Colombia. The development of non-residential real estate projects in Bogotá presents a demand intention for commerce of 2.9% for this year, while demand expectations for office spaces and new warehouses in the region decreased, according to a recent study presented by CAMACOL Bogotá and Cundinamarca.
"This fact shows a positive dynamic in trade projects, which make investors consider different opportunities for their activities in Colombia, as well as the owners of commercial establishments that must develop new strategies for the growth of their businesses," said Luis Fernando Castaño, Founding Partner of PRO2.
Of the 47 shopping centers that are currently and / or are under development in Bogotá, most of the projects are concentrated in the north and west of the city, since it was considered until now that these sectors have a population that has a higher purchasing power to be able to invest in commerce, in areas of fun and entertainment present in these places. However, only a few are developing in the south, and there are several reasons to consider to invest in this sector of the city:
Unattended shopping area of the city Vs. North zone where most shopping centers are located.
Localities such as Kennedy - Bosa, where the Paseo Villa del Río Shopping Center will be located, are part of an area of the city in which approximately 2,360,000 people can be positively impacted, (more than 1/4 of the urban population of Bogotá), representing 19 percent of total spending on capital consumer goods), of middle stratum, which has an interesting purchasing power, where you can generate a commercial, entertainment and service offer that meets the needs of this area of the capital.
The impact on the development of the South Zone VS Impact on developments in the North Zone
The urban, security, organizational and commercial dynamism improvements that an organized and planned shopping center entails are definitely a decisive support for the development of the south of the city, which will undoubtedly be more impacted in an area with the absence of projects that contain entertainment spaces, and meeting points. In the north, shopping malls clearly impact the area of influence, but to a lesser degree, because this area has a constant development of urban design.
A shopping mall in the South is an option not only for commerce, but also for fun and integration of the VS community Multiple entertainment options in the North Zone.
The south of the city does not have an adequate number of parks, recreation areas or community integration. The shopping center that offers appropriate spaces, not only for shops, but for restaurants and various leisure and recreation options for the whole family, will meet this latent need of the inhabitants of the south, which will clearly be a factor of decision when choosing where to move.
Value m2 of purchase in the South Zone VS value of the m2 of purchase in the North Zone
The prices of m2 in shopping centers vary greatly according to the area, location, type of project, areas and mix of offer for the end customer. Investing in trade in the southern area of Bogotá, especially if it is done where powerful commercial projects are structured and where there is little competition, undoubtedly represents an opportunity to obtain an important valorization, since the other areas are already very consolidated and although it is possible to obtain valorization in time, they do not approach those that allow sectors in full development such as the south of Bogotá.
There are different reasons that are taken into account when locating a commercial property in a certain area. In principle what most influences is the target to which the product is directed, however, of that target market, the cost-benefit ratio between the rental price Vs sales potential is also according to the size of the population and purchasing power of the area.
"Thus, there are new projects of shopping centers for the city of Bogotá, such as the Paseo Villa del Río project, located in the town of Kennedy - Bosa, on the land currently occupied by Makro on the southern highway, in which all the aspects stated above have been considered, and which offer a different alternative for national and international investors and merchants. This project will soon be starting work." Luis Fernando Castaño complemented.
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