Grupo Empresarial Oikos's Luis Diaz Builds a Latin American Real Estate Empire His Own Way
When Luis Aurelio Diaz returned to Colombia in 2003 to take the helm of his father’s real estate development company, he faced a stark reality. The Colombian economy was recovering from a devastating crisis that had reduced Grupo Empresarial Oikos to just 12 employees. Two decades later, under his leadership, the company has grown to over 2,400 employees and emerged as a significant player in Colombian real estate development.
Founded in 1979 by Diaz’s father, a civil engineer, Oikos has expanded beyond its residential development origins to become a diversified real estate enterprise. The company now develops and operates self-storage facilities, hotels, and shopping centers across Colombia, while pursuing regional expansion plans.
Diaz’s international background—an MBA from London’s Regent College, a master’s in marketing from Portland University, and experience in healthcare real estate management in the UK—has shaped Oikos’s approach to market opportunities, particularly in the self-storage sector.
“When I was working in London, there was a friend of mine who was working in Big Yellow Self Storage, one of the biggest players in self-storage in London,” Diaz explains. “He invited me to see the business. And I said, when I go back to Colombia, I want to set up a business like that.”
This vision has yielded significant results. Oikos now operates over 52 self-storage buildings with more than 6,000 units across Colombia and has expanded into Ecuador with plans for growth in Peru and other Latin American markets. The company’s understanding of local market dynamics has driven this expansion.
In Colombia’s developing self-storage market, Diaz identified a specific opportunity within urban development patterns. With developers building approximately 200,000 new housing units annually, many without storage space, Oikos serves residents who need to store items from holiday decorations to baby equipment.
The company has refined international business models for local conditions. Instead of replicating US or European self-storage designs, Oikos has adapted construction materials and pricing strategies to ensure profitability in the Colombian market.
In residential development, Oikos maintains substantial operations, producing 3,000-4,000 housing units annually. The company pioneered real estate securitization in Colombia, making premium commercial real estate investment accessible to smaller investors through trust structures since 1992.
Environmental considerations guide Oikos’s strategy, with 80% of their residential developments now environmentally certified. These certifications support the company’s sustainability goals while securing preferential financing rates. “If you don’t have that in your mind for the last couple of years, you’re going to disappear from business,” Diaz notes regarding sustainability initiatives.
Oikos’s current priorities include technological advancement and regional expansion. The company aims to increase operational efficiency by 40-50% through technology implementation while maintaining current staffing levels. They’re also evaluating opportunities in markets like Mexico, which Diaz considers strategically valuable given its economic strength and proximity to the United States.
The company’s success in adapting global business models while emphasizing sustainability and technology offers a blueprint for international firms entering Latin American markets. This strategic approach positions Oikos to thrive in a dynamic market environment, reinforcing its commitment to sustainable development and innovative solutions for the future.
