October 2021
Bogota, Colombia
Tenant Representation
Our Firm & Team
Office Market Overview
Flex Space Overview
Local Market Practices
Market Survey – Flex / Traditional
Tenant Rep - Process
Track Record
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
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.
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
Office Market Overview
Bogota's office market
Rents - Non Prime
$47,000 - $68,000 m²/ month
USD $12.2 – $17.7 m²/ month
Rents - Prime
$62,000 - $83,000 m²/ month
USD $16.1 – $21.6 m²/ month
Tech Companies
Q2, 2021 Total Stock
2,706,533 m²
Q2, 2021 Vacancy Rate
Q2, 2021
Net Absorption
-79,288 m²
Bottoming market
Rising market
Falling market
Peaking market
Market Overview
Bogota's office submarkets
Santa Bárbara (13%): An extensive high-income area that is located between Calle 100 and Calle 127.

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

Chicó (16%): 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 (7%): The city's financial district, located along and around Calle 72.
Centro Internacional (3.5%): 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%): 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.

Others (15.9%): Any other building that is not in any of the above sub-markets is considered in this category.
Flex Space Overview
Colombia's flex space inventory totals 124,100 sqm, of which 81% is managed by WeWork.
Before the COVID-19 pandemic sparked a global conversation about flex spaces within the real estate industry, Colombia had already welcomed the dynamic office solutions nearly a decade ago. Today, the flex space market is 16 times larger than it was seven years ago in three major Colombian cities - Bogotá, Medellín and Barranquilla.

Although the number of openings decreased by half from 2020, the flex space market in Colombia continued to grow in the first half of 2021, reaching 28 operating centers that span 124,100 sqm. Bogotá, which is Colombia's largest office market (64% of the country's office inventory), accounts for 72.5% of the nation's available flex space.

The majority of the flex space centers are located in the city's Central Business District (CBD), while 30% are in decentralized areas. More flex space centers have recently opened in decentralized areas to meet the flight-to-flex demand for satellite offices. Meanwhile, the CBD saw two centers close in 2020, partly due to the buildings' standards not being aligned with the flight-to-quality tendency.
Understanding of the Requirement
Flex Space
Understanding of the Requirement
Shopee is looking for an office space to enter Colombia. The opening will be phased, looking initially at a flex space office aiming to move to a permanent office afterwards. The timeline for these phases is the following:

• Q4, 2021: 50 seats.
• Q1, 2022: 100 seats.
• Q2, 2022: 150 - 200 seats.
• Q3, 2022: Move to a permanent office.

Q4, 2021 – Q3, 2022.

Bogota, Colombia
Comparative Matrix
1. WeWork Calle 100
2. WeWork Usaquen
3. IWG– 80 11 Spaces
Cortezza 93
OXO 94
BIK Tower
Torre AR
Usaquen Plaza
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.
From project’s kick off until lease commencement date for phase 1 (Q4)
Temporary Solution Process
Validate Requirement
Identify & Analyze
Legal Negotiation
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.
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.

For the serviced offices, the market fee will be payable by the provider upon completion of the transaction. Though some differences may apply considering lease term, the standard remuneration is 10% of the first year of the lease.

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.

All fees are subject to local VAT (19%)
JLL Colombia
+57 1 744 1410
Jean-Baptiste Wettling
JLL Colombia

Cindy Suarez
VP Work Dynamics
JLL Colombia

Natalia Ruiz
JLL Colombia