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Centro Comercial Multiplaza, located in the La Felicidad neighborhood of northwestern Bogotá, Colombia, opened in 2017 and spans approximately 93,000 square meters of gross leasable area (GLA). Owned by Grupo Roble, part of the Salvadoran Grupo Poma conglomerate, it features over 240 commercial spaces with a diverse tenant mix including fashion retailers like Zara and H&M, technology stores such as Apple and Samsung outlets, home goods from Homecenter, sports brands, and a variety of dining options in its food court and restaurants.
Entertainment includes a Cinemark multiplex cinema and childrens play areas. The property holds LEED Gold certification, emphasizing sustainability through energy-efficient design, vegetated spaces, and waste management.
Accessibility is strong via Avenida Boyacá and public transport routes like SITP C80 and H601, serving a residential-heavy area with growing middle to upper-middle class demographics. In 2025, it achieved 100% occupancy, reflecting robust demand amid Bogotás retail market, which saw overall vacancy rates below 5% for prime assets. Annual footfall exceeds 10 million visitors, supported by double-digit growth post-pandemic, driven by family-oriented events and proximity to new residential developments.
Leasing advantages include competitive rents averaging 25-30 USD per square foot annually, flexible terms for anchors, and marketing support via digital innovations like AI-powered shopper assistants. However, challenges include intense competition from nearby malls like Gran Estación and Unicentro, potential traffic congestion on major avenues, and broader market pressures from e-commerce penetration, which captured 15% of retail sales in Colombia in 2024.
Economic volatility, with inflation at 7% and currency fluctuations, may impact consumer spending in non-essential categories.
Operational quality is high, with modern infrastructure, but aging public transport links could affect peak-hour access.
Overall, it positions well for retailers targeting affluent locals, though saturation in fashion and electronics segments warrants careful category selection.
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Hours of Operation
Hours
| Monday | 08:00 AM — 09:00 PM |
| Tuesday | 08:00 AM — 09:00 PM |
| Wednesday | 08:00 AM — 09:00 PM |
| Thursday | 08:00 AM — 09:00 PM |
| Friday | 08:00 AM — 10:00 PM |
| Saturday | 08:00 AM — 10:00 PM |
| Sunday | 08:00 AM — 09:00 PM |
Hours may vary on public holidays. Check with individual stores for specific holiday schedules.
Insights
Demographics and Accessibility
The surrounding area in La Felicidad features a demographic profile dominated by middle to upper-middle income families, with household incomes averaging 5-10 million COP monthly and a population density of over 20,000 residents within a 5 km radius, per 2023 urban planning data. Footfall benefits from this base, estimating 10-12 million annual visitors, bolstered by residential growth adding 15,000 units since 2020. Accessibility via Avenida Boyacá supports 70% car arrivals, but public transit serves 30%, with routes like H907 facilitating commuter flow. Risks include Bogotá's chronic traffic, potentially reducing impulse visits by 20% during rush hours, and limited pedestrian infrastructure nearby.
Tenant Mix and Occupancy
Occupancy reached 100% in 2025, up from 95% in 2023, indicating strong leasing momentum in a market where prime Bogotá malls average 92% rates per Cushman & Wakefield reports. The tenant mix balances anchors (20% GLA) like Éxito supermarket and Homecenter with mid-tier fashion (30%), electronics (15%), and dining (25%), fostering synergy for cross-shopping. Strengths include low turnover under 5% annually and support for local brands via pop-up spaces. Drawbacks involve category saturation in apparel, where similar offerings at competing centers dilute exclusivity, and higher operational costs for sustainable features adding 10% to base rents.
Competition and Market Risks
Multiplaza faces competition from established malls like Unicentro (150,000 m² GLA, 15 million footfall) and emerging ones like Mallplaza Calima, within 10 km, capturing 40% of regional retail spend per Euromonitor 2024 data. Market saturation in Bogotá's north, with 2.5 million m² total GLA, pressures rents, which rose only 3% YoY amid 7% inflation. Economic risks include Colombia's retail sales growth slowing to 4% in 2025 from 6% prior, impacted by high interest rates at 11%. Advantages lie in its modern, green positioning attracting premium tenants, but e-commerce growth (projected 20% CAGR) and urban mobility issues pose challenges to physical traffic.
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Bogotá
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Bogotá
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