São Paulo
In the 3rd quarter of 2023, the corporate real estate market in the city of São Paulo recorded some important trends. The total stock of corporate offices remained stable at 11.96 million m². However, there was a drop in construction activity, with only 486 thousand m² under construction. The vacancy rate also decreased, reaching 21.00%, which is equivalent to 2.51 million m² of vacant space.
As for demand, there was a reduction in gross absorption of 176 thousand m². Furthermore, average rental prices increased, reaching R$ 76.54/m² per month.
In the Class A corporate building segment, net absorption remained positive, although it decreased to 31 thousand m², and the vacancy rate fell to 22.97%. On the other hand, Class Others corporate buildings showed a negative net absorption of 3 thousand m² and the vacancy rate reduced to 19.61%.
Occupancy, Vacancy Rate, New Stock and Construction Activity
Corporate (Class A and Others)
Net Absorption and Vacancy Rate
Corporate
The office building classification methodology adopted by Ocupantes is as follows: “Office” type buildings have office suites under 100 m²; “Corporate” type buildings consist of office suites greater than or equal to 100 m²; Class A buildings feature high technical standards.
Rio de Janeiro
In the 3rd quarter of 2023, in the city of Rio de Janeiro, we observed some notable highlights in the corporate office market. The total stock remained stable at 5.54 million m², however, the vacancy rate increased to 26.34%, equivalent to 1.46 million m² of vacant space. On the other hand, the construction of new projects remained at 97 thousand m² for the 5th consecutive quarter.
As for demand, there was an increase in the gross absorption of rented spaces, totaling 58 thousand m². The average asking price showed a decrease, ending the 3rd quarter of 2023 at R$ 60.80/m² per month.
In the Class A corporate building segment, net absorption recorded an increase of 29 thousand m², remaining positive, while the vacancy rate had a slight drop, reaching 36.06%. Regarding Class Others corporate buildings, net absorption was negative, with a considerable reduction of 37 thousand m², and the vacancy rate had a small increase, closing at 21.56%.
Occupancy, Vacancy Rate, New Stock and Construction Activity
Corporate (Class A and Others)
Net Absorption and Vacancy Rate
Corporate
The office building classification methodology adopted by Ocupantes is as follows: “Office” type buildings have office suites under 100 m²; “Corporate” type buildings consist of office suites greater than or equal to 100 m²; Class A buildings feature high technical standards.
