A CBRE report shows Santiago strip centers hit decade-high net absorption and new supply in 2025. Absorption reached 24,500 square meters, though vacancy rose slightly to 6.35%. Further expansion is projected for 2026 and 2027.
CBRE's report covers 267 strip centers in Chile's capital. In 2025, net absorption totaled 24,500 square meters, the highest in over a decade. The second mobile semester to February saw 17,520 square meters absorbed, 2.5 times the prior period and 121% above the five-year average. Vacancy rose 26 basis points to 6.35%, or 33,852 square meters available. “The most significant variation is observed in the Sur submarket, driven mainly by new supply intake,” the report states, following five semesters without projects there. New production added 20,113 square meters across nine new centers and one expansion, the decade's peak. It focused on Norte (6,161 m², vacancy 5.41%), Sur (5,879 m², vacancy 8.71%), and Sur Oriente (5,073 m², vacancy 6.47%). First-floor rents averaged 0.693 UF/m², up 1.4%; other floors averaged 0.524 UF/m², down 0.9%. “Changes in average prices largely respond to the new supply,” CBRE explains. A 32,000 m² pipeline is projected for 2026-2027, mainly in Oriente and Sur, with most deliveries in 2026. “The format has shown [...] structural resilience,” the report highlights.