In the second quarter of 2023, the Brazilian office market witnessed a significant resurgence in new inventory after an unusual first quarter characterized by no deliveries. According to SiiLA's monitoring, more than 107,000 square meters of office space were handed over between April and June of this year. As a result, the city's vacancy rate increased by 1 percentage point from 1Q to 2Q of this year.

A total of seven new office buildings were completed, five of which are located in São Paulo, a city currently boasting an extensive office space stock of over 8.75 million square meters, including properties of classes A+, A, and B. The largest volume of area delivered occurred outside the central business districts (CBDs), specifically in the Brasília Square Offices complex, consisting of Towers 1 and 2, totaling over 44,000 square meters of office space in the Barra Funda submarket. Interestingly, this complex is situated on the same site where the Playcenter amusement park once stood in the past.

Below are some details of the properties delivered in 2Q23:

Brasília Square Offices

The Barra Funda region, located in the western zone of São Paulo city, welcomed the Brasília Square Offices complex, consisting of two towers. Both towers comprise 27 floors, with Tower 1 offering a total private area of 20,005 square meters, and Tower 2 featuring 24,300 square meters of total private area.

Classified as Class B, this asset usually attracts the curiosity of the city's residents because it occupies the land where the emblematic Playcenter amusement park used to operate, which left a mark on generations between the 1980s and 1990s. Check out here the full content about this asset and its connection with the amusement park, which closed its operations on that site in 2012.

Luna Nova

Located in São Paulo, the Luna Nova office tower was built in the Chácara Santo Antônio region and has a total private area of 30,000 m², divided into 30 floors. The responsible developer was Autonomy Investimentos, with architectural design by KPF (Kohn Pedersen Fox).

Pontal do Estaleiro

Leaving São Paulo, we have Pontal do Estaleiro in the south of the country. The building is located in the Praia de Belas region in the city of Porto Alegre, Rio Grande do Sul. The newest office building in the capital of Rio Grande do Sul is classified as Class B and has a total private area of 10,289 m², divided into 11 floors.

For more information and full access to the assets delivered in the period, as well as the list of occupants and more, get to know Market Analytics! Keep following SiiLA to stay up-to-date with the latest developments in the commercial real estate market in Latin America.

Also, read about the new stock of logistics warehouses!