February 2021
Bogotá, Colombia
Real Estate
Service Proposal
Tenant Representation – Renewal
Market Overview
Understanding of the Requirement
Scope of Services
Our Experience
Our Team
Compensation Structure
Download Proposal
About us
Global presence
Colombia Portfolio
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management.
Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 92,000 as of Septemner 30, 2020.
Jones Lang LaSalle Limitada (Ltda), JLL, has been present in Colombia since 2000, with four business' lines: Transactions, Project and Development Services, Facilities Management and JLL Hotels.

JLL is the trade name, and a registered trademark, of Jones Lang LaSalle Incorporated
A Company
Fortune 500
With presence in +80 countries
R.E Professionals
JLL employees
Full Service Office
Key Markets
Bogota - Medelllin - Cali - Barranquilla -Bucaramanga
Global presence
Colombia overview
Awards and Recognitions
From all our accomplishments, we are proud of our team excellence, the opportunities for personal growth that we provide to our people, and the contributions we give to our communities.
  • The International Property Awards has named JLL the Best Property Consultancy in Central & South America eight years in a row between 2012 – 2020.
  • Latin America N°1 Real Estate Advisor and Consultant at the Euromoney Real Estate Awards 2016, 2018 and 2020
  • World's Most Ethical Company by Ethisphere twelve years in a row 2008 – 2020
  • One of the World's Most Admired Companies by FORTUNE magazine in 2008, 2015 – 2019.One of the Working 100 Best Companies by Working Mother Magazine, 2017, 2018 and 2019
  • LinkedIn Top Attractor - Where the world wants to work now, 2017, 2018 and 2019.
  • Fortune 500 since 2015.
Colombia Portfolio

Project and Development Services

Facilities Management

Portfolio Management/ Workplace
Transactions Services
Corporate Solutions
Exclusive representation and advisory for real estate strategic decisions.
Analysis and implementation through global integrated services.
Optimized search for commercial properties to lease or buy.
Analysis of alternatives, negotiation process and closure.
Asset Services
Landlord representation for commercial strategies creation and implementation.
Consulting & Valuation
Real estate consulting and market research.
Project Structuring, feasibilities and valuation.
Capital Markets
Representation of institutional and private investors.
Strategic processes to buy / sell assets.
COVID Impact
Bogota Office Market
Bogota Submarkets
Covid Impact | Office Market
The global pandemic marked a turning point for the office market. Uncertainty is extremely high and structural changes are expected to become noticeable in 2021 and beyond.
The end of the supply cycle, along with strict quarantines in the city resulted in the lowest production in the last decade, a trend that will only revert after 2023.
Total absorption entered negative territory, due mostly to small and mid size companies forgoing office space and a freeze on new leases by large firms, while they are all reconsidering the use of their spaces.
In 2020, an unmatched environment of uncertainty and a sudden revision of corporate life models pushed the vacancy rate to the highest level since 2017.
The very few lease acquisitions that closed in 2020 showed stable rents compared to 2019. Nonetheless, JLL forecasts market prices to fall in 2021, as a result of higher vacancy, low demand and users' greater negotiation power.
We expect a slow recovery of the market towards 2023, reflecting an adjustment to a post-pandemic scenario in which a hybrid model combining Home Office and Office Work will be more widely adopted.
Bogota | Office Market
The Colombian capital is the fourth largest market in Latin America, behind Mexico City, Sao Paulo and Santiago. Its office market is composed of nine sub-markets that encompass nearly 2,700,000 sqm investment-grade space.

The city's traditional business district is known locally as El Norte, and contains the following sub-markets: Avenida Chile, which spans the traditional financial district and represents 8% of the total office stock; Andino/Nogal, Bogota's main retail district with 8%, Chico, the largest submarket in the city with 15%; Calle 100, the commercial corridor stretching from Carrera 7 to Autopista Norte with 10%; and finally, Santa Barbara, the CBD's northernmost area with 13%. Overall, El Norte comprises 54% of the market's stock.

