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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.
The markets that recorded the largest volume of net absorption (a figure that indicates the total number of leases minus the returns of space in the period) were São Paulo, with more than 81,000 square meters, Belo Horizonte (4,347 square meters) and Rio de Janeiro, with 3,319 square meters.
Among the biggest movements of the period, the Brazilian National Council for Scientific and Technological Development (CNPq) is one of the highlights, with more than 11,000 square meters leased in the Telemundi II building in Brasília (DF). However, the institution did not increase its area, as in the same period, it returned the more than 19,000 square meters it occupied in the block A of the Santos Dumont building, in Lago Sul, also in DF.
Companies operating in the education segment also stood out among the largest leases, such as the Anglo Vestibulares education network, which absorbed 3,000 square meters in the Dorita Putch building in the Paulista region of São Paulo. In addition to Anglo, Cruzeiro do Sul University leased almost 2,000 square meters in the Sompo Building, near Paulista Avenue, on Cubatão Street, also in the capital.











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