Business districts in Santiago: offices for sale / rent

Are you looking for the ideal sector to establish your company’s offices in Santiago de Chile? But you do not know the city and its business districts? In this article, we analyze the business districts and gather all the information required for you to better understand the market.

The city of Santiago encompasses more than 35 municipalities (comunas). Yet, four of them gather the majority of the business districts: Santiago Centro, Providencia, Las Condes and Vitacura.

The quantity of office space available is unequally distributed among these municipalities. More than half (53%) of the available offices are located in Las Condes, 18% in Santiago Centro, 13% in Providencia and 5% in Vitacura. Some office buildings also exist in Lo Barnechea, which is an emerging business district.

Notes:

  1. In this article, rental / buying prices are indicated in UF/m². The acronym UF means “Unidad de Fomento”, which is an official indicator updated daily by the tax authority.
  2. To differentiate and compare the offers, we rely on the international classification of offices and workspaces, which uses the letters A, B and C. This classification takes into account several criteria such as the location, the obsolescence as well as the equipment available in the building:
    • the properties classified with the letter A are new or recently renovated, they are located in the best areas of the city and possess quality equipment (security, elevators, maintenance…)
    • Grade B refers to less qualitative buildings, essentially in terms of location and equipment quality, but still localized in areas close to public transportation.
    • the offices classified grade C are functional. These office buildings are about fifteen years or more, or newer but located in areas poorly served by public transport. Rates are therefore more affordable.
  3. We use the term “municipality” to translate the Chilean term “comuna”. It is not perfect, as municipality often implies urbanization, which is not the case for comunas outside big cities. Yet, the “comunas” of the metropolitan region mentioned in this article are similar to municipalities.

 

Offices in Santiago Centro

Santiago Centro is the historical center of the Chilean capital and used to be the main business district until the 70s. This is nowadays an important touristic area, as it encompasses most of the monuments and museums of the capital.

However, many companies have kept their offices in Santiago Centro, to be close to public institutions and banks, which are concentrated in this area. This is especially true for law firms or companies specialized in import/export and customs procedures.

Being active during all the week, Santiago Centro is ideal for a young company that wants to develop its activity and have an affordable rent while being located in a central area of the city.

There are always offices for sale / rent in Santiago Centro. The area close to the metro Moneda is the historic financial district of the city where most of the institutions are located. The offices are quite old in this sector and are classified grade B. Near Santa Lucia metro area, on the east part of Santiago Centro, you can find newer office buildings.

Prices (UF/m²) of offices for sale in Santiago Centro

Size Average Price Price Range
< 50 m² 63 46 – 85
50 to 250 m² 41 36 – 51
> 250 m² 39 29- 48

Prices (UF/m²) of offices for rent in Santiago Centro

Size Average Price Price Range
< 50 m² 0,44 0,36 – 0,62
50 to 250 m² 0,29 0,22 – 0,38
> 250 m² 0,39 0,21 – 0,53

 

Offices in Providencia

Providencia is a very central municipality, which offers a pleasant living environment with many restaurants, cafés and streets with lots of trees. It attracts young professionals who want to live and work there, to benefit for the quality of live of Providencia.

The main office area is located on the north part of Providencia, between Andrés Bello and Nueva Providencia avenues, along the metro line 1. This area gathers lots of companies, mainly small and medium ones because the size of available offices is more suitable for them rather than big companies. Most of the constructions of Providencia are grade B. Having a direct access to the main metro line of the city, this area is really central and easy to access, no matter where your employees live.

Note: The Costanera Center, the tallest skyscraper of South America, is located in Providencia. This building offers an important surface of high-quality offices (grade A), as in Las Condes (in El Golf and Manquehue districts). We have excluded this building from our calculation of the average prices in Providencia, not to distort results, given that the Costanera Center represents close to 20% of all the office surface available in Providencia.

Prices (UF/m²) of offices for sale in Providencia

Size Average Price Price Range
< 50 m² 94 79 – 114
50 to 250 m² 71 44 – 97
> 250 m² 69 46 – 98

Prices (UF/m²) of offices for rent in Providencia

Size Average Price Price Range
< 50 m² 0,49 0,32 – 0,63
50 to 250 m² 0,45 0,35 – 0,53
> 250 m² 0,46 0,38 – 0,51

 

Offices in Las Condes

Offering a pleasant working environment, Las Condes is the face of Santiago of the 21st century. In this municipality, you can find European and American shops and restaurants, as well as modern architecture and clean streets. Since the 90s, many Chilean and international companies have installed their headquarters in Las Condes.

In Las Condes, the two main business districts where you may establish your offices are:

  • El Golf, located (as its name indicates) close to the Los Leones golf club, is accessible by metro line 1 (Tobalaba, El Golf and Alcántara stations). Lots of banks, insurance companies and financial organizations have their headquarters in this area.
  • Nueva Las Condes, located north of the Manquehue station. This district presents a great diversity of companies. Located close to the Parque Araucano (biggest park of Las Condes) and the mall Parque Arauco.

