Five Years Later: Which São Paulo Regions Are Recovering from the Pandemic?

The Marginal Pinheiros region was one of the hardest-hit areas during the pandemic. In Q1 2020, its vacancy rate was 28.4%. At the height of the crisis in Q3 2021, this figure rose to 41.1%. Since then, recovery has been slow, with a minimal decrease of just 0.1 p.p.

During this period, Marginal Pinheiros did not see a significant influx of new developments. A total of 40,000 m² was delivered, including 18,000 m² in 2021, 8,500 m² in 2023, and 13,000 m² in 2024.

Another region significantly impacted was Chucri Zaidan, which, in addition to the pandemic, also received a substantial amount of new inventory. In Q1 2020, its vacancy rate was 16.8%, but by 2021, it had doubled to 32.9%. Despite this, the region has been recovering and currently records a vacancy rate of 21.2%.

Faria Lima, one of the country’s main office hubs, has also shown signs of recovery, although it has not yet returned to pre-pandemic levels. Before the lockdown and health measures, the region had a vacancy rate of 7.4%. In 2021, this figure peaked at 11.9%, but it has since improved to 9% – a nearly 3 p.p. recovery from the height of the pandemic.

Three regions stand out in the study: two for returning to pre-pandemic levels and one for recording even lower vacancy rates than before.

Berrini, which had a 17.9% vacancy rate before the pandemic and reached 26.6% at the peak of the crisis, now reports 18.2%, nearly matching its 2020 levels. A similar situation occurred in the Paraíso region, which went from 16.9% in Q1 2020 to 30.7% in 2021 but has now dropped to 17.8%.

The most notable recovery, however, is Moema. In 2020, the region had a 22.9% vacancy rate, which rose to 28% in 2021. Today, the figure stands at 21.8%, lower than before the pandemic, demonstrating a faster recovery.