby San José suburbs, with a demographic of middle-class families and young professionals, average household income around $1,500 monthly, and population density supporting steady local traffic. Age distribution is 30% under 25, 50% 25-50, 20% over 50. Daily footfall is estimated at 5,000 visitors based on 2024 retail analytics, with peaks of 8,000 on Saturdays; accessibility via major roads and buses is adequate but hindered by urban congestion and limited parking (300 spaces). This supports consistent but not explosive sales volumes for non-destination retailers.
Tenant Mix and Occupancy
Balanced tenant composition includes 35% food and grocery anchors, 40% fashion and accessories, 15% services like banks and health, and 10% entertainment. Occupancy stands at 87%, with vacancy mainly in upper-level specialty shops, per Cushman & Wakefield reports. Strengths lie in stable anchors driving traffic; weaknesses include underrepresentation of high-end brands due to demographic fit and competition from upscale centers. Low turnover (under 5% annually) aids leasing stability, though weak electronics category reflects broader market trends in digital shifts.
Rent Levels and Lease Terms
Effective rents range from $25 to $35 per sqm/month, including CAM fees of $4-6, with options for percentage rents (5-8% of sales over thresholds) favoring performance-based models. Standard leases are 3-5 years with 2.5-4% annual increases tied to CPI. Advantages include negotiated fit-out allowances up to $10/sqm for qualifying tenants and co-op advertising funds. Drawbacks encompass higher costs for prime ground-floor locations and renewal risks amid 92% national mall occupancy pressuring concessions. Market saturation in San José elevates competition for desirable units, advising early negotiation.
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City Snapshot
San José
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