Colombia. The expert consultants in offices of the Organization Colliers International present their point of view on the current situation of this market, trends, innovations and search criteria of tenants.
How has the behavior of offices in Colombia been during the last year?
During this period the construction of buildings has increased, with respect to previous years, this due to the situation presented by the market, where the supply had been gradually increasing, leaving an unsatisfied demand in companies that sought to expand. In turn, the devaluation of the peso was activated causing changes in terms of prices, resulting in a maximum cost of COP $100,000 per square meter.
By having this combination of reaching the top in terms of price and increased supply with new construction; has generated a stability in the price per square meter in buildings, thus having a constant activity in the market; in the same way, the devaluation of the price generated greater interest in multinational companies to find an economic rent value, compared to other countries.
What trend has marked this last period?
The trend during the last year has been the decrease and stabilization of the prices of the office market, this due to the constant construction of category A + buildings, of high specifications and sustainable construction, thus entering a greater amount of square meters to the CBD (Central Business District) and Salitre, in the city of Bogotá.
Currently, the office market in Bogotá has one of the highest absorptions in history, tending to be more a market of tenants, than of owners. That is, it is a good time to negotiate as tenants and be a little more flexible in the conditions of closing businesses as owners.
What is the market demanding the most in terms of infrastructure and office specialties?
At the moment there are two types of currents in the requirements of customers, one of them focused in terms of infrastructure, where companies prefer buildings of A + characteristics with efficient plants, good finishes, good distribution of columns, lighting, wide heights, high security and in some cases sustainable construction. And another of them, focused on budgetary issues, where some customers with requirements between 100 and 300 square meters, prefer second-generation spaces with adaptations and divisions to reuse, since this represents savings.
However, there are also requirements in which users prefer areas in gray work to adapt from scratch.
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