Colombia. The capital of the country has a total availability of 332. 160 square meters, representing a growth of 2% compared to the third quarter of last year 2017.
Although the offer continues to grow, the outlook is positive due to the latest transactions that have been made during this third quarter of the year, which correspond to mass consumption companies, call centers and especially the coworking segment.
Making an analysis by type of corridor, the offer is concentrated to a greater extent in the peripheral areas of the city with a total of 202,000 square meters that correspond to the corridors Cedros, Córdoba, Salitre, Centro Internacional and others.
The CBD, on the other hand, has an availability of 130,000 square meters, as a result of the dynamism presented by the corridors that compose it, since they are the ones with the greatest corporate and financial consolidation in the city.
Additionally, Salitre continues to be the broker that leads the offer, with a 40% stake, followed by Calle 100, and Chicó representing 13% and 10% of the participation respectively.
Evaluating the behavior by classes, the offer is mainly centralized in type A buildings, however, it has a growth of 3%, compared to the third quarter of 2017, while class A + increased by 20% compared to that period.
Colliers International estimates that the offer will continue to grow, due to the completion of several projects that are expected to enter into operation at the end of 2018.
Bogotá continues with projection of exponential construction of buildings for the corporate sector, currently 50 projects are under development that will represent approximately 682,000 square meters in the different corridors of the city. It should be noted that 55% is under construction, 27% are projects tailored to the client or BTS and the remaining 17% is on plans.
Evaluating the projects under development by location, the peripheral corridors are the ones that set the construction trend with a participation of 64%, since they are the ones that have the greatest potential and areas to build. This is reflected in 435,000 square meters that are expected to enter in the next five years. On the other hand, CBD is the location with the highest preference by customers, this represents 26% of the new offer.
Performing an analysis by corridor, the significant participation of the Salitre corridor that leads the market with 16 projected constructions, which represents 42% of the market, where business complexes play a fundamental role in the percentage, thanks to the large magnitude of area destined for offices. The Calle 100 corridor has 19% of the market and 6 buildings in which América Centro de Negocios and Centum stand out.
When analyzing the developments by class, the participation of the A+ buildings stands out, since they have 56% of the market to be built, likewise the A buildings will have a growth of 42%, which will add up to approximately 672,000 square meters.
Colliers International believes that the development of new projects in the city of Bogotá will continue with the same dynamic that is currently presented.
The third quarter of 2018 closed with a cumulative net absorption of 111,300 square meters, reflecting a decrease of 16% compared to the same period of the immediately previous year.
The absorption given this semester is driven by 8 projects that entered the inventory, these enter the market with an occupancy percentage of more than 70%, mainly by coworking companies that occupied 5 of these 8 projects.
Performing an analysis by type of broker Others continues with the highest percentage of absorption in the market with 29%, which corresponds to approximately 32,000 square meters, due to the entry and occupation of Fincomercio.
As for the class, in the third quarter of 2018 class A leads with 61% market share, which is reflected in an absorption of 67,300 square meters. For its part, class A + represents 35% of the absorption that corresponds to 38,600 square meters. This occupation is mainly reflected by the buildings Torre 100, Torre Uno 93, Cortezza 93 and 80 eleven, among others.
For its part, the availability rate of the city closes at 12.4% decreasing approximately 0.6 percentage points compared to the same period of 2017. A+ buildings registered the highest rate, reaching 17.8% due to the entry into operation of new buildings during the last year, which increased the spaces available in the market.
Analyzing the behavior of the rental price per class, there is a growth for class A buildings of 2% compared to the third quarter of 2017, which corresponds to an average rental price of COP $ 60,300 (USD $ 19.9) per square meter, on the contrary, class A + and B reduce by 9% and 4%, reaching COP $61,100 (USD $21.1) and COP $52,700 (USD $18.2) square meter respectively.
Evaluating the dynamics of rental prices per broker, a downward behavior is evidenced compared to the third quarter of 2017, reflecting mainly in the Salitre, Cedros and Córdoba corridors. Andino, on the other hand, continues to lead rental prices, registering the highest average value of the city with a price of COP $70,650 (USD $24.5) per square meter, which compared to the third quarter of 2017 increased by 4%.
It should be mentioned that rental prices are higher in the CBD of the city with an approximate difference of COP $ 13,000 (USD $ 4.5) per square meter compared to the peripheral corridors, this as a result of the concentration of corporate buildings in the areas of greater financial and economic activity of the city.
The third quarter of 2018 registered an increase in sales prices of 4%, taking as a reference the third quarter of 2017.
When performing an analysis by corridor, Santa Bárbara registers the highest average sale price in the city, with COP $ 11,727,000 (USD $ 3,136) per square meter, being one of the most attractive corridors in Bogotá, where users attribute good security, location and amenities of the buildings. For their part, Chicó and Andino have an average selling price of COP $10,500,000 (USD $2,627) per square meter.
The Others corridor, not being a consolidated area, has the lowest sale price in the city equivalent to COP $6,500,000 (USD $2,247) per square meter.
Regarding the behavior by class, A+ buildings lead the average sales prices with an increase of 8%, followed by class A with 3%. It is worth noting that class B did not have a significant increase so far this year, presenting a variation of 1%.
Colliers International estimates that the sale price will remain stable by the end of the year, however, more properties are expected to be available for sale with the entry into operation of the multi-owner buildings that are under construction.