The areas not included in El Norte are known as "decentralized areas". This category includes all other submarkets: Centro Internacional, the city's historic downtown, with 5% of the stock; Salitre and El Dorado, which lie along Avenida El Dorado and contain 15% and 12%, respectively; and, finally, 14% of the stock under the "Other" category, is spread across Bogota in nonconsolidated parts of the city. During the last decade, the newer and non-traditional submarkets were the fastest growing: While these "decentralized areas" contained only 24% of the total stock in 2009, in 2020 they reached 46%.
$65,000 – $92,000 m2/ month
Rents CBD – Prime
$51,000 - $77,000 m2/ month
Rents CBD – Non Prime
$55,000 - $80,000 m2/ month
Rents Decentralized – Prime
$45,000 - $64,000 m2/ month
Rents Decentralized – Non Prime
2,695,141 m²
Q4, 2020 Total Stock
Q4, 2020 Vacancy Rate
-75,350 m²
Q4, 2020 Net Absorption
Bogotá | Office Market
Central Business District
Santa Bárbara (13%): An extensive high-income area that is located between Calle 100 and Calle 127.
BT offices are located in this submarket

Calle 100 (10%): A primary commercial corridor with several large-scale properties.

Chicó (15%): A high-income area located between Calle 90 and 100. Much of the stock here is composed of smaller buildings with small floorplates, due to high density and zoning laws that restrict building height.

Andino/Nogal (8%): A high-income area anchored by three shopping malls: Andino, Retiro, and Atlantis.

Avenida Chile (8%): The city's financial district, located along and around Calle 72.
Centro Internacional (5%): Bogotá's old downtown where the oldest buildings can be found; consists mostly of older Class B and C properties that are poorly maintained and have many landlords due to a Strata Title ownership structure.

Salitre / Dorado (27%): The city's primary growth sector along the Calle 26 (Eldorado Avenue), which connects Centro Internacional to the El Dorado Airport. Salitre contains several large-scale, quality properties with large floorplates and reasonable rents in a less consolidated area.

Others (14%): Is spread across the city in nonconsolidated parts of the city.
Understanding of the Requirement
BT has 3 leases with 3 different landlords in the Teleport building for a total area of 296.31m2. BT is looking to renew the leases to negotiate rent and align the termination dates of the agreements.
Office 1013: October 6th, 2021. 3 months prior notice not to renew.

Office 1014: January 31st, 2022. 3 months prior notice not to renew.

Offices 1015 – 1017: December 31st, 2021. 6 months prior notice not to renew.
Teleport Tower A, Bogota, Colombia
Termination date
Non Competitive Renewal
Competitive Renewal
Non-Competitive Renewal
1 week
Identify & Analyze
1 weeks
3 – 4 weeks*
Legal Negotiation
4 – 6 weeks*
1. Understanding of the requirement.

2. Advise on local market standards and practices.

3. Provide overview of the current market conditions.
1. Provide a report on existing real estate market alternatives that are considered comparable.

2. Analyze current property conditions with the comparable properties.

3. Define commercial strategy for negotiation.
1. Develop lease renewal non-binding LOI.

2. Issue LOI to current Landlord.

3. Follow up with current Landlord to secure delivery of responses.

4. Issue required counter offers to current Landlord and conduct required negotiations to secure best possible final terms.

5. Finalize negotiations with current Landlord and arrange execution of LOI, if required.
1. Request initial lease/amendment drafts to the Landlord.

2. Review lease draft provided and deliver comments for client's legal advisor review.

3. Closely cooperate with the legal advisors to proceed with draft revision and required legal negotiations; participate in all legal discussions.

4. Support final document execution.
* Times may change according to internal approval process
Competitive Renewal | New Lease Acquisition
Evaluate /
Validate Requirement
1 week
Identify & Analyze
3 weeks
3 – 4 weeks*
Legal Negotiation
4 – 6 weeks*
1. Understanding of the requirement.

2. Advise on local market standards and practices.

3. Provide overview of the current market conditions.

4. Provide a report on existing real estate market alternatives and likely future trends to identify all potential properties considering search criteria previously defined.
1. Survey of options "Initial Options Report".

2. Conduct site visits to the potential sites for relocation.

3. Selection of key sites / shortlist.
1. Preparation and submission of nonbinding Letter of Intent – LOIs

2. Negotiate 2-3 final prospects in parallel.

3. Evaluation of key sites (qualitative vs. quantitative).

4. Issue required counter offers and conduct required negotiations to secure best possible final terms.

5. Finalize negotiations with current Landlord to renew the lease or with new landlord for relocation and arrange execution of LOI, if required.
1. Request initial lease/amendment draft to the Landlord.

2. Review lease draft provided and deliver comments for client's legal advisor review.

3. Closely cooperate with the legal advisors to proceed with draft revision and required legal negotiations; participate in all legal discussions.

