Similarities and Differences Among Offices in Major Latin American Cities

In Latin America, cultural and economic similarities, among others, are clearly reflected in the workplace. This becomes even more evident in the corporate real estate market, where, according to SiiLA Market Analytics data, the region's major cities — São Paulo, Mexico City, and Bogotá — display similar patterns in occupancy, vacancy, and tenant profiles, revealing a regional dynamic that transcends borders. 

São Paulo and Mexico City, in addition to having similar population densities, show comparable socioeconomic indicators. São Paulo has a population density of 7,500 people per square kilometer, totaling 11.4 million people. In Mexico City, this figure is similar, with 6,100 inhabitants per square kilometer, or 9.2 million people in the entire city. 

In Bogotá, the numbers are smaller: the Colombian capital has 7.4 million people and a population density of 4,500 inhabitants per square kilometer. These data are from IBGE (São Paulo), INEGI (Mexico City), and DANE (Bogotá). 

SiiLA's monitoring revealed that São Paulo (SP) has a vacancy rate of 21.9%, while Mexico City (CDMX) has a rate of 21.06%. The proximity and similarity of the data are also present in the profile of the largest tenants, with companies in the financial sector representing 21% in SP and 16% in CDMX. 

Bogotá shows lower figures than the two cities: the Colombian capital has a vacancy rate of 9.6%, with an office stock of 3.1 million square meters, a figure far lower than the 8.8 million square meters in both São Paulo and Mexico City. 

In the Colombian capital, government agencies have a strong presence, with public administration and services companies occupying the largest area (15%), reflecting the fact that the city is the capital of the country.