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Industrial Warehouse Leases in Rio de Janeiro Could Generate R$ 1.7 Million in Rent in Q1 2024
- A total of 13 developments welcomed new tenants, including GLP Campo Grande, which opened its doors to Shopee and Tupperware
By: SiiLA News
05/23/2024 The industrial market in Rio de Janeiro is one of the largest in Brazil. In the first quarter of 2024, the region saw a net absorption of 22,000 square meters and a gross absorption of 101,000 square meters, according to data from SiiLA's Market Analytics for Class A+, A, and B properties.
A standout event of the quarter was the Chinese retailer Shopee leasing 36,000 square meters at GLP Campo Grande in the Duque de Caxias area. Following Shopee, Tupperware secured second place by leasing 7,000 square meters, also at GLP Campo Grande. In total, 13 developments welcomed new tenants during the quarter.
An exclusive analysis by SiiLA, which considered gross absorption and average market rental values, reveals that these new tenants alone have the potential to generate R$ 1.7 million in monthly rental income.
Mercado carioca
Currently, the Rio market has 2.7 million m² of logistics assets in Classes A+, A, and B. The category that leads among the largest occupants in the city is Consumer Goods, with 40.6%, followed by Transportation and Logistics, with 33%, and Food, Beverages, and Tobacco, with 10.6%.
The largest lease currently belongs to Grupo Via, at BMLog Rio, where it occupies 145,000 m². The second-largest lease belongs to Grupo Pão de Açúcar, with 100,000 m² at GLP Duque de Caxias, and third is SEB – Comercial de Produtos Domésticos, which occupies 91,000 m² at Patria Itatiaia. Coincidentally, the three largest leases belong to the three largest tenants in the region.
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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.
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