Colombia. The class A office market in Bogota closed the third quarter of the year with positive results, confirming the recovery and stability of the corporate sector. According to the most recent report by Cushman & Wakefield, a leading firm in the commercial and logistics real estate sector, vacancy stood at 9.1% and accumulated net absorption reached 34,083 m², figures that consolidate an environment of greater dynamism and preference for efficient, flexible and sustainable spaces.
The report highlights that the average asking rent price reached COP 82,683 per m² per month, with a year-on-year increase of 11%, driven by the shortage of premium spaces and the return of companies to hybrid work models.
In the central business district (CBD), average rents reached COP 83,785 per m², while in non-central areas (Non-CBD) they stood at COP 77,071 per m², evidencing a balanced and competitive market between traditional and emerging corridors.
According to Juan Carlos Delgado, country manager of Cushman & Wakefield for Colombia, "the office market in Bogota is entering a phase of equilibrium after several quarters of adjustments and consolidation.
The combination of a healthy vacancy, the rebound in net absorption, a more stable macroeconomic environment with GDP growing 2.8%, moderate inflation and a normalizing interest rate, as well as the expansion of new business corridors, is driving companies to make long-term decisions focused on well-being, technology, sustainability and flexibility.
This change reflects a more sophisticated market, in which organizations value the office not only as a workplace, but as a strategic asset to strengthen culture, productivity and attract talent."
Currently, Bogotá has 130,892 m² under development and a pipeline of 668,538 m² in project, mainly concentrated in Calle 100, Salitre and Nogal-Andino, corridors that maintain a high demand from national and international companies. This future offer, according to the study, responds to the need for certified, highly energy-efficient spaces with urban connectivity, aligned with global sustainability standards.
The Colombian macroeconomic environment also contributes to the consolidation of the market. During the third quarter of 2025, with an unemployment rate that stood at 8.7% and accumulated inflation at 5.2%, while the interest rate, currently at 9.25% added to an economic growth projection of 2.8% at the end of the year, shows a process of monetary normalization that favors business confidence and real estate investment.
In terms of performance, the Salitre submarket continues to lead due to its balance between technical offer and competitive costs, with a vacancy of 11.6% and average prices of COP 73,980 per m². It is followed by Chicó and Nogal-Andino, which register the highest rents in the city, above COP 95,000 per m², while the Center shows opportunities for reconversion in the face of its current vacancy of 35.7%.
"We are seeing a more sophisticated demand, where companies prioritize buildings with sustainable certifications, complementary services and first-class connectivity," Delgado added. "The resilience of the Bogota market reflects the evolution towards a modern and interconnected corporate ecosystem, where user experience and operational efficiency are decisive factors."
According to Cushman & Wakefield, the office market in Bogota is oriented towards a more diversified and polycentric model, driven by urban transformation and the consolidation of emerging corridors such as Avenida Chile and Noroccidente. These areas have gained relevance due to their recent offer, competitive technical performance and controlled costs, which strengthens the expansion of the market towards new business centralities.
The indicators for the quarter confirm a structural and sustainable recovery of the office market, characterised by a balance between supply and demand, stable prices and a corporate vision focused on well-being, efficiency and sustainability. In this context, Bogota is consolidated as one of the most attractive places in the region for investment and occupation of high-specification spaces.
