What's a typical lease term in Santiago?

5 years for institutional Class A. Shorter terms are achievable on smaller floor plates with stronger covenants.

How is rent quoted in Santiago?

In CLP/sqft/year. We also publish a USD-normalised view ($24/sqft/yr) for cross-market comparison.

Net leases.

Typical lease length: 5 years.
Typical rent-free: 4 months.
Vacancy: 9.4%; trend rising.
Net leases.

Santiago office lease norms

Net leases.

TL;DR

Typical lease length: 5 years.
Typical rent-free: 4 months.
Vacancy: 9.4%; trend rising.
Net leases.

Structure

Net leases. 5-year terms with renewal options. Free rent of 3-6 months and TI of CLP 280,000-500,000/sqm typical. UF (Unidad de Fomento) inflation indexation common.

Negotiating levers

Free rent and TI remain the most negotiable line items; landlords prefer concessions to face-rent cuts because they preserve headline rent and implied valuation. Always model effective rent (face minus PV of concessions).

Key facts

city	Santiago
country	Chile
region	Americas
classARentLocal	22000 CLP/sqft/yr
classARentUsd	$24/sqft/yr
vacancy	9.4%
typicalLeaseYears	5
typicalRentFreeMonths	4
submarkets	5
primeYieldPct	6.6%

Frequently asked questions

What's a typical lease term in Santiago?: 5 years for institutional Class A. Shorter terms are achievable on smaller floor plates with stronger covenants.
How is rent quoted in Santiago?: In CLP/sqft/year. We also publish a USD-normalised view ($24/sqft/yr) for cross-market comparison.

Editorial provenance

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

Primary sources for this page

CBRE Marketview reports — CBRE
JLL Office Insight — JLL
Cushman & Wakefield Marketbeat — Cushman & Wakefield
Savills World Research — Savills
Colliers Global Office Outlook — Colliers

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