Market Fundamentals
- The net absorption for the second quarter is 16,156 sqm, an increase of 2,000 sqm compared to the same period in 2023.
- The availability rate closed at 9.7%, decreasing by 0.4 percentage points compared to 2023. The CBD has the lowest rate at 3.7%, while peripheral corridors reached an availability of 15.5%.
- Prices in general seem to stabilize with an average of COP $78,200. However, the rental price of the CBD continues on an upward trend, closing at COP $83,700, while the peripheral corridors close at COP $73,200.
Outlook
- The start of several high-specification office projects in the CBD is anticipated, suggesting an imminent reactivation of new developments. This outlook promises to prevent a further decline in the vacancy rate and ensure the availability of high-quality spaces for the coming years.
- Due to the scarcity in the construction of high-specification spaces, the absorption of offices in 2024 is expected to remain at levels comparable to those of 2023.
- The preference for suitable and even furnished offices is expected to continue increasing among companies looking to reduce their operational costs.