Santiago warehouse market shifts toward pre-leased projects

The warehouse market in Greater Santiago is undergoing a strategic shift as demand slows, according to a report by Cushman & Wakefield. Of the 681,932 square meters currently under construction, 419,632 square meters are already under lease contracts. Approximately 65% of new projects entering the market are pre-leased to ensure occupancy upon delivery.

Investors are increasingly favoring “Built to Suit” (BTS) developments, which account for about 35% of the total surface area, to reduce exposure to speculative risks. This trend follows a deceleration in demand for Class A and B warehouses, resulting in a 103% year-on-year decrease in cumulative net absorption as of June.

During the second quarter of 2026, net absorption reached 27,804 square meters, driven by activity in the South and Northwest submarkets. Average requested prices stood at 0.148 UF/m²/month, with Class A assets at 0.154 UF/m²/month and Class B at 0.148 UF/m²/month, representing a 4% annual decline.