Jundiaí Faces Tenant Exodus and Records First Negative Net Absorption in Five Years
- Over 70 thousand m² of space in A+ and A-class industrial developments were returned
- Companies like Coopercarga, VIP Transportes, Camel, and others vacated the area
Jundiaí is the third-largest region for industrial properties in Brazil, behind only Cajamar and Guarulhos. Currently, the 2 million m² of industrial space in the area are not experiencing a good period, as shown by data from Market Analytics by SiiLA. According to the monitoring, the region recorded the largest negative net absorption of tenants: a negative 39 thousand m² in high-standard developments (Classes A+ and A).
The data also show that tenants vacated 70 thousand m² while gross absorption was only 31 thousand m². This is the first time the region has recorded negative absorption in the past five years.
Today, the vacant space in the region amounts to 203 thousand m², representing a vacancy rate of 13.07%, an increase of 2.5 percentage points compared to the first quarter of this year.
Of the 13 regions monitored by the Market Analytics platform in São Paulo, only three showed negative net absorption during the second quarter of 2024, as indicated by the chart below:
Vacancy Increased Across All Asset Classes in Jundiaí
Including Class B assets in the analysis, Jundiaí continues to show negative net absorption. With this broader scope (A+, A, and B), the region's net absorption was negative 24 thousand m² between April and June this year.
SiiLA's intelligence team identified five developments in the region that suffered from the tenant "exodus." The CITLOG Viracopos, for example, took a hit of 38 thousand m², previously occupied by the logistics company Coopercarga.
The development is part of the Hedge Logística fund (HLOG11), and Coopercarga had occupied the space since 2022. The company had a lease agreement until 2025. At the time of the agreement, the company agreed to a rental contract for R$ 17/m². Today, Coopercarga still occupies an area of 6 thousand m² in the property.
Other assets that suffered from tenant departures include Cabreúva Business Park, Eco CD Cabreúva, Global Jundiaí, and Parque Logístico Cabreúva. Companies like VIP Transportes, Carmel, BeloCorp, and SG Tecnologia left the region.
Owners Bet on a Quick Recovery
The KNRI11 fund from Kinea, owner of Global Jundiaí, was one of those affected by a tenant leaving, vacating an area of 1,2 thousand m².
Kinea stated in a note that it still believes in the region and that the departure does not represent a significant impact on its asset, as other tenants are already being scouted.
Contacted by the REsource team, Hedge, Derapar, VIP Transportes, SG Tecnologia, and Coopercarga did not respond to the team's inquiries.
