São Paulo
In the last quarter of 2023, the corporate real estate market scenario in São Paulo revealed some significant data. The total stock of corporate offices increased slightly, reaching 11.99 million m². There was also an increase in construction activity, with 484 thousand m² under construction. The vacancy rate fell, reaching 20.24%, equivalent to 2.42 million m² of unoccupied space.
With regard to demand, there was a notable increase in gross absorption, totaling 237 thousand m². Furthermore, average asking rental prices also increased, reaching R$77.09/m² per month.
In the Class A corporate building segment, net absorption rose to 104 thousand m², while the vacancy rate decreased to 21.61%. On the other hand, for the Class Others, net absorption rose to 31 thousand m², with a small reduction in the vacancy rate, which reached 19.26%.
Occupancy, Vacancy Rate, New Stock and Construction Activity
Corporate (Class A and Others)
Net Absorption and Vacancy Rate
Corporate
Ocupantes’ methodology for classifying buildings can be summarized as follows:
“Corporate” type buildings: Sets with an area equal to or greater than 100 m². | “Office” type buildings: Sets with an area of less than 100 m².
“Class A” Buildings: Buildings with high technical specifications. | “Other Class” Buildings: Buildings with lower technical specifications.
Rio de Janeiro
To close the last quarter of 2023, the city of Rio de Janeiro stood out in some notable areas in the corporate office market. The total stock remained stable at 5.54 million m², while the vacancy rate reduced to 26.22%, corresponding to 1.45 million m² of unoccupied space. At the same time, the construction activity remained at 97 thousand m² for the 6th consecutive quarter.
As for demand, the gross absorption of rented spaces decreased, totaling 36 thousand m². The average asking rental price also showed a decrease, ending the 4th quarter of 2023 at R$59.46/m² per month.
In the Class A corporate building segment, net absorption was negative at 5 thousand m², while the vacancy rate increased slightly, reaching 36.30%. In Class Others corporate buildings, net absorption was positive, with an increase to 13 thousand m², and the vacancy rate had a small drop, closing at 21.25%.
Occupancy, Vacancy Rate, New Stock and Construction Activity
Corporate (Class A and Others)
Net Absorption and Vacancy Rate
Corporate
It is important to highlight that past trends do not guarantee future results. Ocupantes does not assume responsibility for decisions made based on this information. The information presented in this document is updated based on the publication date and may undergo changes until the next edition.
