Appraisal of industrial land and free zones in Costa Rica requires specific B2B market knowledge: consolidated industrial parks, PROCOMER free zone regime, logistics infrastructure, road and air access. This guide covers the main parks, valuation factors, and 2026 reference price ranges.
Main industrial parks in Costa Rica
Greater Metropolitan Area (GAM)
- Coyol Free Zone (Alajuela): one of CR’s largest, near Juan Santamaría Airport, home to multinationals (Edwards Lifesciences, Boston Scientific)
- Ultra Park I and II (Alajuela): logistics and light manufacturing
- Zona Franca Metropolitana (Heredia): pharmaceuticals, shared services
- BES Free Zone (Heredia): biomedical, technology
- Eurofarmers / Eurocenter (Heredia)
- Cartago Industrial Park (Cartago): traditional manufacturing
- Condal / Global Park (Barreal, Heredia)
Outside GAM
- Puerto Limón Valley Free Zone (Limón): recent, logistics facilities
- Moín / Port Logistics (Limón): close to APM Terminals port
- Guanacaste: developing free zone near Liberia airport
Special regimes
Free Zone Regime (Law 7210)
Administered by PROCOMER. Tax benefits for manufacturing and service companies that export:
- Full/partial income tax exemption (per category)
- Customs duty exemption on machinery and raw materials
- Special regime for 8-12 years renewable
Valuation impact: lands within free zones have premium demand from companies seeking benefits. Value 15-30% higher than industrial outside regime.
Private industrial parks
Administered by private operators (Eurofarmers, Coyol, etc.) with their own security, road maintenance, services infrastructure. Value depends on operator.
Specific industrial valuation factors
- Industrial zoning confirmed in municipal regulatory plan
- Available electrical capacity (3-phase >100 KVA for manufacturing)
- Container and trailer access (turning radius, road width)
- Proximity to airport (Juan Santamaría, Liberia): exporters pay premium
- Proximity to APM Moín port: import/export via sea
- Soil capacity (structural loads for heavy warehouses)
- Industrial potable water (sufficient flow for processes)
- Fiscal regime (free zone vs outside)
- 24/7 security: critical for warehouses with raw materials/finished product
- Telecom infrastructure (fiber, redundancy)
2026 industrial $/m² price ranges
| Location | $/m² range |
|---|---|
| Coyol Free Zone (Alajuela) | $100-$250 |
| Ultra Park I/II (Alajuela) | $80-$180 |
| Zona Franca Metropolitana (Heredia) | $120-$280 |
| BES / Eurofarmers (Heredia) | $100-$220 |
| Cartago Industrial Park | $60-$140 |
| Condal (Heredia) | $80-$180 |
| Moín / Limón logistics | $40-$100 |
| Guanacaste (emerging free zone) | $50-$150 |
| Industrial outside parks (San José, Alajuela) | $40-$120 |
| Industrial outside parks (other provinces) | $20-$80 |
Values vary by lot size, frontage, services, and inside vs outside regime.
Industrial appraisal methodology
Market comparison
Recent transactions in the same park or similar parks. PROCOMER and private operators maintain transaction data.
Cost with depreciation (for existing buildings)
Industrial warehouse replacement value minus depreciation, plus land. Modern industrial warehouses cost $500-$1,000/m² to build in 2026.
Income capitalization
Typical 2026 industrial rents:
- GAM free zone warehouses: $7-$12/m²/month
- GAM industrial warehouses outside free zone: $5-$9/m²/month
- Industrial warehouses outside GAM: $3-$6/m²/month
Cap rates: 9-11% for industrial.
Common cases
- Multinational buying land in Coyol to expand manufacturing
- IFRS 16 revaluation of industrial asset
- Industrial warehouse sale due to relocation or closure
- Corporate bank collateral for industrial financing
- Developer building new industrial park
FAQ
Can I buy land in free zone without being an exporter? Yes you can buy, but free zone benefits are associated with the user (operating company), not the land owner. Many developers build and lease to qualifying companies.
What’s the difference between private industrial park and free zone? All parks can request free zone regime for certain users. Not mutually exclusive. A park can have free zone users and others under regular regime.
How long does industrial appraisal take? 10-20 business days due to technical complexity. Urgent possible with surcharge.
Is industrial appraisal accepted by banks? Yes, by every bank in the country. For large amounts, some banks prefer appraisers with documented corporate industrial experience.
Conclusion
Industrial valuation in Costa Rica requires understanding infrastructure, fiscal regime, and industrial park dynamics. $/m² prices vary 3-5× between premium and standard zones. A CFIA appraiser with B2B experience is key for reliable transactions. Díaz Peritajes handles national industrial from Pérez Zeledón and Curridabat. WhatsApp +506 7272-7270.