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Curitiba Reduces Vacancy Rates, Reaching Its Lowest Number of Vacant Offices in History
- Data from SiiLA shows a consistent increase in net absorption
By: SiiLA News
11/21/2024 With a total inventory of 387.9 thousand m², data from SiiLA's Market Analytics reveals that Curitiba reduced its office vacancy rate by eight percentage points over the past 12 months, reaching 10.4% — the lowest rate in its history.
As of Q3 2024, the city had already surpassed the net absorption recorded for the entire year of 2023, totaling 16.6 thousand m² so far, most of which was occupied during Q1 2024.
Currently, Curitiba faces a stagnant supply of new office spaces. The most recent delivery was in 2021, the Union Tower, which added 11.9 thousand m² to the market and has been fully leased since Q1 2024. The property now has a market rental value of R$ 61.48/m². Developed by Porto Camargo Construtora, the building is located in the Água Verde region and hosts tenants such as Essex, Neoconsig, and Infocwb.
Like the Union Tower, Curitiba's office buildings continue to demonstrate strong gross and net absorption rates, as reflected in the Market Analytics data below.
Sectors
The Government and Administration sector leads the city in occupied office space, with 41.2 thousand m² of A+, A, and B-class properties. Beyond the public sector, the Business Products and Services sector also stands out, occupying 37.9 thousand m².
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