December 2022

This month, James Charnaud has been in Bogota looking at the office market.

Besides being the seat of government, it is also the centre for the services industry. The traditional CBD was concentrated on the eastern side of the city (multicoloured area on the map above) and the “old town” is based in the southern / south eastern part of the city.

More recently the area of Salitre has been developed. This area lies on the main highway (El Dorado) to the airport, has been improved with a mass transit system and developers have been given permission to construct medium & high-rise developments. This has produced office buildings with large floor plates, high end residential apartments, a shopping centre and business hotels. However, the area is continuing to develop and, as with much of Bogota, the tone of the area can fall away very quickly. Visitors to Bogota can be surprised that an industrial area lies just a few blocks to the south of Salitre.

At the end of the first half of 2022, 122,520 sqm of offices were under construction in the city and by the end of the year 53,520 sqm of class A offices are expected to have been delivered. Of this, 78% are located in the Salitre corridor, 12% in Chicó and 10% in Santa Bárbara, with the Torre Sapiencia building which has already been fully pre-leased. A total of 639,680 sqm of leasable projects have been identified in plans, with a delivery range of 6 to 8 years, most of which are located in Salitre (29%), Centro (26%) and Noroccidente (14%).

For more information on the real estate market in Colombia, please contact us here.