Workplace Ecosystems is the real opportunity to attract…

Costa Rica published, last July, the regulation of law 10,008 or “Law to attract teleworkers and international service providers“, known as the “Digital Nomads Act“. With that, according to projections from real estate consultancies, the doors have been opened for a robust market. In what ways can different sectors take advantage of the opportunities of this potential impact?

Álvaro Cortés, an expert in the field, sees the key in forming work ecosystems across the country. “From our point of view, the nomads represent a huge opportunity: a kind of foreign direct investment capsule, but decentralized in people. Instead of talking about possible benefits for hotels, offices, homes, and stores as isolated sectors, the digital nomad market will be attracted to Costa Rica as long as strong connections are made between each sector and they form, through their synergies, an ecosystem”, he assured.

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In 2020, Cushman & Wakefield’s Future of Workplace Experience per Square Foot™ report described how digitalization – accelerated by the pandemic – has blurred the lines between work, life and play, to the point that 73% of remote employees around the world wanted remote work policies to be expanded to balance office, home and third-party locations. These estimates are now coming to fruition, and several countries, including Costa Rica, are articulating measures to attract this vast market.

The National Chamber of Tourism estimates that each person could generate more than $23,000 per semester for the economy if they came to work in the country with their family under this modality.

“Remote workers are looking for a variety of places and experiences in the world that offer comfort, functionality and well-being. In this sense, we have observed, on the one hand, how the Digital Nomads law is already part of the conversation as a talent attraction and retention strategy. Forward-thinking companies may see this regulation as a benefit for remote workers. On the other hand, the pioneering players in the real estate sector are not only reviewing their economic models, but also preparing themselves with flexible and innovative legal, financial and technological approaches to be able to meet the particular requirements of the market they are going to encounter. receive,” Cortés added.

Work ecosystems: the role of each real estate sector

Experts point out that the development of working ecosystems can occur in any geographic area of ​​Costa Rica that has the right mix of tourist attractions, access to cutting-edge technology, and communities around people’s interests. specific hobbies.

“A fundamental factor for the real estate sector to articulate under the modality of the ecosystem is that it forgets the “machote”. Each player’s business model should provide for flexible, perhaps short-term, contracts for spaces where people can live, work and play. For this, leveraging technology with international payment platforms or solutions like Airbnb will be essential. Each owner must design their space as a service, under a non-traditional structure. Thus, we anticipate that the legal and accounting configurations will expand and impact other laws and regulations in the future; and in favor of attracting digital nomads,” Cortés said.

Office sector

As people shift to balance office, home, and third places, the office will continue to be a fundamental driver of culture, learning, and personal life. Plug and play workspaces in interesting places with all the tools: screens, ergonomic furniture, high-speed internet, among others, will be more competitive.

Hotel sector

For this sector, the strategy of attracting digital nomads can represent an interesting component of post-pandemic recovery. The hotels that will succeed will be those that have the capacity to attract this floating population that thinks not only of pleasure and amusement, but also of medium-term housing and the place of work: a hybrid in the manner of a corporate hotel, with differentiated equipment for this market.

Nomads

Housing sector

The housing sector should generate more openness to digital platforms, legal advice for medium-term contracts and accounting to prepare for non-traditional payment methods. For example, landlords who own a real estate portfolio can offer different in-country mobility options for digital nomads under a membership system, as an alternative to the typical housing rental contract.

“As always, the recommendation is to seek real estate, legal and financial advisors who accompany you with the knowledge and vision to act quickly and adapt to the new type of demand that digital nomads will generate,” Cortés concluded.

resonance, coworking Costa Rica
At Resonance, we aspire to live in harmony with the natural world as a reflection of our gratitude for life. We co-create an inspired and integrative community committed to working, living and learning together. We resonate with this deep desire to belong in the hive and the desire to live the highest version of ourselves in service.

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