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Despite No New Stock, Rio de Janeiro Closes the Month with Positive Net Absorption
- Market Analytics data shows that, for Class A+, A, and B properties, net absorption in the first quarter of 2024 reached 10,000 m²
By: SiiLA News
05/29/2024 Since the 2017, Rio de Janeiro's office market has struggled, but since the second quarter of 2023, the city has been experiencing a slight recovery, with no negative net absorption recorded since then. Market Analytics data shows that, for Class A+, A, and B properties, net absorption in the first quarter of 2024 was around 10,000 m².
With no new stock since the first quarter of 2019, Rio de Janeiro is seeing a movement of previously stalled assets being leased, such as Eco Sapucaí, which welcomed the education company 42 Rio in the fourth quarter of 2023.
In the first part of 2024, gross absorption of office space reached 36,000 m². Market Analytics data indicates that only two regions showed negative net absorption: Cidade Nova with a minor negative absorption of 262 m², and Porto with a negative absorption of 8,671 m².
The regions that performed best were the Orla with 7,722 m²; Centro with 6,849 m²; Barra da Tijuca with 4,125 m²; and Zona Sul with just 330 m².
Who is Leasing?
Currently, the largest occupiers in Rio de Janeiro are concentrated in five categories: FIRE (Finance, Insurance, Real Estate, and Legal), Oil and Gas, Government/Non-Profit, Public Services, and Business Products.
Elecnor, an energy company classified under Public Services, was a prominent lessee in the first quarter of 2024. The Spanish company established itself in the Centro Empresarial Mourisco, in Torre Corcovado, with 1,261 m² spread across three units.
In this multi-owner development, in which one of the owners is the Valia Foundation, 50% of the tenants are Public Services companies, including another energy company, Eneva. Additionally, 45.8% belong to the FIRE sector, and 4.18% are in the Government/Non-Profit category.
Opportunity in Rio
Currently, the vacant space in Rio de Janeiro for Class A+, A, and B offices is 1 million m². Major owners, such as Valia, have developments that can be consulted via the SPOT platform.
SPOT is the largest and most comprehensive database of commercial properties available for sale or lease.
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