INDUSTRIAL PARKS AND WAREHOUSES: A GROWING MARKET
The industrial market in Colombia has been evolving towards better spaces, characteristics and practices to consolidate specialized industrial zones in the large cities of the country.
During the last 2 years, a greater number of logistics spaces have been registered, built and also made to measure, as well as a high potential for large industrial locations.
“The costs per square meter in 2019 for industrial zones in Colombia depend on the type of development. There are constructions with very specific adaptations, custom-made projects that sometimes require greater resistance of floors, heights, specialized security systems, insulation, etc. However, the average prices for traditional warehouses are around $ 1,300,000 per square meter, without taking into account the land, “said David Castro, a specialist in industrial real estate at CBRE Colombia.
A few years ago, the majority of owners developed industrial spaces with an average standard, hoping to meet the need for the area and rent in the short and medium-term, which eventually caused a significant oversupply and a drop in prices and profitability in the main cities of Colombia.
As of 2019, Bogotá has the highest concentration of industrial parks with an inventory of 4.2 million square meters, followed by Barranquilla with 1 million, Medellin with 715,000 square meters and Cali with approximately 600,000 square meters.