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Market Place Beyond the Mall: Get to Know Iguatemi S.A.'s Bet on the Modernization of One of São Paulo's Most Iconic Malls

  • In addition to the shopping center, the complex will feature offices, residential areas, and even a beach tennis court
Guido Barbosa de Oliveira, Vice President of Finance and Investor Relations Director of Iguatemi S.A.
Guido Barbosa de Oliveira, Vice President of Finance and Investor Relations Director of Iguatemi S.A.
By: SiiLA News
02/15/2024

Last week, Iguatemi S.A. unveiled an ambitious new venture: the revitalization of Shopping Market Place, situated in the Chucri Zaidan region. This comprehensive project encompasses a complete retrofit of the shopping mall complex, alongside the creation of innovative spaces for offices and residences, heralding a transformative milestone for the area, as proclaimed by the company.

The traditional concept of shopping mall has undergone a profound evolution, transitioning from mere consumer hubs to multifaceted destinations offering a diverse array of services and entertainment options.

Scheduled to commence in February 2024, construction will progress through four distinct phases to overhaul the Market Place Complex. The initial stage will concentrate on enhancing the office spaces, followed by the development of residential areas. Subsequently, attention will turn to the refurbishment of the shopping center and existing corporate towers, constituting the third and fourth phases respectively.

Presently, the Chucri Zaidan region reports a 27.19% vacancy rate for Class A+, A, and B offices, as per data monitored by SiiLA's Market Analytics platform. Notably, the combined vacancy rate for the two towers integrated within Market Place stands at 14.82%, as indicated by SiiLA. In 2023, these properties witnessed a net absorption of 2,558 m², with esteemed tenants such as Sandoz and Tellescom making notable ingressions.

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