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Guarulhos Tops Industrial Market Rent Ranking in São Paulo State as High-End Warehouse Sector Expands in Q1
- At R$ 28.55/m², Guarulhos surpasses both the state capital and Cajamar; low vacancy rates help sustain high market rent
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By: SiiLA News
05/05/2025 According to the latest data from SiiLA’s Market Analytics, Guarulhos has emerged as the industrial location with the highest market rent in São Paulo state, at R$ 28.55/m². Despite the high pricing, the city maintains a relatively low vacancy rate of 13.8%.
Other key logistics hubs, Cajamar (R$ 26.87/m²) and São Paulo city (R$ 26.88/m²), show similar dynamics, with São Paulo posting a zero-vacancy rate. This shortage of available space underscores the area's strong demand and supports the elevated pricing.
To better interpret these figures, it’s important to understand that “market rent” is a benchmark created to more accurately reflect current transaction levels. It factors in availability, building quality, recent deals, and lease conditions—unlike the traditional asking rent, which often fails to reflect actual negotiations.
This metric is part of an effort to increase market transparency. While asking rent consider only vacant properties,...
Beyond Guarulhos and São Paulo, cities like Jundiaí, Ribeirão Preto, and Campinas report market rents ranging between R$ 15/m² and R$ 19/m², with vacancy rates near 10%, indicating more balanced supply and demand dynamics.
Asking Rent vs. Market Rent
The gap between asking rent and market rent continues to stand out in a historical analysis. Between 2016 and 2025, the average asking rent per square meter rose from R$19.10 to R$29.00, while market rent increased from R$15.03 to R$24.16 over the same period.
Although vacancy rates edged up slightly in 2025 to 9.13%, the increase is not considered negative, as it reflects the delivery of new inventory. In the first quarter alone, 165,000 m² of Class A+ and A industrial space were completed.
Cy.Capital's property, Cy.log Guarulhos, for example, has a market value above the region's average, at R$30/m², while the region's average is R$29.6/m², and is 100% leased by Mundial Logistics.
Another notable delivery is Log São Bernardo do Campo, a 96,800 m² facility in the Greater ABC region. Launched with a market rent of R$30/m²—above the regional average—the property is already 100% leased to two major e-commerce players: Amazon and Shopee.
In Ribeirão Preto, a newly delivered asset was priced at R$22/m², in line with the regional average. It has also already been partially leased, with a vacancy rate of 13%.
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