globe retail outlook data

 

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Overview

What's Typical

Term

Any length, 5 years typical

Breaks

Negotiable, usually with a penalty fee

Renewals

Negotiable

Rent basis

Net

Free rent

Between 1 to 3 months for fit out is common (depends on the size of the space)

Escalation

Indexed to Colombia's CPI with cap

Security

1–3 months typical

Fit-out

Tenant pays

Tenant’s broker

Landlord or tenant pays

Right to sublet

Negotiable

Transparency

Limited

Language

In Spanish

Broker licensing

Not required

Ownership

Most office buildings are condominiums (multi-landlord)

Notary

Leases must be notarized

Efficiency

92% approx; rentable area = usable area

Offices

Bogota +571 4918783

Reports

Contact Us

John Alexander Arévalo Market Research Manager +571 5185255 | John.arevalo@cbre.com

Robert Gilmore Area Director, LAC +1 305 779 3146 | robert.gilmore@cbre.com