For a real estate investment trust (FII) to appreciate in value, the equation is simple: active financial transactions and a steady flow of tenants are essential. Whether the focus is on income generation or long-term asset growth, the presence of businesses leasing space is indispensable.

Leveraging insights from SiiLA’s intelligence team, REsource reporters analyzed the office FIIs listed on B3 with the highest vacancy rates. Only funds managing over 40,000 m² of property were included in the study.

The analysis identified 20 FIIs, with six reporting vacancy rates above 30%. Among the highest were FAMB11, CNES11, and ALMI11, each with vacancy rates exceeding 50%.

Danilo Barbosa, partner and director at Clube FII, explains that funds with high vacancy rates are often tied to a small number of properties or even a single property, particularly those located in secondary or tertiary markets.

 “The market is unforgiving. In the corporate office sector, location often trumps even the quality of a Class A+ asset. As a result, the market tends to value these properties based on the yield they generate rather than their intrinsic quality. Premium assets in less desirable locations are often undervalued because investors prioritize immediate returns,” says Barbosa.

Barbosa further points out that the market is heavily dominated by individual investors, representing over 90% of the market, who tend to prioritize dividend yield. This focus results in FIIs trading at significant discounts on the stock market, driven more by the promise of consistent payouts than the underlying value of the assets.

• Read more: In-person or Hybrid? Demand for meeting rooms grew tenfold between 2021 and 2024, data reveals