November, 2022
Bogota, Colombia
Tenant Representation
Services
Our Firm & Team
Industrial Market Overview
POT Analysis
Alternatives
Local Market Practices
Our Firm
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 100,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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
92.000
R.E Professionals
102+
JLL employees
Full Service Office
Bogota
Key Markets
Bogota - Medelllin - Cali - Barranquilla -Bucaramanga
Global presence
Colombia overview
Our Team
Diana Urueña leads the industrial and logistics team for JLL Colombia. She is based in Bogotá and has worked for JLL since 2019. The team is responsible for all aspects of industrial real estate including site selection, valuations, acquisitions, dispositions, leasing, development and consulting, covering Colombia's major industrial markets. Diana is a specialist in her field and in her almost 20 years of experience has delivered transactions on behalf of clients such as Lafargholcim, DHL Forwarding, Jumex, Colchones Rosen, Altipal, Bimbo de Colombia, Quala, Multialambres, Truper, Schlumberger Surenco, Elster, Provefralerías, Almaviva, Alpopular, Fedex Colombia, Vision and Marketing, Amcor Pet Packaging, Freundenberg and Dispapeles across all transaction types. Diana holds a degree in marketing and advertising from Politécnico Gran Colombiano, Bogotá with a second degree in Logistics Management from Sabana University. She speaks Spanish and is competent in English.
Senior Industrial Broker
Colombia Office
Diana Urueña
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.
Consultant
Colombia Office
Natalia Ruiz Martinez
VP Work Dynamics
Colombia Office
Cindy Suarez
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.
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.
Director
Colombia Office
Jean-Baptiste Wettling
Market Overview
Bogotá's industrial submarkets
North: Includes the municipalities of Tocancipá, Cajicá and Gachancipá. Land suitable for industrial use with high environmental impact. Some sectors with a presence in the area are cosmetics, alcoholic beverages, industrial and institutional oxygen, food, among others.

Calle 80: Includes the municipalities of Cota, Funza and Tenjo. The proximity to Bogotá and the lack of tolls make the area attractive for logistics processes.

Funza – Cota: This submarket is located in the middle of two important entrances to the Capital, this makes this area suitable for logistics processes. The value per square meter in this area is lower than Calle 80 due to the toll payment.

Calle 13: Corridor located on both sides of the western end of Calle 13, the most important freight corridor in the city and in the country.

Fontibón and Álamos: Its proximity to El Dorado International Airport, its location within Bogotá, and the ease of obtaining skilled and unskilled labor makes it a sought-after area.

Montevideo, Puente Aranda and Zona Industrial: Central areas within Bogotá, surrounded by several access roads, public transport and all the conditions for Logistics processes.
Bogotá's industrial market
The city's total inventory is close to 12,700,000 sqm including speculative logistics parks and industrial parks as well as owner-occupied warehouses and factories.


JLL analyzes a sample of the industrial market which is made up of around 5,300,000 sqm of quality logistics/industrial supply from Class AAA to Class C, not including owner-occupied warehouses.


