November 2021
Bogota, Colombia
Tenant Representation
Our Firm & Team
Tenant Rep - Process
Case Study
Market Survey
Compensation Structure
Our Firm
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
Our Team
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 heads up our Tenant Representation team in Colombia providing transaction services for corporate client Since joining the Corporate Solutions business in 2017, Cindy has been dedicated to servicing the needs of our large corporate clients. She supports the entire transaction from inception up to completion.

Cindy has 9 years' experience working in the commercial real estate industry; prior to joining JLL she worked for companies such as OPAIN (El Dorado International airport) and Terranum, the largest real estate developer in Colombia. During this time Cindy has worked on the office assets side and had the opportunity of representing landlords as well as tenants. This experience gives her a unique insight and an advantage to our occupier clients when it comes to negotiating & strategizing on their behalf.

Almost 30.000 sqm negotiated on behalf of corporate clients during 2019-2020.
Cindy Suarez
VP Corporate Solutions Colombia Office
Natalia Ruiz Martinez
Colombia Office
Since joining the Corporate Solutions business in 2018, Natalia has been focused on supporting the day to day of the corporate clients.

She has supported transactions from beginning to end, being accountable for critical transaction stages such as negotiations with the landlords and legal review – execution of the documents.

Since the beginning of her career at JLL as an analyst, she has shown a high level of commitment and excellence on the execution of each project.

I Before joining JLL, Natalia was an intern for Procter & Gamble in Panama as a Market Analyst. She also took part of volunteer projects including an abroad experience with an NGO in Brazil. During that time, Natalia developed the ability to work on multiple projects simultaneously driving results for each one of them.
Tenant Representation
Evaluate /
Validate Requirement
1 week
Identify & Analyze
3 weeks
3 – 4 weeks*
Legal Negotiation
4 – 6 weeks*
* The schedule is subject to changes depending on internal approval process
a. Advise on market standards & practices.
b. Understanding of the requirement to kick of the search.
a. Survey of options "Initial Options Report".
b. Site visits.
c. Selection of key sites / shortlist.
a. Preparation and submission of non binding Letter of Intent – LOIs for lease acquisition.
b. Negotiate 2-3 final prospects in parallel.
c. Evaluation of key sites (qualitative vs. quantitative).
d. Summarize and validate information received.
e. Recommendations.
a. Support lease agreement review.
b. Ensure terms & conditions negotiated are incorporated on the lease.
c. Support final document execution.
Permanent​ Solution Process​ - 11 – 14 weeks*
Project Timeline
Evaluate Requirement
Identify and Analize Alternatives
Commercial Negotiation
Legal Negotiation
1. Understanding of the requirement to jointly define search criteria.
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 and likely future trends to identify all potential properties considering search criteria (Traditional or Flex Space)

2. Negative selection of the properties provided in the market survey, identifying properties for inspection.

3. Conduct required visits.

4. Negative selection to identify Initial Short-List.
1. Develop lease acquisition non-binding LOIs.
2. Issue LOIs to the Landlords/Owners/Brokers of Short-Listed properties.
3. Follow up with the Landlords/Owners/Brokers to secure delivery of proposals.
4. Qualitative analysis of the properties on the initial short-list.
5. Financial analysis of offers using discounted cash flows.
6. Re-confirm the Short-List of properties.
7. Issue counter offers to the Landlords/Owners/Brokers of short-listed properties.
8. Continuous update of the qualitative and financial comparison reflecting up-to-date information on the short-list properties as well as negotiation results.
9. Conduct required negotiations to secure the best possible offers.
10. Finalize negotiations and arrange execution of LOI, if required.
1. Request initial lease drafts from the Landlord/Owner/Broker.

2. Review provided lease draft 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.
Case Study: Tenant Representation Services
Client: Confidential
Timely and high-quality deliverables

JLL facilitated the communication during negotiation between a sophisticated tenant and landlords in a market where sophistication started 10 years ago.

Constant market monitoring to identify opportunities for the customer
21 years of market presence

Market knowledge

Strong commercial relations with developers, investment funds and institutional landlords.

