H1 2024 Life Sciences Update Market Summaries

Costa Rica

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Market Summary

Public & Private Funding (2023-2024 1H)

Fast Lab Stats

• Costa Rica has emerged as a significant player in the life sciences industry, marked by robust real estate development tailored to the sector's needs. The country boasts a strategic location at the heart of the Americas and plays a critical role in global value chains, attracting major multinational corporations through its favorable business environment, sociopolitical stability, skilled workforce, proximity to major markets and free trade agreements, and commitment to innovation. • Costa Rica’s life sciences sector includes a wide range of activities, particularly the manufacturing of medical devices across various fields. These devices range from Class I to Class III and cover areas such as aesthetics, cardiovascular, dental, endoscopy, medication delivery systems, neuro-endovascular, neuromodulation, optics, orthopedics, sports medicine, /ENT, and surgical and diagnostics components. • Over 90 multinationals of the MedTech sector operate from Costa Rica, including 13 of the top 20 Original Equipment Manufacturers (OEMs), which benefit from advanced infrastructure and manufacturing facilities under a free trade zone. • Life sciences-related real estate is characterized by state-of-the-art facilities designed to meet the rigorous standards of production and research, both in and outside the greater metropolitan area. This includes cleanrooms, laboratories, and high-tech manufacturing plants that comply with international regulations. • Costa Rica's commitment to sustainability and green building practices further strengthens its appeal to life sciences companies, reinforcing its status as a hub for innovation and excellence in the industry.

Company

Deal Type

Completed

Type

$ Raised (MM)

17.9 MSF Total Inventory 1.7 MSF Under Construction 6.8 MSF Proposed 54.5K Total Life Sciences Employment 17.5% Life Sciences Employment 10-Year Growth Rate

Smatter

Seed Round

Feb 2023

VC

$0.1

Representative Investment Sale Transactions (2023- 2024 1H)

Address

Type

$ MM RBA SF

Date

Buyer

La Lima Free Zone, Cartago Manufacturing Facility

Confidential

484,000

Q1

Boston Scientific

Evolution Free Zone, Grecia

Manufacturing Facility

Confidential

430,000

Q2

Johnson & Johnson

ProPark, Alajuela

Manufacturing Facility

Confidential

110,000

Q1

Boston Scientific

La Lima Free Zone, Cartago Manufacturing Facility

$20 108,000

Q1

Heraeus

La Lima Free Zone, Cartago Manufacturing Facility

Confidential

70,000

Q2

Cretex

Coyol Free Zone, Alajuela

Manufacturing Facility

Confidential

43,000

Q2

Moog

Representative Life Sciences Companies

Representative Lease Transactions (2023 – 20241H)

Company

Type

Company

Address

Size (SF) New/Renewal

Quarter Landlord

Johnson & Johnson

Medical Devices Manufacturing Facility

Shockwave Medical

Coyol Free Zone, Grecia

242,000 New

Q1

CODE Development Group

Edwards Lifesciences

Medical Devices Manufacturing Facility

Trelleborg

Evolution Free Zone, Grecia

108,000 New

Q2 CODE Development Group

Medtronic

Medical Devices Manufacturing Facility

AVNA

Evolution Free Zone, Grecia

108,000 New

Q1

CODE Development Group

Boston Scientific

Medical Devices Manufacturing and R&D Facility

Intricon

Evolution Free Zone, Grecia

92,000 New

Q2 CODE Development Group

Abbott

Medical Devices Manufacturing Facility

Establishment Labs

Coyol Free Zone, Alajuela

86,000 New

Q1

CODE Development Group

Terumo

Medical Devices Manufacturing Facility

Inari Medical

Evolution Free Zone, Grecia

78,000 New

Q2 CODE Development Group

Baxter

Medical Devices Manufacturing & Shared Services Center Facility

Riverpoint Medical

Coyol Free Zone, Alajuela

45,000 New

Q2 CODE Development Group

Smith & Nephew

Medical Devices Manufacturing & Shared Services Center Facility

Theragenics

Coyol Free Zone, Alajuela

44,000 New

Q2 CODE Development Group

Bayer

Pharma Manufacturing Facility

Thermofisher

Coyol Free Zone, Alajuela Green Park Free Zone, Alajuela

43,000 New

Q2 CODE Development Group

Cardinal Health

Medical Devices Manufacturing Facility

Solesis

33,000 New

Q2 Grupo Guerrero

Philips

Medical Devices Manufacturing and R&D Facility

ICU Medical

Medical Devices Manufacturing and R&D Facility

Heraeus

Medical Devices Manufacturing Facility

Establishment Labs

Medical Devices Manufacturing and R&D Facility

Intricon

Medical Devices Manufacturing Facility

Franco Moiso franco.moiso@ab-latam.com Research Contributors

Coloplast

Medical Devices Manufacturing and R&D Facility

Daniel Alvarez daniel.alvarez@ab-latam.com

Sources: Cushman & Wakefield Research

CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2024 FEBRUARY