Curitiba Sees Growth in Class A and A+ Office Stock While Remaining Concentrated in the Central Axis

With a current office inventory of 388,000 sqm, Curitiba’s office market is predominantly composed of Class B assets (48.63%) when compared individually to Class A and A+ properties. This characteristic plays a significant role in shaping its attractiveness to tenants. 

While the central axis concentrates the majority of Class B buildings, other emerging areas such as Rebouças and Água Verde are increasingly characterized by a predominance of Class A and A+ assets. 

According to Fábio André Oliveira, Partner and Development Director at Invescon, this trend reflects tenants’ desire to invest in employee well-being by choosing locations that offer better surrounding amenities and easier mobility. “From a quality-of-life standpoint, it makes sense for these companies to offer a workplace that is easy to access. Being in a leafy, pleasant neighborhood such as Batel helps support the well-being of those who work there” he explained. 

Industry sectors also display distinct preferences. The telecommunications sector, for example, has reduced its occupied area in the city by 67.66% over the past three years, while consumer goods companies have expanded their footprint by 34.45%. 

Government institutions occupy the largest amount of office space, totaling 49,000 sqm, most of which is located in Class B buildings. Finance and technology firms follow closely behind, with a stronger preference for Class A and A+ office spaces. 

Fábio emphasizes that the market needs to accelerate development so that the supply of high-quality assets can keep pace with demand. “Due to the shortage of Class A+ space, companies are often forced to seek alternatives in other buildings. Whatever is delivered to the market will be occupied. Of course, there is always a period before absorption takes place, but these spaces are already being taken up,” he noted. 

With occupied areas of 32,000 sqm and 29,000 sqm respectively, the finance and technology sectors have already demonstrated their demand within the city. The remaining challenge is for the market to respond with an adequate supply of suitable assets.