São Paulo
In the 2nd quarter of 2024, the corporate office market in São Paulo brought some relevant indicators. Total corporate office stock increased to 12.09 million m², while construction activity decreased to 608 thousand m² in the quarter. The vacancy rate also fell, reaching 18.90%, which is equivalent to 2.28 million unoccupied m². The new stock had a large increase compared to the 1st quarter of 2024, totaling 53 thousand m².
Gross absorption fell to 226 thousand m², but net absorption rose to 127 thousand m². Regarding asking rental prices, the average increased to R$76.00/m² per month for the entire corporate universe (Class A and Others).
Analyzing by class, net absorption in Class A corporate buildings saw a large increase, totaling 82 thousand m², while the vacancy rate for this class decreased to 20.43%. On the other hand, Class Others corporate buildings had a drop in net absorption, reaching 45 thousand m², and the vacancy rate for this class decreased to 17.80%.
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
The corporate office market in Rio de Janeiro remained stable during the 2nd quarter of 2024, following patterns observed previously. Total inventory remained at 5.54 million m², unchanged for the 7th consecutive quarter. Construction activity also remained constant, with 97 thousand m², marking the 8th consecutive quarter without variations. The vacancy rate showed a slight improvement, falling to 25.63%, which is equivalent to 1.42 million unoccupied m².
New inventory remained at zero for the 7th consecutive quarter, and gross absorption fell to 30 thousand m². Net absorption also registered a drop, reaching 13 thousand m². Regarding prices, the average rental asking price decreased to R$58.54/m² per month.
A more detailed analysis shows that the net absorption of Class A corporate buildings decreased to 6 thousand m², while the vacancy rate for this class also fell to 35.16%. On the other hand, the net absorption of Class Others corporate buildings increased to 6 thousand m², with a vacancy rate of 20.94%.
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.
