From Mercado Livre to GM and Ford: Who Took Up and Vacated the Most Industrial Space This Quarter
Mercado Livre and Shopee led move-ins at logistics parks across Brazil in the third quarter of 2026, according to SiiLA’s Market Analytics. Together, the two companies accounted for 37.2% of space occupied during the quarter and 61.2% of the net gain in occupied space tracked in the survey.
Meanwhile, Lojas Americanas, General Motors and Ford recorded the largest volumes of space vacated across the properties monitored, as market vacancy reached a record-low 3%.
E-commerce giant Mercado Livre alone moved into 262,900 square meters and vacated 1,700 square meters, ending the quarter with a net gain of 261,100 square meters. Shopee occupied 141,200 square meters and vacated 3,200 square meters, for a net gain of 137,900 square meters. Kothe Log, Gurgelmix Máquinas and Amazon rounded out the top five companies moving into Class A+, A and B logistics parks.
For Hilário Egídio, Research Manager at SiiLA, the platforms’ expansion underscores the importance of property location in the competition for customers.
“Mercado Livre and Shopee aren’t just leasing industrial properties. They’re buying time. In e-commerce, the competition comes down to who delivers faster, and faster delivery requires space in the right location. The industrial property is no longer simply a storage expense. It has become part of the product,” he says.
According to Egídio, the space occupied by digital fulfillment operations, which handle and prepare e-commerce orders, has grown by more than 50% in three years. That growth rate was nearly twice that of the second-fastest-growing segment over the same period.
E-commerce’s leading role, however, also calls attention to demand concentration. While the figures point to a strong market, a substantial share of its expansion depends on decisions made by just a few companies.
“When two companies account for more than 60% of the quarter’s net gain in occupied space, the market is strong, but it rests on a narrow base. Brazil’s logistics market is growing on the strength of one major engine, and we need to pay close attention to what happens when that engine slows down,” Egídio says.
Americanas, GM e Ford lideram desocupações
Lojas Americanas topped the move-out ranking, vacating 53,800 square meters at Cajamar Centro Logístico. General Motors followed, vacating 34,500 square meters at Marq Guarulhos I, formerly GLP Guarulhos.
Other major move-outs included Ford Motor Company, which vacated 14,800 square meters at Icon Realty Cajamar; Macro Distribuidora, which vacated 12,300 square meters; and Impar Pneus, which vacated 12,200 square meters. The latter two moved out of Condomínio Empresarial Loewen in the São José dos Pinhais area of Paraná state.
Egídio says these moves should be assessed in the context of each tenant’s circumstances, rather than viewed individually as signs of weakening demand.
“Move-outs tell the story of each company, not the market as a whole. Americanas remains one of the country’s largest industrial tenants and is aligning its operations with its current size. The automotive sector occupies more space today than it did three years ago, so GM’s and Ford’s departures say more about each automaker’s strategy than about the sector,” he explains.
On Wednesday, October 21, REsource reported that Americanas had emerged from court-supervised restructuring after vacating 350,000 square meters of industrial space.
With availability limited, move-outs can also create opportunities for companies seeking move-in-ready space and for owners looking to reset lease terms. How quickly replacement tenants can be secured, however, depends on each property’s location and features.
“For the owner, it is often an opportunity to replace an older lease with one at today’s rental rates,” Egídio notes.
Record-Low Vacancy Shifts the Focus to Rents
Overall vacancy at logistics parks in Brazil has declined for at least six consecutive quarters. At the end of the third quarter of 2026, it reached 3%, the lowest level on record.
According to Egídio, that figure is approaching the minimum needed to allow tenants to move between properties, whether to relocate or expand their operations.
“We’re close to the floor. An industrial property market needs some vacant space to function, even if only to allow companies to relocate, and 3% is already effectively that minimum. From here, the market will adjust through pricing rather than lower vacancy: companies that need industrial space will compete for the limited supply available, and that will show up in rents,” he says.
SiiLA expects vacancy to remain stable or rise slightly over the next few quarters as new deliveries increase. Additional supply, however, does not mean all newly completed space will be available for lease.
According to Egídio, three out of every four square meters delivered in 2026 through the period covered by the survey were preleased, meaning leases had already been signed before construction was completed. Those advance commitments limit the relief new developments can provide to a tight market.
The Gap Between Asking and Market Rents Deserves Attention
Limited space is also shaping owners’ expectations. According to Egídio, average asking rents are nearly 18% above market rents, a gap that matters when assessing occupancy costs and properties’ income prospects.
“With vacancy at 3%, it’s natural for industrial property owners to push for higher rents, but the price is ultimately determined by the tenant who signs the lease,” he points out.
Looking ahead, he also highlights the influence of interest rates on new development. In his view, a decline in the Selic, Brazil’s benchmark interest rate, is likely to encourage capital to flow back into construction, with logistics properties among the potential beneficiaries. Location, however, will remain critical to project performance.
“The risk in the coming years is not a shortage of industrial properties, but an oversupply in the wrong locations. Developers who build based on real demand, rather than the excitement of the moment, will be well positioned to navigate the next cycle,” he says.
Cajamar Sees Replacement Tenants as Piracicaba Stands Out
Among the quarter’s notable transactions was Mercado Livre’s move into 85,900 square meters at Condomínio Piracicaba 2, underscoring the scale of the company’s logistics expansion.
In Cajamar, matching Market Analytics records at the property, building and unit levels shows that the same 53,800 square meters vacated by Americanas at Cajamar Centro Logístico were recorded as occupied by Gurgelmix Máquinas during the quarter.
The case illustrates an important dynamic for owners and investors: vacated space does not necessarily remain available at the end of the reporting period. In Cajamar, where vacancy stands at 5.5%, the turnover shows how space returned by one tenant can be absorbed by another, as one company’s restructuring creates room for another’s expansion.
