Colombia. About 341,000 square meters of new office area distributed in 46 projects are under construction in the city of Bogotá, Colombia and will enter the market by the end of 2015, according to a report published by the real estate services company Colliers International.
This is part of a trend that has existed for several years in the capital of the coffee country. In 2013, for example, the area allocated to offices increased by 80 percent, while between January and November 2014 the figure reached 72.2 percent.
Despite this remarkable growth, industry voices remain calm and unafraid of a possible oversupply of offices. As explained to the local media Portafolio the president of Prabyc Ingenieros, Carlos Alberto Barberi, in Bogotá there is still a sufficient demand that justifies the construction of new projects.
"The demand is maintained and on plans, at least in our case, it sells fast. In an average of five months we have marketed up to 80 percent of the works," he says.
For his part, Juan Carlos Delgado, of the multinational Cushman & Wakefield, said in statements to the same media, that although he does not believe that there are risks of oversupply if there could be a stabilization in prices by the end of 2015.
