For institutional fund strategies, Las Condes (Sanhattan) carries the strongest investor flag in Santiago, with prime yields around 6.6%.

  • Trophy submarket (Las Condes (Sanhattan)) carries the strongest investor flag.
  • Prime yield: 6.6%.
  • Core funds buy income; value-add buys repositioning of secondary stock.
  • Cap-rate spread between trophy and secondary has widened post-2022.

Santiago office fund strategy and flag

For institutional fund strategies, Las Condes (Sanhattan) carries the strongest investor flag in Santiago, with prime yields around 6.6%.

TL;DR

  • Trophy submarket (Las Condes (Sanhattan)) carries the strongest investor flag.
  • Prime yield: 6.6%.
  • Core funds buy income; value-add buys repositioning of secondary stock.
  • Cap-rate spread between trophy and secondary has widened post-2022.

Where core funds buy

Core capital concentrates in trophy stock with long-WAULT income. In Santiago, that's Las Condes (Sanhattan) and assets like Costanera Center, Titanium La Portada.

Where value-add looks

Value-add capital looks at secondary Class A and convertible Class B with repositioning angle. The trophy/secondary cap-rate spread has widened post-2022, which has reopened the value-add basis for repositioning plays.

Key facts

citySantiago
countryChile
regionAmericas
classARentLocal22000 CLP/sqft/yr
classARentUsd$24/sqft/yr
vacancy9.4%
typicalLeaseYears5
typicalRentFreeMonths4
submarkets5
primeYieldPct6.6%
primeYield6.6%
trophyAnchorLas Condes (Sanhattan)

Frequently asked questions

Where do core funds buy in Santiago?
Trophy submarket — Las Condes (Sanhattan) — and the most defensible long-WAULT assets within it.

Editorial provenance

Reviewed by Miriam Hollander — Lead market analyst. Last updated 2026-04-15. See our methodology and editorial standards.

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