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Brazilian Industrial Properties Market Records a Net Absorption of 700 thousand sqm in the Second Quarter of 2024
- Preliminary data shows that gross absorption exceeded 1 million m² in Class A+, A, and B industrial properties
By: SiiLA News
07/01/2024 Exclusively, SiiLA released a preview of the second quarter data for the industrial properties sector on Monday (1). The information indicates a booming market with new stock and new absorptions.
The data reveals that gross absorption exceeded 1 million sqm in Class A+, A, and B industrial properties. The region that received the highest number of tenants was São Paulo, with 600,000 sqm, followed by Minas Gerais and Rio de Janeiro, with 150,000 sqm and 90,000 sqm, respectively.
In terms of net absorption, the scenario is also favorable for the industrial properties sector, with a net absorption of over 700,000 sqm, the highest level since the second quarter of 2021. Net absorption is the gross absorption minus the return of space.
Another interesting point to note is that Class A+ properties represent the largest share of leases this quarter, accounting for 51% of rentals. Class A properties come in second, with 28%, and Class B properties in third, with 21%.
This exclusive information is available to subscribers of SiiLA's data analysis platform, Market Analytics.
Who Leased the Most?
The data released by SiiLA's intelligence team shows that the Consumer Goods sector leased the most space. E-commerce companies were major contributors to this growth.
Mercado Livre alone leased more than 200,000 sqm this quarter, with 111,000 sqm in a single development, GLP Guarulhos II. Another major player was the Chinese retailer Shopee, which made over 130,000 sqm of leases, including 70,000 sqm at GLP Bandeirantes.
Another sector that showed significant absorption was the Transportation and Logistics sector, which absorbed more than 490,000 sqm. The Pharmaceutical sector also saw substantial absorption, with 80,000 sqm, nearly half of which was from the 41,000 sqm lease at Log SIM 1 by the Santa Cruz Medication Distributor.
2024
In the first six months of 2024, the industrial properties sector absorbed 1.7 million sqm. Despite being lower than last year, SiiLA specialists affirm that the industrial properties market is in a good phase.
Overall, the new stock this year reached 998,000 sqm, with 456,000 sqm in the first quarter and 542,000 sqm in the second quarter. For comparison, last year this level was only reached in the third quarter.
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Founded in 2015, SiiLA is the industry leading REsource for comprehensive commercial real estate market insights, news and events across Latin America. The SiiLA suite of innovative products drive greater accuracy, efficiency, and strategic advantages for top players in the commercial real estate industry.
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