Shortage of Warehouses
During the second half of 2023, the Bogota industrial market has seen sustained demand for warehouses with high technical specifications. At the same time, there has been a marked reduction in the availability rate of Class A warehouses, creating a scenario of greater competition and search for adequate spaces for companies in general.
In response to this demand, industrial park developers have maintained their focus on the development of built-to-suit (BTS) projects, allowing them to minimize risks and maximize the profitability of their investments through the signing of long-term contracts with clients, leaving aside speculative projects.
This strategy has led the rental price of new industrial developments to be above the market price range, contributing to an upward trend in rental prices.
Current conditions:
– Accumulated absorption for the year is 152,852 sqm for Class A warehouses and 93,676 sqm for free trade zones.
– The availability rate for Class A warehouses closed at 1.5%, the lowest historically. Meanwhile, in Free Trade Zones it was 7.2%.