Chile MarketBeats

2025 closes with a favorable performance in the office market, characterized by a sustained improvement in occupancy levels. Despite the introduction of a significant volume of new supply, vacancy continues to adjust downward, reflecting healthy absorption and active demand capable of supporting the growth of available stock.

Vacancy stands at 9.2%, down 0.2 percentage points compared to the previous quarter and 1 percentage point compared to the end of 2024 (10.1%). El Golf and Nueva Las Condes fall to below 4%, standing out as the submarkets with the highest demand. Santiago downtown stood out this year for its occupancy, mainly due to government entities, going from a vacancy of 20% at the beginning of the year to 10%.

The vacancy of logistics centers in Santiago closed the year at 3.45%, equivalent to 200,000 m², representing a 10% decrease compared to the same period in 2024, in line with the positive variation in commercial activity over the past 12 months. During the year, 157,000 m² entered the market, 24% less than in 2024 (208,000 m²), highlighting that 63% of the space that came onto the market corresponds to pre-leased centers, half of which are Built to Suit projects.

During the second half of 2025, the Chilean economy showed signs of greater stability. Inflation declined faster than anticipated, reaching 3.5% in December, with a projected convergence toward 3% during the first quarter of 2026. This scenario was driven by reduced cost pressures and a moderation in the exchange rate.

GDP growth for 2025 is expected to close at approximately 2.4%, bolstered by an increase in investment in machinery and equipment—particularly within the mining and energy sectors. For 2026, growth projections were revised upward to range between 2% and 3%, reflecting greater economic dynamism than previously anticipated.