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Major Brazilian capitals record drop in office vacancy in 3Q23

  • During the period, commercial building leases exceeded returns and the total inventory increased
São Paulo, Rio de Janeiro, Belo Horizonte, Campinas (SP), Curitiba and Porto Alegre were the cities that saw a decrease in vacant office space
São Paulo, Rio de Janeiro, Belo Horizonte, Campinas (SP), Curitiba and Porto Alegre were the cities that saw a decrease in vacant office space
By: SiiLA News
10/30/2023

After a slight increase in the office vacancy rate in major Brazilian capitals in the second quarter of 2023 (24.8%), compared to the first quarter of the year (21.7%), the third quarter signaled a return to the occupation of commercial spaces.

According to data and statistics from the SiiLA intelligence platform, a hub for solutions for the Latin American commercial real estate market, the rate fell to 22.3% in 3Q23.

São Paulo, Rio de Janeiro, Belo Horizonte, Campinas (SP), Curitiba and Porto Alegre were the cities that saw a decrease in vacant office space. On the other hand, Brasília (DF) was the only city that saw an increase in vacancy in the quarter.

SiiLA monitors more than 14 million square meters of office space in Brazil. The city of São Paulo was the only one to receive new asset inventory in the period, with the delivery of 46,363 square meters in commercial buildings in the Jabaquara, Vila Olímpia and Pinheiros neighborhoods.

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