In a March 2016 report, JLL reviewed the metrics of the major office markets of Colombia. In spite of falling prices for commodity exports, El Niño-related droughts that have curbed production of hydro-electric power and food, and ongoing security challenges, the economy appears set to grow by 3% in 2016 – having risen by that amount in 2015. JLL notes that the stock of office space at the end of 2015 in the Colombian Caribbean cities of Cartagena, Barranquilla and Santa Marta amounted to 181,000 square metres, with a vacancy rate of 26.8%. Absorption and supply of office space during 2015 were, respectively, 9,000 square metres and 44,000 square metres. Class A rents are COP45,000-60,000 per square metre per month, while Class A/B rents are COP35,000-55,000 per square metre per month.

Source : JLL/Mar 2016/Cartagena/OFF