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%.