finance
Bogotá Commercial Real Estate Projects Advance Amid Zoning and Market Pressures
Large-scale developments continue in the capital even as investors navigate the Territorial Ordering Plan and fluctuating absorption rates.
How we reported this
RSHP unveiled the ATRIO mega-development in central Bogotá with a 200-meter North Tower and 268-meter South Tower totaling over 250,000 square meters of office, retail and public space. The project stands among the largest private real estate efforts in the city this decade. Parque Arauco separately committed an $81 million expansion to Parque La Colina Mall, adding two new floors and 20,000 square meters of leasable area with a 2030 target. Centro Comercial Plaza de las Américas obtained a COP 220 billion loan from Banco Davivienda for its southwest Bogotá expansion, advised by Cuatrecasas.
These moves occur while Bogotá’s commercial sector contends with layered permitting requirements under the Territorial Ordering Plan adopted through District Decree 555 of 2021. The plan governs land use across urban and ecological zones under national Law 388 of 1997. Transfer of Development Rights rules introduced in Decree 626 of 2023 further channel construction potential from protected rural areas into designated urban sites. Developers must also comply with District Decree 327 of 2004 procedures and UPZ regulatory fiches for each site.
Office Market Shows Mixed Signals
Net absorption of Class A offices reached 23,950 square meters in Q2 2025 while vacancy fell to 9.9 percent, according to market data. At the same time 130,892 square meters of office space remain under construction along key corridors. The Bogotá Central Station, a privately financed $255 million project, will link three TransMilenio lines and supply 234,000 square meters of commercial and residential space plus 17,000 square meters of public space. Construction licensing continues through the city’s five urban curatories, with project details checked via the SinuPOT system.
Parque La Colina Mall sits in the north of the city while Plaza de las Américas anchors activity in the southwest. Both expansions must align with social-interest housing mandates that require 75 percent of new residential units to meet minimum habitable sizes. These overlapping rules add review steps that extend timelines for commercial components.
Next Steps for Developers
Investors are reviewing partial plans and UPZ fiches for each site before advancing further phases. The Cámara de Comercio de Bogotá continues to host sector briefings on compliance updates. Projects already in permitting will proceed under the current decree framework while new proposals incorporate the latest Transfer of Development Rights calculations.
This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.