In the second half of 2024, Medellín recorded the entry into operation of an office building for the first time in three years. This, together with occasional reductions in the occupied area, led to an increase in the vacancy rate to 6.1% compared to the 2.7% observed at the end of 2023.
Medellín's office market has maintained one of the lowest vacancy rates in Latin America over the last five years, averaging 5%, while rents grew by 32% over the same period. Demand combines Antioquian business conglomerates and a growing number of international companies attracted by the availability of human capital and the quality of life in the city.