In Bogota, urban inventory is located in the submarkets of Fontibón, Montevideo, Puente Aranda and Álamos. Due to the location within the urban area and the high value of the land, these submarkets present the highest rents in the city despite their age and their low standards of design and operation.
Montevideo POT
In Colombia, municipalities are mandated to enact land use master plans (POT for its acronym in Spanish). These plans have a long-term view and define both land use policies and zoning regulations that public and private owners and developers must follow. In Bogota, the first POT was adopted in 2000, then revised in 2004, 2013 and again in December 2021.
The zoning regulations include allowed uses and building potential (floor-area ratio and height), which include development "burdens", such as mandatory allowances for public space, community facilities, primary and local roads, local utilities networks, and social housing. The financial viability of a real estate project depends mostly on the balance between the cost of these burdens and the expected sales or rent revenues.
In Bogota, the new 2021 POT defines the building potential and "burdens" through five categories of Treatments (Tratamientos):
  • New development (Desarrollo): It is assigned to properties that have not yet been "urbanized", this defined as the development of roads, parks, public buildings, and other infrastructures necessary to enable land to be subsequently built.
  • Urban renewal (Renovación): It is determined in already developed areas that have suffered urban decay or that may be in the influence area of great infrastructure projects. This Treatment is intended to promote a large amount of built area in exchange of a series of proportionally imposed "burdens". In some cases, this re-development needs the consolidation of parcels, by using local Master Plans.
  • Consolidation (Consolidación): It is assigned to stable zones, where the city has developed in a planned manner, allowing a moderate building area densification.
  • Heritage Conservation (Conservación), which is assigned to historical buildings or neighborhoods
  • Urban improvement (Mejoramiento Integral), which is suited for slums subject to public infrastructure and housing upgrading.
Also, POT determines the use zones through five Activity Areas, which define the diversity of uses permitted in a given zone:
  • Large metropolitan services (Grandes servicios metropolitanos): Typically, assigned to great commercial or institutional areas, usually big scale projects. This areas promote a high mix of uses and big projects, discouraging the replacement of economic activities for housing.
  • Intense use mix (Estructurante receptora de actividades económicas): Typically, they area corridors in which is desirable to enhance economic activities, to improve convenience commerce and services for medium to low-income neighborhoods.
  • Intense use mix & social housing (Estructurante receptora de Vivienda de interés social): Corridors with high use mix, in medium to high-income neighborhoods, where the POT promotes social housing in order to enhance socioeconomic mix.
  • Moderate use mix with insufficient public infrastructure (Proximidad receptora de soportes urbanos): Areas where the residential use prevails, and which are medium to low-income neighborhoods, typically in the periphery, in need of urban improvement.
  • Moderate use mix with economic activity and public facilities (Proximidad generadora de soportes urbanos) Areas where the residential use prevails, usually medium to high-income neighborhoods, where the economic activity and new public facilities are encouraged.
Location regarding Bogota's Land Use Master Plan
According to Unit N° 30, the warehouse has been assigned Urban Renewal Treatment, which seeks great building potential, and a Large Metropolitan Services Activity Area, which encourages mixed uses.
The warehouse is located in Montevideo, a traditional industrial and logistic area. The current POT divided the city in 33 planning units with specific plans for each of them, to facilitate the zoning consultation.
Activity Areas – allowed uses
The types of uses and specific environmental and urban mitigation measures are defined through the Activity Areas mentioned before. Some of these privilege residential uses, others promote mixed use or large buildings (public facilities, commercial and industrial). In order to develop any of the uses indicated below, the Land Use Master Plan (POT) requires compliance with certain environmental and urban "mitigation" measures, such as noise control, indoor parking, odor control, etc., which are detailed in the POT decree.

The Warehouse is located in Large Metropolitan Services activity area, which privileges commercial, industrial and logistic uses, and public facilities, while allowing a wide range of other uses and some special conditions, since this has been a traditional industrial area:
Given the present conditions, there is a wide range of uses which can be developed in the property. Although housing is included as a permitted use in this zone, the specific regulations for this use have not yet been issued; hence, at this moment it is not possible to develop residential use.
Treatment – building potential
As mentioned before, the building potential and the "burdens" are determined through Treatments. For the property, the assigned treatment is Urban Renewal, which allows for a large increase of built area proportionally to the impositions of burdens, in this case:
According to the POT, some areas in the city require a further zoning regulation besides Treatments and Activity Areas, called Strategic Operations. There is a term of 6 years for them to be issued by the city (until December 2027). The property is located inside the Montevideo Strategic Operation.
a) A portion of the parcel for public space allowance in-situ (see the table below).
b) Money payment to the city to finance public space, water and sewage networks.
c) Money payment to the city, to finance social housing in other areas of the city.
Both payments are calculated using a methodology included in the POT decree.
The subsequent Strategic Operation regulation is needed in order to access the possibility of buildable area above the basic 1.3 floor-area ratio. Therefore, in the present conditions, the actual building potential is restricted to 2 storeys, until the Strategic Operation regulation is enacted.
Alternatives
Navigation tips: To view a table with the characteristics of each alternative, click on the round icons located in the map.
To return to the complete comparative table of all the alternatives, click on any sector of the map.
Local Market Practices
Colombia
Contact
JLL Colombia
+57 1 744 1410
Jean-Baptiste Wettling
Director
JLL Colombia

Jean.Wettling@am.jll.com
Cindy Suarez
VP Work Dynamics
JLL Colombia

Cindy.suarez@am.jll.com
Natalia Ruiz
Consultant
JLL Colombia

Natalia.ruiz@am.jll.com