Market Fundamentals
- The cumulative net absorption in the third quarter is 33,925 sqm, more than double the 16,139 sqm registered during the same period in 2023.
- The availability rate closed at 8.5%, decreasing by 1.5 percentage points compared to 2023. The CBD has the lowest rate at 3.9%, whereas the peripheral corridors reached an availability of 11.9%.
- Prices continue to rise, averaging COP $79,400. CBD rental prices keep trending upwards, closing at COP $86,900, while peripheral corridors close at COP $78,550.
Outlook
- Due to the scarcity in the construction of spaces, absorption in 2024 is anticipated to remain at levels comparable to those in 2022.
- With the progressive return to in-person work, many companies that initially planned to renegotiate their lease contracts or reduce their spaces are re-evaluating these decisions. Some have even retaken the spaces they had previously vacated.
- Despite the increase in demand for offices, economic and political uncertainty has made companies cautious when deciding to expand their office spaces. This context reflects a trend towards greater prudence and evaluation before considering significant expansions.