Select your language

Premium office market in South America reactivates

Mercado de oficinas premium en Sudamérica se reactiva

Latin America. The office market in South America is beginning to recover. According to the latest report by Cushman & Wakefield, office availability in the region has dropped to 19.43%, thanks to economic stability and growth in sectors such as technology, finance and services. São Paulo and Bogota lead the demand, while Lima and Santiago also show progress.

The report highlights that São Paulo had the highest demand in seven years, with more than 150,000 m² occupied in 2024. Bogota also showed a good performance, with an availability of 10.5% and growth driven by the arrival of international companies. Lima closed the year with more than 40,000 m² occupied, with one of the lowest vacancy rates in the region.

"The performance of each market was strongly conditioned by the local economic context. While in cities such as São Paulo, Bogotá and Lima the demand showed greater dynamism, Buenos Aires and Santiago reflected a more unstable behavior," explained Juan Carlos Delgado, Country Manager of Cushman & Wakefield in Colombia.

"The performance of each market was strongly conditioned by the local economic context. While in cities such as São Paulo, Bogotá and Lima demand showed remarkable dynamism, with sustained growth in key sectors such as commerce and technology, in others such as Buenos Aires and Santiago a more unstable behavior was observed. This was mainly related to factors such as exchange rate volatility, high inflation rates and political challenges, which affected consumer confidence and investments in these markets," explained Juan Carlos Delgado, Country Manager of Cushman & Wakefield in Colombia.

- Publicidad -

Fewer empty offices, more opportunities
The report notes that the reduction in available spaces varies by city. São Paulo closed 2024 with 17.35% of unoccupied offices, while Bogotá and Santiago remain close to 10%, reflecting a balance between supply and demand. Lima has a rate of 14.4%, driven by high demand and fewer available spaces. In contrast, Rio de Janeiro continues to have a vacancy of 29%, due to a supply of offices that exceeds demand.

"While the office market continues to recover, vacancy remains a challenge in certain cities, especially where the entry of new inventory exceeds current demand," Delgado added.

In addition, Cushman & Walkield highlights that the recovery of the office market is aligned with the growth of the logistics sector, where vacancy in logistics centers has decreased by 55% in some key markets, reflecting greater occupancy in commercial and business spaces.

Likewise, port activity in the region experienced significant growth, with increases of 20% in Brazil and 13% in Colombia, which has generated greater dynamism in the business and office sectors.

Rental prices: stability and adjustments
Rental prices changed in the region. In Buenos Aires they remained between USD 24–25/m²/month. In São Paulo, although there was a record in local currency, the devaluation reduced the price in dollars to USD 21/m²/month. In Santiago, values fell to USD 19–20/m²/month, and in Bogotá they stood at USD 18–19/m²/month, with a growth projection of over 700,000 m² in new projects. Lima, with its low availability, had a progressive increase to reach USD 16.5/m²/month.

What to expect in 2025?
The office market in South America continues to evolve with positive expectations for 2025. Economic recovery and growing demand in key cities will boost the sector. It is important to note that the consolidation of e-commerce and omnichannel have directly impacted the demand for spaces, both in logistics centers and in corporate offices.

Also, as interest rates have come down and investment in commercial real estate continues to strengthen, the supply of premium spaces is expected to continue to adjust to new business needs.

Richard Santa, RAVT
Richard Santa, RAVTEmail: [email protected]
Editor - Latin Press, Inc.
Periodista de la Universidad de Antioquia (2009), con experiencia en temas sobre tecnología y economía. Editor de las revistas TVyVideo+Radio y AVI Latinoamérica. Coordinador académico de IntegraTec y LiveTec.


No comments

• If you're already registered, please log in first. Your email will not be published.

Leave your comment

In reply to Some User
Apple unveiled immersive concert experience with Metallica

Apple unveiled immersive concert experience with Metallica

Latin America. Three iconic Metallica songs during the M72 World Tour performance in Mexico City: "Whiplash", "One" and "Enter Sandman", were recorded on Apple Immersive Video and have been...

Temporary imports, key for concerts in Colombia

Temporary imports, key for concerts in Colombia

Colombia. Shakira, System of a Down, Estéreo Picnic, Andrea Bocelli, Fonseca, Maluma, Linkin Park, are some of the entertainment events that used or will use the figure of temporary imports, so that...

Arthur Holm won the iF Design Award 2025 for his DB3 monitor

Arthur Holm won the iF Design Award 2025 for his DB3 monitor

Latin America. The Arthur Holm DB3 motorized monitor has been awarded the iF DESIGN AWARD 2025. This award is a hallmark for outstanding design and design quality.

Schneider Electric Names Cloud & Service Providers Leader

Schneider Electric Names Cloud & Service Providers Leader

Latin America. Schneider Electric has named Luis Santamaria as the leader of the Cloud & Service Providers segment for Spanish-speaking countries at a key moment for the digital transformation...

DiGiCo Launched Quantum225T Console for Medium Events

DiGiCo Launched Quantum225T Console for Medium Events

Latin America. DiGiCo released a "T" software version of its most compact Quantum range console, the Quantum225T. With powerful, refined hardware and Quantum processing, the Quantum225T's...

AR encourages student engagement

AR encourages student engagement

A new study by the UOC analyses the potential and challenges of implementing this technology in education. UOC

MusicTech Summit Comes to Miami

MusicTech Summit Comes to Miami

The Miami MusicTech Summit on March 25 at The Silverspot Cinema in Downtown Miami brings top innovators together for a day of discussions and deal-making at the intersection of music, technology,...

Absen launched its new A25 Series for outdoor use

Absen launched its new A25 Series for outdoor use

Latin America. Absen presented its latest innovation: the A25 Series. Designed specifically for outdoor applications, it redefines the standards for energy efficiency and ease of maintenance in the...

MEXDC Pointed to Data Center Growth Challenges

MEXDC Pointed to Data Center Growth Challenges

Mexico. The Mexican Association of Data Centers (MEXDC) has identified very specific challenges that put future investments for Mexico at risk and points to serious challenges in terms of access to...

Data Centers Connect Digital Life

Data Centers Connect Digital Life

Latin America. For most people, the internet is fully integrated into our daily lives. For more than 30 years since it was available to the general public, it has revolutionized communication,...

Suscribase Gratis
Remember Me
SUBSCRIBE TO OUR ENGLISH NEWSLETTER
DO YOU NEED A SERVICE OR PRODUCT QUOTE?
LATEST INTERVIEWS
SITE SPONSORS










LATEST NEWSLETTER
Ultimo Info-Boletin