Low availability continues:
The investment funds, seeing the dynamism in the warehouses of Class A industrial parks, seek to develop BTS with contracts with a minimum 8 to 10 years contracts, with the purpose of having a stabilized income and profit in the future. The Calle 80, Tocancipá and Calle 13 corridors are the favorite areas for these developments, however, there are no speculative constructions, as a result of the high construction costs.
Additionally, in recent months foreign clients continue with their long-term expansion project in the country. In contrast, the projects of national companies have been stopped, this due to the uncertainty of what may happen with the new tax reform of 2023.
It is expected that in the coming year, the industrial market will continue with a low vacancy rate, due to the scarcity of new constructions and a high demand for spaces, mainly by logistics companies.
– Cumulative absorptionof the year is 310,800 sqm.
– Bogota’s vacancy rate dropped to 3.8%.
– The average rental price for Class A was COP $19,600 /sqm/month, while the Free trade zones closed at COP $22,000 /sqm/month.