Colombia, August 2022.
The corporate real estate market in Bogotá concluded the second quarter of 2022 within a rental price range, with an Asking Price of $67,500 per square meter (an increase of 9.0% per square meter compared to the previous quarter) and a Closing Price of $55,700 per square meter, reflecting a 4.1% increase compared to the previous quarter. This indicates an overall rise in rental prices. Additionally, the report highlighted the top 5 sectors with the highest office rental prices in Bogotá:
- As of the close of the second quarter of 2022, Santa Bárbara exhibited a rental price range fluctuating between an Asking Price of $70,400 per square meter and a Closing Price of $66,400 per square meter.
- Chicó showcased a rental price range spanning from an Asking Price of $68,500 per square meter to a Closing Price of $60,300 per square meter. Furthermore, it stands as the second sector with the largest market share, accounting for 23% of the total inventory. This prominence is attributed to its status as a highly influential area, hosting high-specification buildings, international headquarters (delegations and embassies), renowned restaurants, and shopping centers.
- Meanwhile, the Nogal neighborhood displayed a rental price range between an Asking Price of $65,100 per square meter and a Closing Price of $60,100 per square meter.
- On Calle 100, a rental price range was identified, varying from an Asking Price of $60,200 per square meter to a Closing Price of $55,100 per square meter.
- Lastly, in the Centro Internacional, the rental price range fluctuated between an Asking Price of $58,350 per square meter and a Closing Price of $50,250 per square meter.
The office market report also unveiled other crucial aspects of the sector:
As of the close of the second quarter of 2022, Bogotá exhibited a cumulative office inventory of 2,377,595 square meters, indicating a 0.3% growth compared to the previous year’s closing figures (2,370,189 square meters). A 4.5% inventory expansion (114,274 square meters) is anticipated by the year 2024.
The second quarter of 2022 commenced with a net cumulative absorption of 23,608 square meters. The average monthly absorption rate during the quarter stood at 2,809 square meters, reflecting a 36% increase compared to the previous quarter.
“We are witnessing stable outlooks in both the corporate and residential sectors. Surprisingly, the last two years of the pandemic were the ones with the highest increase in home purchases. From our latest market report, we have determined that this type of sales continues to grow, by 17%, which allows us to remain optimistic despite the current uncertainty,” expressed Gustavo de la Torre Muñoz, Real Estate Director LATAM – MTS Consulting + Management.
MTS Consulting + Management.
