Average rental costs for retail real estate in Colombia 2022-2023, by city
Bogotá had the highest average monthly rent for retail real estate among the major cities in Colombia in 2023. In the second quarter of the year, the average monthly rent was approximately 113,000 Colombian pesos per square meter. Medellín followed closely, with an average monthly rent of over 99,000 Colombian pesos per square meter. Out of the four markets under observation, Bogotá was the only one where rents increased between the second quarter of 2022 and the second quarter of 2023.