Slow Office Occupation
The office market has experienced a notable evolution in terms of variety and availability of office space, opening a wide set of possibilities for the tenants at the time for decision making about a new space. Currently, Newmark has registered an increase in availability of office space not only in A and A+ class buildings, but also in older buildings in different locations, in different conditions and sometimes fully furnished, which provides a great opportunity for those clients who require to add savings in improvements and more.
Nevertheless, it is important to highlight that although this increased variety of offices, the development of new office projects has not registered a significative growth through this quarter. As a result, the availability of mid-sized areas does not show any fluctuation according to previous periods, limiting the options for tenants of greater areas.
Several organizations have recognized that hybrid-work is not only a favorable practice, but also a necessity for their employees. This situation has permitted several tenants to optimize their space reducing the occupied surface adapting to the new market trends.
- During 2023 half of the square meters registered in the same period for 2022 have been absorbed.
- The Availability rate in Bogotá keeps stable. CBD is 5.7% and in the suburbs is of 13.3%
- Prices begin a stabilization process, currently the CBD has an average rent price of $78.400 COP ($ 18.66 USD).