Headwinds Mount for Bogotá's Commercial Development Sector This Year

Rogers Stirk Harbour + Partners unveiled plans for the ATRIO mixed-use towers in central Bogotá, with heights of 200 metres and 268 metres enclosing more than 250,000 square metres of office, retail and public space. The announcement arrives as the city's class A office market shows signs of reactivation but still operates under vacancy pressure.

Office corridors show mixed signals

The 9.9 percent vacancy rate recorded in recent data reflects a market that absorbed 23,950 square metres in the second quarter of 2025. At the same time, 130,892 square metres of new class A space remain under construction along corridors such as Calle 100 and Salitre. These figures indicate that supply continues to outpace immediate demand in key submarkets.

Financing remains a central constraint. Centro Comercial Plaza de las Américas obtained a COP 220 billion long-term loan from Banco Davivienda to fund its southwest Bogotá expansion, a step that highlights the scale of capital required for major retail upgrades. Developers must secure such facilities amid elevated borrowing costs and slower leasing velocity.

Retail expansions proceed on long timelines

Chilean developer Parque Arauco committed $81 million to add two floors and roughly 20,000 square metres at Parque La Colina Mall, with completion set for 2030. The extended schedule illustrates how even committed projects stretch across multiple years while consumer spending and footfall recover unevenly.

These retail and office initiatives form part of broader efforts, including the new Bogotá Airport City strategy launched after El Dorado recorded 45 million passengers in 2024. The strategy seeks to leverage logistics growth, yet it too depends on sustained private investment at a time when absorption rates remain modest.

Market participants will track net absorption figures and construction starts through the remainder of 2026. Those monitoring vacancy trends and loan availability can adjust leasing strategies and phasing decisions accordingly as the data continue to arrive.

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.