100% team involvement in the process and high levels of collaboration with the account team.
JLL conducted the Tenant Rep process providing in each stage of the process complete information to the customer to make informed decisions.
JLL Involvement
Fortune 10 company exploring for a couple of years Latin-American countries to deploy its market entry strategy to support its expansion plans out of APAC. After several attempts and strong competition with other Latin-American countries the list was narrowed to Colombia. After understanding customer objectives and expectations while partnering with probusiness agencies in the country, the customer decided to focus its efforts on Bogota.
During Covid-19 outbreak, BPO industry continued to be active, and opportunities were clearly identified which motivated the customer to set up its operations sooner rather than later. This project was deployed in 2 phases: A temporary solution of 500 seats while in parallel negotiations for the permanent site were conducted (6,000 sqm + future growth).
The project
The process took place during Covid-19 outbreak when international travelers were banned – JLL team played a crucial role representing customers interests and guaranteeing the space selected was the right option for them considering the customer was unable to travel to the country.

The end of the supply cycle, along with strict quarantines in the city resulted in the lowest production in the last decade which resulted in a limited market offer for large areas.
Understanding of the Requirement
Recommended Options
Back Up Options
Understanding of the Requirement
Shopee is looking for an office space to enter Colombia.
Shopee will be temporarily in a WeWork office from Q1,2022 until August 2022 when they would be moving to a permanent office of 2,500 – 3,000sqm with a potential future growth up to 10,000 sqm

Move in date to permanent office: August 2022.

Bogota, Colombia
Traditional Space - Alternatives
Calle 93
Calle 93 2nd Floor
Calle 93 Typical Floor Plan
Ecotek 15
Ecotek 15 Typical Floor Plan
Terranova 93
Terranova 93 3rd Floor
Terranova 93 4th Floor
Terranova 93 5th Floor
Terranova 93 2nd Floor
NAOS Typical Floor Plan
NAOS 5th Floor
Torre Sapiencia
Torre Sapiencia Typical Floor Plan
Torre AR
Torre AR Typical Floor Plan
Usaquen Plaza
Usaquen Plaza 3rd Floor
Usaquen Plaza 5th Floor
Compensation Structure
New Lease Acquisition:
As per market practice, JLL's fee will be payable by the Landlord after successful completion of the transaction. Though some differences may apply, the standard remuneration equals not less than two months of rent.

Fee at risk: 25%

The KPI's will be agreed upon with the client based on the main goals and objective (timing, rent, lease flexibility... etc). If JLL does not meet the KPI, either the portion at risk will be paid by JLL to Shopee from the fees received from LL or discounted by JLL from the fee due by Shopee.

All fees are subject to local VAT (19%).
Office Market Overview
Tech Companies Map
Local Market Practices
Office Market Overview
Bogota's office market
Tech Companies
Bottoming market
Rising market
Falling market
Peaking market
Rents – Prime
62,000 – $83,000 m²/ month USD $16.1 – $21.6 m²/ month
Rents - Non Prime
COP $47,000 - $68,000 m²/ month
USD $12.2 – $17.7 m²/ month
Q2, 2021 Total Stock
2,663,750 m²
Q2, 2021 Vacancy rate
Q2, 2021 Net Absorption
-45,000 m²
Market Overview
Bogota's office submarkets
Santa Bárbara: An extensive high-income area that is located between Calle 100 and Calle 127.

Calle 100: A primary commercial corridor with several large-scale properties.

Chicó: 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: A high-income area anchored by three shopping malls: Andino, Retiro, and Atlantis.

Avenida Chile: The city's financial district, located along and around Calle 72.
Salitre: It includes the area on Avenida El Dorado (Calle26), from Avenida Ciudad de Cali to the NQS. Salitre contains some large-scale, high-quality properties, with large plants and reasonable rents.

El Dorado: A submarket that is seeing rapid growth. Located near El Dorado International Airport, this submarket has several large-scale developments that offer efficiency and economy.

Centro Internacional: 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.

Others: Any other building that is not in any of the above sub-markets is considered in this category.
Tech Companies Map
Local Market Practices Traditional Offices
JLL Colombia
+57 1 744 1410
Jean-Baptiste Wettling
JLL Colombia
Cindy Suarez
VP Work Dynamics
JLL Colombia
Natalia Ruiz
JLL Colombia