The market movements indicate that 2025 was shaped by more rational occupancy decisions. Space consolidation, operational efficiency, construction quality, and location became more relevant than mere physical presence.

Several major leases recorded during the year were publicly described by companies as strategic. One example is Casas Bahia, which took advantage of a WeWork vacancy at the Centenário building early in the year and consolidated its operations into 16,495 sqm in the Berrini submarket.

XP also drew attention by expanding 17,000 sqm at the Julieta Building, located in Chácara Santo Antônio.

This behavior favored traditional business districts while also driving a more qualified dispersion of demand, with companies migrating to corridors that combine infrastructure, accessibility, and more competitive occupancy costs.

Despite the broadly positive scenario, Faria Lima stood out negatively from the rest of the city. In 2025, the region posted negative net absorption of 12,200 sqm, marking the worst performance in its historical series. The result represents a clear turning point for Brazil’s most important corporate axis.

Vacancies were driven primarily by companies in the financial sector — historically the main force behind Faria Lima’s consolidation. Reag, CCB Brasil, Stone Pagamentos, Blue Bank, Múltipla, and Banco Master were among the firms that left the corridor, in moves involving spaces exceeding 1,000 sqm.

While extraordinary factors influenced specific cases — including liquidations and police investigations, as seen with Banco Master and Reag — the main structural driver is record-high rental prices. Since 2024, asking rents on Faria Lima have exceeded BRL 400 per sqm, significantly increasing occupancy costs and reducing the corridor’s attractiveness in a corporate environment increasingly focused on efficiency.

The unfavorable trend for Faria Lima is far from over. Banco Master, for instance, still holds spaces expected to be returned to landlords, including areas in iconic towers such as B32, Pátio Victor Malzoni, and the “Whale Building.”

Looking ahead, 2025 data points to a more balanced market starting in 2026. The outlook suggests price stability, with no new sharp increases — especially outside Faria Lima.

At the same time, São Paulo’s high-end office market is expected to receive approximately 230,000 sqm of new supply in 2026. Unlike previous cycles, a significant portion of this stock is already secured through pre-leasing agreements, reducing the risk of a sharp increase in vacancy.

Read more: Amazon secures pre-lease at Biosquare nearly one year before project completion.

Pre-leasing activity indicates that companies have resumed long-term expansion planning, prioritizing more efficient buildings, prime locations, and assets aligned with ESG, technology, and user experience requirements. This behavior reinforces the view that new supply will be absorbed gradually and in a healthy manner.

The trend for the coming years points to continued but more selective absorption, with lower tolerance for excessively high prices and greater emphasis on asset quality. For landlords, the challenge will be maintaining tenants while sustaining rental levels, as new developments increasingly enter occupiers’ radar.

One interpretation of the data suggests that 2025 marked the end of the recovery cycle, while 2026 emerges as the beginning of a maturity phase for São Paulo’s corporate real estate market — characterized by balance between supply, demand, and pricing. A dynamic that reinforces the importance of data-driven decision-making, fully available on SiiLA’s Market Analytics platform.