Welcome to Sri Lanka’s Leading Commercial Real Estate Website!
In Sri Lanka, buying and renting commercial real estate is a complex undertaking, worsened by the absence of a proper e-commerce platform exclusively for the sector. While there are several sites and social media pages for local real estate, they are mostly dominated by residential real estate, making it too complex for both commercial real estate owners and buyers/renters.
However, last June, Sri Lanka welcomed a new online platform exclusively for commercial real estate owners and tenants. Colombo Office Space is set to host commercial properties including A-grade, B-grade, and C-grade properties, the three segments commercial properties fall into depending on quality, location, and convenience, of which A is the highest grade.
A research conducted by the Research Intelligence Unit (RIU) in Sri Lanka last May showed that pre-Covid, the country had 1.9 million sq. ft. of Grade A commercial space, and that Grades A and B accounted for about 30% of Colombo’s office spaces. These grades have had a 90-95% occupancy for much of the last decade. Most of these could be found spread throughout Colombo 1, 2, and 3, with Colombo 5 slowly coming into the fold with the progress of Havelock City Towers.
Last August, media reports showed that Colombo’s commercial real estate market is expected to face an oversupply of office spaces in the coming years. This is set to leave many commercial property owners in trouble and in desperate need of a better platform to showcase their offering.
Therefore, according to Colombo Office Space Director Ray Smith, they developed a site that could cater to this need.