The Directorate of Economic, Sectoral and Market Research of the Bancolombia Group released the balance of the real estate of the fourth quarter of the year 2021.
In this period, the real estate sector had a positive dynamic, especially the non-residential construction segment, whose income grew 26.3%, while the residential sector grew 21%.
(Read: In January, 21% more square meters were licensed than in 2021).
According to revenues for the construction sector, measured through Grupo Bancolombia’s channels, “for non-residential construction 2021 showed a recovery of 16.1% vs. 2019 and 31.2% vs. 2020, a dynamic that goes hand in hand with the growth of the area of construction licenses, which for 2021 grew 5.4% vs 2020 in regards to industry, offices, warehouses, commerce and hotels”, the group stated in the document.
However, the rebound in this increase was mostly derived from the warehouse demanda sector that reached 522,790 m2 in the main cities.
According to Grupo Bancolombia’s analysis, this impact is due to the dynamics of the manufacturing sector, which in 2021 grew 13.1%, in addition to the 14.5% growth in exports in free zones.
“We believe that in 2022 the demand for warehouses will present conflicting forces, although we think that the end of the year will be positive for the sector. On the one hand, we have the moderation in economic growth and a first semester of political uncertainty; however, issues such as the global logistics situation and the war in Ukraine can lead to the need for storage of raw materials to grow, which would require more space”, stated the document of the Group.
(What’s more: The keys to the good start of industry and commerce in 202two).
OTHER SECTORS
In the case of offices, the economic growth that is linked to the return to presence, specialists expect a greater demand for square meters in 2022.
“According to real estate funds, occupancy reaches levels between 50% and 60%, doubling the number of occupants in the second half of 2021. Biosafe and intelligent spaces will be key elements for the increase in demand and the return”.
On the other hand, shopping malls will end projects during 2022 for an approximate of 92,500 m2which will increase the demand for space after the 18% drop compared to the year 2019.
(Keep reading: Colombia converts US$341 million of multilateral loans to pesos).
However, with “the increase in construction costs and the possible shortage of materials would cause new projects to be postponed and investments to be directed to expansions of existing projects”, but the sector remains positive for the group.
Paula Galeano
