To address these uncertainties, WTorre heavily invests in data and research. In markets like Goiânia, for example, the company used georeferencing and rooftop mapping to estimate the real estate stock and historical growth of the region.

“In Goiânia alone, we mapped over 2.6 million m² of single-tenant warehouses. Our project there is 80,000 m² — perfectly aligned with the real size of that market, even without an institutional track record.”

Abiner argues that the “secondary market” label needs to be reconsidered. Capital cities like Vitória, Curitiba, Porto Alegre, Brasília, and Recife, while outside the Rio-São Paulo axis, are economically consolidated and ready to host large-scale assets.
“These cities are primary markets within their states. What’s lacking is product. If you build a 50,000 m² institutional-grade warehouse in Vitória or Porto Alegre, it will get leased.”

Beyond the capitals, WTorre is also eyeing regional cities like Londrina, Cascavel, Araçatuba, and Bauru, where supply is limited and demand is underserved.

The conversation also touched on the e-commerce boom of recent years. According to Abiner, the rapid growth of players like Mercado Livre, Amazon, and Shopee brought energy to the sector — but also risk.

“If you concentrate 100,000 m² in a single tenant in a shallow market, any vacancy becomes a big issue. But in liquid markets like Guarulhos, you can fill the space quickly.”

He also pointed out the growing demand for temperature-controlled warehouses, especially in the pharmaceutical segment. This niche is still largely served by build-to-suit projects.
“There are no speculative climate-controlled warehouses. It’s a high-cost demand, but it’s growing. Some tenants are paying R$70/m² for the right setup.”

WTorre is also pursuing office retrofits in São Paulo’s top submarkets — including Paulista, Vila Olímpia, and Faria Lima — with a focus on boutique towers and mixed-use developments. The company is currently leading the development of the largest corporate tower in Brazil, part of the Alto das Nações complex in the city’s south zone.

Given today’s high construction costs — ranging from R$2,300 to R$3,300/m² (excluding land) — and elevated interest rates, expected returns for new developments hover around 10.5% per year.
“Speculative projects today only move forward when there’s real certainty. Build-to-suit will likely dominate for the next two years,” he concludes.

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The SiiLA PODCAST, hosted by SiiLA CEO Giancarlo Nicastro, features in-depth conversations every two weeks with the most influential voices in Latin America’s real estate market. Season 1 includes 12 episodes covering logistics, office, multifamily, and retail segments — offering strategic perspectives on market cycles, investment, and innovation in the sector.

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