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Market Rent in São Paulo’s CBDs Rises 5.7% in 2024, Reinforcing Upward Trend
- Market rent rises and vacancy drops: understand the factors driving this trend
By: SiiLA News
02/19/2025 The market rent for Class A+ and A office spaces in São Paulo’s Central Business Districts (CBDs) reached R$ 135.41/m² in 2024, marking a 5.7% increase compared to 2023, when the metric stood at R$ 128.09/m². In 2022, the rate was R$ 127.78/m², indicating an acceleration in rent appreciation over the past year.
This metric, developed by SiiLA, differs from asking prices as it considers not only the amounts advertised by landlords but also variables such as property availability in the region, construction standards, recent transactions, commercial conditions, and the supply of comparable assets. As a result, market rent aims to more accurately reflect the actual prices applied in the sector.
The growth from 2023 to 2024 may reflect increasing demand for well-located corporate spaces, combined with a possible reduction in vacancy in strategic areas. Additionally, lease adjustments and inflationary impacts may have contributed to the appreciation of rents in the city's main business hubs.
Historical Analysis
The evolution of market rent shows a consistent upward trajectory, rising from R$ 96.59/m² in 2016 to R$ 135.41/m² in 2024—an increase of approximately 40% over the period. This trend has occurred alongside a gradual decline in the vacancy rate, which dropped from 25.4% in 2016 to 20.4% in 2024.
Between 2016 and 2019, vacancy fell more sharply, from 25.4% to 16%, while market rent grew moderately, increasing from R$ 96.59/m² to R$ 100.84/m².
Starting in 2020, with the impacts of the pandemic, vacancy rates climbed again, reaching 23.7% in 2021. However, during this same period, market rent surged from R$ 105.57/m² in 2020 to R$ 123.42/m² in 2021, demonstrating that well-located spaces continued to appreciate.
In recent years, from 2022 to 2024, vacancy has followed a downward trend, decreasing from 21.9% to 20.4%, while market rent has continued to rise, reaching R$ 135.41/m² in 2024.
A Practical Example
Birmann 32, one of the most iconic developments on Faria Lima, exemplifies this appreciation. Delivered in 2020, the building stands out as one of the region's top high-end assets. Its market rent is R$ 301.79/m², above the average for Class A+ properties on Faria Lima, which stand at R$ 256.39/m².
Although Birmann 32 boasts higher figures, its appreciation aligns with the broader market trend, reinforcing that these movements are not isolated but reflect a wider industry dynamic.
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