2022
Bogota, Colombia
Tenant Representation
Services
Our Firm & Team
Tenant Rep - Process
Office Market Overview
BPO Map
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 95,000 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
Jean-Baptiste Wettling
Director
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
Consultant
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
Alternatives
3 weeks
Commercial
Negotiations
3 – 4 weeks*
Legal Negotiation
Closure
4 – 6 weeks*
01
02
03
04
* 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.
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.
Office Market Overview
Bogota's office market
Bottoming market
Rising market
Falling market
Peaking market
Q4, 2021 Total Stock
2,754,905
Q4, 2021 Vacancy rate
13.4 %
Q4, 2021 Net Absorption
33,997 m²
Rents CBD – Prime
USD 16 – 21 m²/ mont
COP$68,000 – $92,000 m²/ month
Rents CBD – Non Prime
USD 13 – 17 m²/ month
COP$58,000 - $70,000 m²/ month
Rents Decentralized - Prime
USD 13 - 18 m²/ month
COP$58,000 - $76,000 m²/ month
Rents Decentralized – Non Prime
USD 10 – 13 m²/ month
COP$45,000 - $56,000 m²/ month
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 Industry Map
Local Market Practices Traditional Offices
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