In Bogotá, the price of renting a square meter of office space has reached $55,393, according to the Colombian Federation of Real Estate Exchanges (Fedelonjas). Over the past year, commercial property prices have seen a substantial increase of 20%. This rebound is largely attributed to a surge in demand and the effective management by property administrators who strive to maintain commercial centers and facilities in optimal condition.
Mario RamÃrez, the president of Fedelonjas, emphasized the necessity for property administrators to possess specialized knowledge, particularly regarding non-residential uses. Effective management is crucial for adding value to commercial properties, which often require a higher level of expertise.
These insights were shared during the opening of the Horizontal Property Business Roundtable in Bogotá, attended by around 600 property administrators. The event focused on the significant recovery observed in the office, warehouse, and retail sectors over the past year.
According to Fedelonjas’ real estate market report, the rental price of commercial spaces has risen by 13.7% compared to the previous year, with the average asking price for office leases set at $50,000 per square meter nationwide.
Furthermore, the asking prices for commercial properties for sale have also significantly increased, with an average national price exceeding 20%. The average asking price now stands at $8,723,638 per square meter.
In the office market, the rental rate has experienced a 9.8% increase compared to last year, with the national average peaking at $49,400 per square meter. This figure varies across different regions. For instance, in Bogotá, the average monthly rental price reaches $55,393 per square meter.
When it comes to office sales, the average asking price has climbed by 6.7%, now priced at $7,477,800 per square meter nationally. Some regions, like Antioquia, witness even higher prices, reaching up to $9,012,600 per square meter.
For warehouses, the average rental price is $23,520 per square meter. On the sales side, the average offering price stands at $3,545,432 per square meter nationally, with prices in Antioquia hitting $5,537,227.
The Fedelonjas report indicates a consistent increase in the rental prices of non-residential properties, slightly surpassing the Consumer Price Index (CPI), which was at 9.28% in 2023, while the housing indicator was at 8.03%. It’s important to note that the Urban Leasing Law 820 restricts rent increases for residential properties to the previous year’s CPI, while increases for non-residential leases, such as retail spaces, offices, or warehouses, depend on individual contracts and the Commercial Code.
RamÃrez believes that this positive trend endorses the notion that investing in non-residential real estate can be an appealing option for those seeking both rental income and appreciation in value. He advises potential investors to ensure the property is part of a well-managed co-ownership, whether it be a shopping center, office building, or logistics park, to optimize administrative costs and contribute to the property’s value enhancement.
Image and News Source: https://www.infobae.com/colombia/2024/07/25/arriendo-de-oficinas-bodegas-o-locales-se-volvio-un-gran-negocio-este-es-el-dinero-que-ganan-quienes-lo-hacen/
