Additionally, SiiLA data shows that funds have a higher vacancy rate compared to the overall market. The vacancy rate in properties outside FIIs, Class A+, A, and B and within CBDs, was 19.81%, while within FIIs it was 22.82%. “Especially for Class A properties, the vacancy rate is significantly higher in fund-owned properties, as shown in the graph,” analyzed Giancarlo.

“As we say, the real estate cycle is long. A company doesn't just wake up one day and say: I’m leaving the property. They have been studying this move for a long time,” comments Martín. According to the executive, funds need to act, take care of their assets, and not just react. “What we see a lot today is that when a tenant notifies their departure, the fund looks for a broker to find another tenant.” For Martín, a good manager should work with the tenant daily, understand their needs and demands, and be prepared in advance for a possible departure, working on the property to avoid a long vacancy period.

During the presentation at the event, Giancarlo Nicastro also brought an exclusive analysis, obtained through the SiiLA platform, on the performance of the average asking rent price in corporate properties in São Paulo that make up the fund and the comparison with the general market average.

“The data shows that the asking rents for Class A+, A, and B offices that make up Real Estate Funds have been below the market average since 2017. Today, while the general market average asking price is R$ 92.43/m², the properties that make up investment funds are asking, on average, R$ 79.45/m²,” analyzed the executive.

Many factors have been influencing these prices. According to Martín Jaco, a large part of this performance can be attributed to poorly managed funds. “We see that sometimes there is only concern with the dividend. If it is paying a dividend, for some managers, that is enough. That’s what is expected of them, but that is the minimum.

Martín continues: “Management has to understand the cycles. Why aren’t as many revisions being made as could be done? Because sometimes it’s very convenient, ‘leave it, it’s rented, it’s paying a dividend.’ But why not bring these values to the tenants? Why not have effective gains with their own assets? That is managing a portfolio, that is managing a property.”