São Paulo
The corporate office market in São Paulo showed some interesting indicators during the 1st quarter of 2024. The total stock of corporate offices increased significantly, surpassing the 12 million m² mark. This increase is in line with the increase in the construction activity, which registered 592 thousand m² in the quarter. The vacancy rate fell to 19.60%, representing 2.35 million unoccupied m². The new stock showed a decrease compared to the 4th quarter of 2023, totaling 18 thousand m².
Gross absorption grew considerably, reaching 251 thousand m². However, net absorption reduced to 102 thousand m². In terms of asking rental prices, the weighted average fell to R$ 75.61/m² per month for the entire corporate universe (Class A and Others).
Analyzing by class, net absorption in Class A corporate buildings fell, totaling 38 thousand m², while the vacancy rate for this class also decreased, closing the 1st quarter of 2024 at 21.27%. On the other hand, corporate buildings in the Others Class had an increase in net absorption, reaching 64 thousand m², and the vacancy rate for the Others Class decreased to 18.40%.
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
During the 1st quarter of 2024, the corporate office market in Rio de Janeiro continued to show stability, reflecting trends consistent with previous quarters. Total inventory remained stable at 5.53 million m², remaining unchanged for the 10th consecutive quarter. Likewise, construction activity remained consistent, with 97 thousand m², marking the 7th consecutive quarter without variations. A notable improvement was observed in the vacancy rate, which decreased to 25.77%, equivalent to 1.42 million unoccupied m².
New stock remained at zero for the 6th consecutive quarter, and gross absorption fell, reaching 42 thousand m². Net absorption registered a notable increase, reaching 24 thousand m². With regard to prices, the weighted average asking rental price increased to R$ 60.08/m² per month.
A more detailed analysis shows that the net absorption of Class A corporate buildings increased to 19 thousand m², while the vacancy rate of this class of buildings decreased to 35.32%. The net absorption of Class Others corporate buildings decreased to 4 thousand m², with a vacancy rate of 21.07%.
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.
