Bogota office market report, Q4 2019

2019 marked the end of the supply cycle. We expect production to remain low until 2023.
The gap between prices for well-located Prime buildings and Non-Prime assets in decentralized locations was the wideston record. It will continue to widen over the next few years.
Rents kept their recovery trend reaching their pre-2014 levels. A tighter supply will continue to push up prices.
Flight-to-quality demand regains momentum but this trend is threatened by limited supply in the short term. Flex space operators have kept expanding and will keep on taking office spaces, albeit at a slower pace. Similarly, BPO, Call Center, shared service centers, and Tech companies will keep absorbing office spaces but sluggishly as rents rise, and office space and bilingual talent become more scarce.

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