4. Support final document execution.
* Times may change according to internal approval process
Relocation process that ends up into a lease renewal
Our Experience
Our Experts: Tenant Representation
Jean-Baptiste Wettling
Colombia Office
Mr. Wettling heads JLL's transaction activities in Colombia, with focus in Agency Leasing, Tenant Representation, Capital Markets, Consulting and Research.

He is based in Jones Lang LaSalle's Bogota office and has fifteen years of experience in the region. During this time, Jean Baptiste has completed several assignments for clients such as Apple, Cisco, JP Morgan, Microsoft, HSBC, Google, Xerox, Motorola, MSD, Verizon, Adidas, among others.
Mr. Wettling graduated in business management and international trade from Reims Management School in France and is fluent in French, Spanish and English.
Cindy works in transactions for Colombia. Her focus areas are Tenant Representation and Digital Marketing Strategies. She joined JLL's Bogota office in May 2017.

With 9 years of experience working in real estate segment in companies such as OPAIN and Terranum, Cindy has been involved in different real estate activities including client relationship management (tenants and landlords) and transactions for clients such as Globant, McCann, 24 – 7 Intouch, EXL, GSK among others.
In 2009, Ms. Suarez graduated in International Business Management from Universidad de La Sabana and Executive MBA from Politecnico di Milano. She is fluent in Spanish and English.
Cindy Suarez
VP Corporate Solutions Colombia Office
Natalia Ruiz Martinez
Colombia Office
Natalia works in the transactions division at JLL Colombia. She specializes in tenant representation and has been a part of the JLL team since September 2018.

During this time, Natalia Ruiz has completed several assignments for clients such as Red Hat, Hopper, Cardinal Health, Spectrum Brands, Huge, Stryker, among others.
In 2017, Natalia was an intern for Procter & Gamble in Panama as a Market Analyst.
In March 2018, Natalia graduated from Universidad del Norte, with a bachelor's degree in International Business.
Her first language is Spanish, understands Portuguese and is fully fluent in English.
Compensation Structure
For renewal assignments tenant is responsible for the payment of broker fees as follows:

• Non competitive renewal: 1 month net rent
• Competitive Renewal: 2 months net rent
• New Lease Acquisition: 2 months net rent
In the event that the Competitive Renewal project ends up in a New lease acquisition, the landlord is responsible for the payment of broker fees of 2 months net rent. JLL will make every attempt to collect this fee from the landlord. In the event that the landlord is unwilling to pay, the tenant will cover any shortfall to achieve the full market fee.

All fees are subject to local VAT (19%).
Renewal - New lease acquisition fees are subject to a minimum fee of USD 15,000 considering that the renewal negotiation will be with 3 different landlords.
Terms and conditions
Tenant Representation
1) Jones Lang LaSalle shall be contracted on an exclusive basis to manage the activities for the Client concerning the Tenant representation services for a period of twelve (12) months. This Agreement may be renewed for an additional six-month (6) period, if mutually agreed to by Client and Jones Lang LaSalle in writing. All prospective office spaces presented directly to Client if by any other party, or who contact Client directly, will be directly passed over to Jones Lang LaSalle and will be considered as a prospective buyer and/or space presented by Jones Lang LaSalle.

2) If, in the sole opinion of Client, Jones Lang LaSalle is not providing the services as described above, Client may rescind this agreement provided it advises Jones Lang LaSalle in writing with thirty (30) days' notice with no indemnification or reimbursement of costs and expenses whatsoever.

3) The additional costs for marketing materials will be paid directly by the client, once the client has approved them.

4) If upon termination of this agreement by any cause no contract for new facilities has been completed however, a contract is completed within a period of twelve (12) months after termination with any prospective building presented by Jones Lang LaSalle, then, Jones Lang LaSalle will be entitled to receive the fees stipulated above under the same terms and conditions. For purposes of this clause upon expiration Jones Lang LaSalle shall provide a list of its prospective buildings.

5) Professional services such as legal, engineering and architectural services are not part of this proposal. If these services are required during the process, they will be contracted directly by Client on a separated agreement.

6) This agreement shall be governed by, and construed in accordance with, the laws of Colombia applicable to agreements made and fully to be performed therein by residents thereof. Any controversy or claim arising out of or relating to services covered by this letter or hereafter provided by us for the Company or at its request, shall be submitted first to voluntary mediation, and if mediation is not successful, then to binding arbitration. Judgment on any arbitration award may be entered in any court having jurisdiction in Colombia.

7) Jones Lang LaSalle will keep absolute confidentiality, not disclosing any information on the Client, especially the terms and conditions of the negotiations to be undertaken during this assignment.