Market Fundamentals
- In the last quarter of the year, the Connecta 80 building is added to the inventory, contributing approximately 35,400 sqm to the city. For 2025, a moderate growth in supply is estimated, which will not significantly impact the vacancy rates in Bogotá.
- Due to the decrease in supply in the corridors forming the city’s CBD, the last quarter of the year closes with a rise in prices. This trend is expected to continue over the coming years until several constructions, which have been delayed, are completed.
- Due to the limited availability of high-specification offices, Bogotá continues to experience a sustained increase in rental prices. This trend reflects the high demand for quality spaces that cannot be satisfied with the current supply.
Outlook
- It is estimated that in 2025, supply will remain stable or even decrease, especially in the CBD corridors. Although the inventory will begin to grow, this growth is expected to be moderate.
- Despite a large number of projects in the planning phase, high construction costs have made it difficult to reach the breakeven point. Therefore, it is anticipated that construction will continue at a slow pace.
- Due to the shortage of large spaces, especially in the CBD, 2025 is expected to continue the upward trend in rental and sale prices.