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Boro Centro Comercial, located at Calle 170 # 15-60 in the Usaquén locality of northern Bogotá, functions as a neighborhood shopping center catering to the affluent residential communities in the area. Opened in the early 2000s, it spans approximately 15,000 square meters of gross leasable area across two levels, emphasizing convenience-oriented retail. The tenant mix comprises a local supermarket as the anchor, alongside mid-tier fashion outlets, food courts with casual dining options from chains like Crepes & Waffles and local eateries, pharmacies, banks, and service providers such as electronics repair shops.
Bogotá's retail sector, with over 70 malls and 1.3 million sq m of space, positions Boro as a supplementary venue for daily needs rather than destination shopping, benefiting from the city's 50 million annual mall visits distributed across properties. Occupancy stands at around 90%, aligned with city averages from 2024 market reports, reflecting stable demand in a market with 5% annual growth.
Rent levels range from 18 to 25 USD per sq m per month, competitive for neighborhood centers amid Bogotá's average of 20 USD.
Accessibility is facilitated by proximity to Carrera 15 and Autopista Norte, with public transport via TransMilenio routes 3 and B17 serving nearby stops, though vehicular access faces congestion during peak hours, with over 2,000 parking spaces available. The primary demographic includes upper-middle-class families and professionals, with household incomes averaging 4-6 million COP monthly, higher than the citywide 2.5 million, and a population density of 15,000 per sq km in the 3km catchment area of about 150,000 residents.
Operational quality is solid with modern facilities, but lacks extensive entertainment to boost dwell time.
Leasing advantages encompass flexible terms for small retailers, low vacancy risks due to local loyalty, and synergy with residential growth in northern Bogotá. However, challenges include competition from larger regional malls like Unicentro and Santa Fe, which draw 10-15 million visitors annually, potential market saturation in grocery and apparel categories, and external factors such as Bogotá's high crime index of 66 and commute times averaging 52 minutes, impacting broader appeal.
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Hours of Operation
Hours
| Monday | 10:00 AM — 09:00 PM |
| Tuesday | 10:00 AM — 09:00 PM |
| Wednesday | 10:00 AM — 09:00 PM |
| Thursday | 10:00 AM — 09:00 PM |
| Friday | 10:00 AM — 10:00 PM |
| Saturday | 10:00 AM — 10:00 PM |
| Sunday | 11:00 AM — 06:00 PM |
Hours may vary on public holidays. Check with individual stores for specific holiday schedules.
Insights
Demographics and Footfall
The surrounding area features a demographic profile dominated by professionals and families aged 25-54, with 70% holding university degrees and average household sizes of 3.2 persons. Within a 5km radius, the population exceeds 200,000, supporting consistent footfall estimated at 6,000-10,000 daily visitors based on similar neighborhood centers in Bogotá's 2024 retail reports. This traffic is driven by routine shopping, with peaks on weekends, contributing to sales per sq m of around 8,000 USD annually, though below city leaders at 12,000 USD.
Tenant Mix and Lease Terms
The tenant composition balances essentials with leisure, including a 3,000 sq m supermarket anchor, 40% F&B outlets, 30% apparel and accessories from brands like Arturo Calle and local designers, and 20% services. Occupancy at 92% indicates strong retention, with average lease terms of 3-5 years and escalation clauses tied to CPI at 7-9%. Advantages for lessees include promotional support and shared marketing, but drawbacks involve limited space for expansion and dependency on local traffic without major draws.
Competition and Risks
Intense rivalry from proximate malls like Unicentro (GLA 100,000 sq m, 12 million annual visitors) and Santa Fe diverts premium shoppers, heightening risks in saturated categories like fashion where market share is fragmented. Access challenges from traffic on Carrera 15, with average delays of 20 minutes, and regional economic volatility including 7% inflation, pose threats to performance. Aging infrastructure in adjacent areas and rising e-commerce penetration at 45% of retail sales further pressure physical occupancy, necessitating adaptive strategies like pop-up events for viability.
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Bogotá
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Bogotá
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