Most of the offices located in Las Condes are grade A or B.

Prices (UF/m²) of offices for sale in Las Condes

Size Average Price Price Range
< 50 m² 106 65 – 144
50 to 250 m² 92 62 – 110
> 250 m² 86 60 – 116

Prices (UF/m²) of offices for rent in Las Condes

Size Average Price Price Range
< 50 m² 0,47 0,35 – 0,54
50 to 250 m² 0,49 0,39 – 0,63
> 250 m² 0,55 0,42 – 0,68

 

Offices in Vitacura

Vitacura represents a small proportion of the office space available in the metropolitan region. This is due to the lack of metro that serves the area, making it difficult for employees to go to work. Few companies want to move there because rents are high. The metro line 7, which is scheduled for construction in 2025, could encourage more businesses to set up there and lead to an increase in the number of offices built in the area.

Most of the offices in Vitacura are located along 3 avenues:

  • The Kennedy avenue: single area where the communal regulator plan allows the construction of high building.
  • The Vitacura avenue: A mix of shops and office buildings (4 or 5 floors maximum most of the time).
  • Nueva Costanera avenue: small buildings, generally up to 7 floors, recently built. One can find a mix of shops and offices like on the Vitacura avenue.

Prices (UF/m²) of offices for sale in Vitacura

Size Average Price Price Range
< 50 m² 110 75 – 168
50 to 250 m² 87 65 – 110
> 250 m² 97 78 – 120

Prices (UF/m²) of offices for rent in Vitacura

Size Average Price Price Range
< 50 m² 0,54 0,23 – 0,76
50 to 250 m² 0,52 0,40 – 0,65
> 250 m² 0,50 0,40 – 0,59

 

Offices in Huechuraba

Huechuraba is mostly a residential municipality. It includes a large business district called Ciudad Empresarial, built around a huge circular place, whose construction began in 1996. It gathers medium and big companies, of which about 25% to 30% are international companies.

As the area is more isolated than other neighborhoods and not fully consolidated in terms of available services, purchase and lease prices are significantly lower. This can be an opportunity for an investor.

Indeed, in 2020 the construction of the Bicentenario cable car will begin. It will connect the Tobalaba metro station in Providencia and the Ciudad Empresarial in 13 minutes. The objective is to facilitate the access to Ciudad Empresarial for the employees who lives in the south or west part of Santiago. For the moment, they must take the bus to complete their journey.

Prices (UF/m²) of offices for sale in Huechuraba

Size Average Price Price Range
< 50 m² 78 55 – 156
50 to 250 m² 59 35 – 146
> 250 m² 48 40 – 71

Note: there are few offices to purchase, resulting in a wide price range.

Prices (UF/m²) of offices for rent in Huechuraba

Size Average Price Price Range
< 50 m² 0,47 0,32 – 0,75
50 to 250 m² 0,32 0,20 – 0,43
> 250 m² 0,28 0,20 – 0,45

 

Offices in Lo Barnechea

The municipality of Lo Barnechea, located in the north-east part of Santiago, is one of the richest of the capital. Expatriates like this area due to the presence of several international colleges and high schools that have settled there. Located at the foot of the Andes, Lo Barnechea has a direct access to the motorway in minutes.

The number of offices and workplaces available is limited in this sector of Santiago because it is still in development. As demand is not yet high, there are little new constructions and the rental supply is reduced to a few offices. In Lo Barnechea, offices are recent, grade A or B, and less expensive than in El Golf or Manquehue business districts. It should be noted that this district is more remote than the previous and more difficult to access by public transport.

Note: As indicated above, very few properties are available for rent / sale in this municipality. Therefore, we do not have enough date to provide an average price for each category. Contact us if you need info on available properties in the area.

 

Emerging business districts in Santiago

Apart from the well-developed business districts, new business areas are emerging, offering smaller offices near the wealthiest residential areas. The goal is to allow people living in these areas to find an office near their home and reduce their commute time. two are several emerging business districts in the north-east of Santiago:

  • Estoril area: many buildings under construction along the Estoril avenue and nearby, either office or residential buildings. The arrival of the metro line 7, whose terminus should be Estoril station, could contribute to the development of the area.
  • Los Dominicos area: located at the end of the metro line 1, it is close to the wealthy areas of San Damian and San Carlos de Apoquindo. It includes many old houses that have not been renovated. A change in the city planning scheme allowing the construction of higher buildings could lead to a transformation of the area.

Note: We do not publish the average price per square meter to buy / rent an office in those emerging districts. Very few properties are available for rent / sale on the market, so we can not give accurate average prices. Do not hesitate to contact us should you need more information.