Large occupiers tighten São Paulo premium office supply
- SiiLA data shows growth in the average leased area in early 2026, while large occupiers put pressure on available supply in São Paulo’s traditional business districts
The return to in-person work is reshaping the office leasing profile in São Paulo. The previously dominant hybrid-work environment, in which companies tended to reduce their occupied areas to justify operations still recovering from the pandemic, is now giving way to a renewed need for more space and greater workplace dynamism.
According to a survey by SiiLA’s Market Analytics, the average leased area by companies over the past decade ranged from 2,100 sq. m in 2016 to 2,000 sq. m in 2025, marking the first post-pandemic peak. The highest figure recorded in the survey was in 2018, based on a comparison of Class A and A+ assets.
The recovery of space demand, which had been put on hold during the pandemic, is gaining momentum again, with the potential to surpass the 2018 peak in the coming years. Data from 2025 reinforces the strong demand for premium office space in the city. The return to in-person work has been mainly advocated by companies seeking to strengthen employees’ absorption of organizational culture and monitor productivity, while also facilitating interaction among different departments and encouraging teamwork.
However, demand for larger office spaces is not the only factor shaping the market. Specialists already point out that the return to the office also requires greater dynamism and a stronger focus on well-being in order to generate operational efficiency.
Among the companies with the largest occupied areas is Nubank, which has already confirmed the pre-lease of approximately 35,000 sq. m at Edifício Cyrela Oscar Freire, scheduled for delivery in the third quarter of 2026. Including this lease, the company will occupy nearly 50,000 sq. m more than it did in 2019. Amazon also recorded significant growth, with an increase of 37,500 sq. m over the same period, already considering the pre-lease at Biosquare, completed in 2Q 2026.
Other companies also posted exponential growth between 2019 and the first quarter of 2026. XP Investimentos more than doubled its pre-pandemic occupied space, rising from 15,900 sq. m to 35,700 sq. m. It was followed by Fleury Medicina e Saúde, with an additional 19,000 sq. m, and Uber, with a difference of 15,600 sq. m, reinforcing the consolidation of this trend in the market.
Is there still supply to meet this demand?
Few regions can still support large-scale leases within the same building. In Faria Lima, the closest options are Faria Lima 4440 – Acqua, with 9,100 sq. m available, and Faria Lima Square, with 8,200 sq. m. In JK, only the North Tower of São Paulo Corporate Towers has available space for this type of lease, with 10,300 sq. m.
Berrini still has the Class B Berrini New One, with 10,100 sq. m; the Class A Plaza Centenário – Robocop, also with 10,100 sq. m; and another 8,900 sq. m in the North Tower of the A+ CENU complex, or Centro Empresarial Nações Unidas.
With few available buildings of this size in historically occupied regions, other areas are emerging as alternatives for companies with this level of demand. These include Pinheiros, with the Class A Edifício Valente building offering 9,800 sq. m; Chácara Santo Antônio, with the A+ Torre Alpha at 17007 Nações offering 16,100 sq. m; Vila Olímpia, with the Class B Fonseca’s Tower offering 8,500 sq. m; and Chucri Zaidan, with 15,600 sq. m available at the A+ Riverview Corporate Tower.
Itaim Bibi does not have any building with availability at this scale. Paulista, meanwhile, has a specific profile marked by a higher concentration of Class B assets, with total stock of 649,175 sq. m in this class and a vacancy rate of 10.75%. This represents a sharp contrast with Class A and A+ assets in the region, which total 257,028 sq. m and have a vacancy rate of 1.40%. Growth in the region is nearly stagnant.
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