Financial Sector Continues to Lead A+ Office Occupancy in São Paulo

Financial companies remain key tenants in iconic properties like the JK Complex, B32, and São Paulo Corporate Tower.

Mário Leão, CEO of Santander Brazil, the company that occupies the most A+ office floors in São Paulo's CBD regions

By: SiiLA News

01/29/2025

In 2024, São Paulo’s corporate real estate market recorded over 640,000 m² of gross absorption, driven by strong demand for office space in the city’s central business districts. With a vacancy rate of 19.16% across A+, A, and B class offices, the city reinforced its position as Brazil’s leading financial hub, with financial sector companies maintaining the highest occupancy levels.

Financial institutions were the dominant tenants of A+ class office buildings, the most prestigious category in São Paulo’s market.

An exclusive report by SiiLA, shared with the REsource team, revealed that by the end of 2024, the financial sector occupied approximately 453,689 m² of A+ office space in São Paulo’s CBD regions.

The study also highlighted the technology sector as the second-largest tenant of ultra-premium office space, though its occupancy was less than half that of the financial sector. By year-end, the tech sector had leased 214,110 m² of A+ office space.

Who Is Leasing High-End Office Spaces?

Market Analytics/SiiLA

Among the financial sector companies that leased the most A+ class office space in 2024 is Banco Master. Early last year, the bank secured 100% of the Auri Plaza Faria Lima, occupying 14,000 m² in this top-tier property. Additionally, Banco Master signed a lease for over 7,000 m² in the iconic Birmann 32 building on Faria Lima, famous for its whale sculpture.

Another notable move in the financial sector came from XP. Before announcing its lease at Luna, the company had already expanded its presence at the São Paulo Corporate Tower in early 2024.

Despite these notable expansions, Santander remains the leader in occupying ultra-high-standard office space in São Paulo, with a total of 79,000 m² under lease—74,000 m² of which are located within the prestigious JK Complex.

Other Sectors Also Seek Ultra-High-Standard Spaces

Parque da Cidade Complex, located on Chucri Zaidan Avenue, São Paulo

For a development to be classified as A+, it must meet a series of technical requirements that ensure efficiency and comfort for tenants. Among these requirements are floor plates of at least 1,200 m², raised flooring, a minimum clear ceiling height of 2.70 m, a generator for the private area, a sustainability certificate, among others, according to SiiLA's classification. Many companies invest in such assets to optimize the productivity of their operations.

Rodolfo Eschenbach, President of Accenture in Brazil and Latin America

An example of this trend is Accenture's move, the multinational consulting firm, which relocated from the Alexandre Dumas building (class A) to the Torre Paineira building at the Parque da Cidade, an A+ class property located in the Chucri Zaidan area. Market sources indicate that the company’s strategy is to offer greater flexibility and appeal to employees, including spaces designed to accommodate children, such as a dedicated children's area.

Parque da Cidade is a mixed-use complex with office towers delivered between 2015 and 2021.

Subscribers to the Market Analytics platform have access to full office occupancy data. Log in or contact our team!

Latam

Brazil

São Paulo

Office

Market Analytics

Tenants In The Market

ABOUT SiiLA

Founded in 2015, SiiLA is the industry leading REsource for comprehensive commercial real estate market insights, news and events across Latin America. The SiiLA suite of innovative products drive greater accuracy, efficiency, and strategic advantages for top players in the commercial real estate industry.