Nearly 1 Million m² of Office Space Returned Over the Past 12 Months, but Market Remains Positive

Data from SiiLA shows 79% of companies did not return after vacating offices, but net absorption remains positive with 527,000 m² occupied

Claudio Hidalgo, Regional President of WeWork LATAM

By: SiiLA News

06/16/2025

Data from SiiLA shows that 935,000 square meters of corporate office space in Brazil were vacated over the past 12 months. Although 11% of that space remains entirely empty since the last tenant left, the key takeaway from the report isn't about the buildings themselves, but the companies behind the exits.

Roughly 79% of the firms that left office spaces have not returned to the market since. WeWork, for example, vacated 36,000 m² and has yet to sign any new leases. Grupo Casas Bahia took a different route: it left 7,000 m² at Eldorado Business Tower but more than offset that with a 16,000-m² lease at Centenário — a space previously occupied by WeWork.

Among the ten largest office space returns in the period, only four companies have reentered the market — including Casas Bahia. In some cases, the new spaces they leased even surpassed what they had previously occupied.

By: SiiLA

Other companies, like Amil and Meta, chose to downsize rather than leave entirely. Amil reduced its footprint at EZ Towers in São Paulo and Vista Guanabara in Rio de Janeiro. Meta gave back part of its space at Birmann 32. WeWork, meanwhile, vacated or downsized its presence across seven different properties.

Market Remains Resilient

Despite the high volume of returned space, the office market continues to show signs of resilience. Over the past 12 months, net absorption totaled a positive 527,000 m². Gross absorption reached 1.4 million m², indicating strong activity from new tenants entering the market.

Some of the biggest leases signed during this period include WPP’s 39,000-m² deal at the Arquipeo building in São Paulo in Q4 2024; Banco Master, which leased 23,000 m² across three properties; and XP Investimentos, which secured 17,000 m² in four separate assets.

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