Leadership: Mercado Livre and Shopee Account for 20% of Industrial Properties Leasing Over the Past 12 Months

With 6.5 million sq m leased over the past 12 months, Brazil’s industrial properties market remains active, but absorption data reveals concentration among major e-commerce players alongside gradual expansion from other sectors.

SUBSCRIBER EXCLUSIVE

Ariel Szarfsztejn, CEO of Mercado Livre, and Forrest Li, founder of Shopee and CEO of Sea Limited, the parent company of the e-commerce platform

By: SiiLA News

04/23/2026

Data from Market Analytics by SiiLA shows that approximately 6.5 million sq m of industrial properties were leased across Brazil over the past 12 months. Despite the significant volume, absorption was concentrated among a small number of occupiers: roughly 20% of all leased space was taken by just two companies, Mercado Livre and Shopee.

The expansion of these companies comes at a time of low vacancy rates and a reduced pipeline of new deliveries, a scenario that is pushing occupiers to secure space earlier.

The ranking of the largest lease transactions shows a clear predominance of companies tied to online retail and consumer goods, while also highlighting participation from industrial sectors and third-party logistics operators.

In addition to Mercado Livre and Shopee, other major recent occupiers include companies such as Bridgestone, Toyota, and outsourced logistics operators.

Mercado Livre vs. Shopee

Between Q1 2025 and Q1 2026, Mercado Livre and Shopee not only expanded their logistics footprint in Brazil, but increasingly competed in the same markets—and at times even within the same industrial corridors—almost simultaneously. An exclusive analysis by SiiLA highlights a growing rivalry for strategic locations.

One of the clearest examples took place in Alhandra, Paraíba, during Q2 2025. Both companies leased space in the same development, Log João Pessoa, virtually at the same time. Mercado Livre took up approximately 17,800 sqm, while Shopee occupied around 9,400 sqm.

In Q3 2025, the overlap reappeared in Barueri. Both companies expanded in the same region, albeit in different assets. Mercado Livre chose Santana Business Park, while Shopee secured space at CL Castelo Branco.

By Q4 2025, the competition became even more evident in Campos dos Goytacazes, Rio de Janeiro. Mercado Livre and Shopee leased areas within the same development, Log Campos. Mercado Livre absorbed roughly 6,900 sqm, while Shopee took approximately 4,800 sqm.

Although Mercado Livre maintains a larger total absorption volume—over 636,000 sqm compared to Shopee’s roughly 411,000 sqm—the data shows that competition is particularly intense in markets where both players see potential for regional consolidation. When both companies appear in the same quarter, city, or even the same industrial park, the pattern suggests less coincidence and more direct competition for space.

Consumer Goods Lead the Market

Overall, the consumer goods sector leads with 35.6% of the total industrial property area in Brazil. Within this segment, e-commerce dominates the ranking of the largest occupiers. Data from Market Analytics for Q1 2026 shows that companies in these sectors continue to expand.

Today, e-commerce companies are the largest occupiers of industrial properties, led by Mercado Livre in first place (2.2 million sq m), followed by Shopee (927,000 sq m), Amazon (620,000 sq m), Magalu (516,000 sq m), Americanas (386,000 sq m), and Via (239,000 sq m).

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