What happens when a commercial asset is turned into a residential one?

Estadão reported that Brookfield would convert the Glória Building, in the center of Rio de Janeiro, which will no longer have a commercial vocation, starting to house families.

Glória Building

By: SiiLA News

11/29/2022

What happens when a commercial development is turned into an asset for another use, such as a residential one? Recently, Estadão reported that Brookfield would convert the Glória Building, in the center of Rio de Janeiro, which will no longer have a commercial vocation, starting to house families.

SiiLA's Market Analytics platform maps the Glória Building. With nine floors and more than 8,000 m² of private area, the Glória Building is a class B building. Glória is almost a century old. According to SiiLA, the building was delivered in January 1929. The building has 24-hour security, a generator for the common area, and a sprinkler system.

At the end of the third quarter of 2022, the building was at 20% occupancy, with Caixa Econômica Federal being the sole occupant. In the future, when Brookfield transforms the asset for residential use, the Glória Building will no longer be part of the office space in the region.

Today, the center of Rio accounts for 1.6 million m² of corporate floors for classes A+, A, and B and is the largest office area in the city. Want more data and SiiLA's complete analysis of the industry? Meet Market Analytics.

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