São Paulo’s Class A+ and A Office Vacancy Rate Drops to 22.8% but Remains Higher in Some Areas

• Read more: Net Office Absorption Surpasses New Supply in São Paulo for the First Time Since 2019

The Jardins region showed the most significant improvement, reducing its vacancy rate from 54.1% in Q3 2021 to 0% today. The recovery was driven by major leases, including BeFly Turismo at Paulista Star (9,700 m²), SulAmérica at Jorge Salomão (8,600 m²), and Link School, which took 6,200 m². 

The Paulista region recorded the second-best improvement, dropping from 15.2% to 1.2% (a 14% decrease). The largest lease in the area was Unimed, which occupied 7,400 m² at Jardins J. Safra Corporate. 

Another notable recovery came from Chucri Zaidan, a region often debated for its volatility. Vacancy dropped from 32.7% to 19.9% (a 12.8% decrease), with Kavak securing 9,000 m² at Parque da Cidade.  

The worst-performing region was São Paulo’s downtown area, where vacancy surged from 0% to 57.4%. This sharp increase resulted from Contax vacating 19,000 m² at Edifício Alegria. 

Another significant decline was recorded in Itaim Bibi, where the vacancy rate rose from 0% to 43.1%. Despite Meta leaving the Infinity Tower, where the company occupied 9,000 sqm, this was not the cause of the vacancy increase, as the space has already been reoccupied. The main reason for the higher vacancy rate was the delivery of two new assets, JK Square and JHA.