According to Paulo Bio, the advance of light industrial reflects a structural shift in Brazil’s productive and urban dynamics.

“After the intense cycle of large-scale logistics development, there is a reorganization of supply chains and a greater search for integrated urban operations.”

This reading is similar to that of Julian Junqueira Rillo, partner at TozziniFreire Advogados. According to him, the logistics warehouse market closed 2025 with vacancy between 6% and 8% and average rents close to R$30/m². Data from SiiLA indicates that the fourth quarter of 2025 closed the year at R$31.05/m² for A+, A and B assets within a 30-km radius of São Paulo.

“The scarcity and high price of large-scale warehouses lead medium and small users to look at light industrial as an alternative.”

In the view of Juan Diaz, the central factor is speed.

“The need for faster deliveries ends up generating demand for operations closer to consumption centers,” he says.

For him, the movement is very similar to the last-mile concept, with supply chains organized in stages.

“You may have heavier processing in a plant located farther away and complete the final stage closer to the consumer, especially when there are perishable products.”

The profile is diverse but shares a common denominator: operations that need proximity to consumers and flexible layouts.

Paulo Bio highlights clean and light manufacturing industries, healthcare and pharmaceuticals, food tech, technology, technical assembly operations and companies that combine production with urban distribution.

Rillo adds that e-commerce and last mile are the “hot topics,” but not the only drivers.

“We see companies from several sectors that do not need huge spaces but need to be close to the consumer market.”

For Diaz, the most evident sectors are those requiring immediate distribution.

“The food industry and technology would certainly be among the sectors demanding this type of positioning.”

He notes, however, that each segment brings specific requirements.

“Each one has its own regulations, which means that the assets need different characteristics.”

Although consolidated data is still concentrated in the broader logistics market, signs indicate strong pressure on smaller urban assets.

Rillo recalls that 2025 recorded a record net absorption and historically low vacancy.

“The competition for storage space in areas closer to the city center is becoming increasingly intense.”

Paulo Bio observes growing demand for assets ranging from 1,000 m² to 5,000 m² in consolidated regions, as well as increased interest in the retrofit of older industrial properties.

For Diaz, in addition to location, adaptability is decisive.

“Investors look at potential users. If the asset is too restrictive, adapting it later may be difficult.”

This factor directly influences capital appetite and pricing.

Zoning regulations are one of the main constraints for the expansion of the segment.

“Legislation establishes limits related to noise, waste disposal and operations,” says Rillo.

Paulo Bio points out that regulatory predictability is more important than isolated flexibility.

For Diaz, however, the debate goes beyond legal permissibility.

“More than zoning, it is necessary to evaluate the impact on the surrounding neighborhood.”

Twenty-four-hour operations close to residential areas can generate friction.

“Today, the social component within ESG carries weight. The extent to which your operation affects the region must be part of the company’s analysis.”

The three interviewees converge on one point: light industrial does not replace traditional logistics, but it may consolidate itself as a relevant subclass.

For Rillo, the segment today is where logistics was five or ten years ago.

“In the short term it still requires specialized management, but it may develop its own investment thesis.”

According to Paulo Bio, institutionalization depends on product standardization and contractual governance.

For Juan Diaz, efficiency will remain the main driver.

“There is a niche to be explored,” he says. “But it will not eliminate large warehouses. It is a complementary space within the logistics market.”