Office GDP Jumps 10.6% in 2025, Outpaces Brazil Economy

São Paulo’s office market generates R$ 7.6 billion in 2025 and expands 10.6%, more than four times the pace of Brazil’s economy.

Flavio Mantesso, founder and head of research at Wise Capital, the firm behind one of 2025’s largest lease transactions

By: SiiLA News

03/17/2026

Vacancy and net absorption no longer tell the full story of the corporate real estate market. In 2025, São Paulo’s office sector generated R$ 7.6 billion in rental revenue, reaching the highest level in the historical series and showing that the sector can be analyzed through a financial lens.

The metric, developed by SiiLA’s market intelligence team, shows that São Paulo’s office market grew 10.6% in average revenue over the year. On a monthly basis in 2025, offices generated more than R$ 630 million.

Unlike traditional indicators, which measure physical occupancy, the “office GDP” tracks the sector’s ability to generate new revenue and expand existing contracts. In 2025 alone, R$ 619.5 million in new leasing revenue was added. In addition, vacant spaces hold the potential to inject a further R$ 1.4 billion into the corporate office market.

Leases such as Wise Capital’s 14,000-square-meter deal at River South in December and Nubank’s 14,000-square-meter transaction at Capote 210 in November illustrate the financial weight of major deals in São Paulo’s market. Each agreement added close to R$ 2 million per month in rental revenue, showing how anchor-tenant moves can materially shift market cash flow.

Office GDP as an Economic Metric

The rise of São Paulo’s “office GDP” in 2025 took place in a macroeconomic environment that was far from exuberant. While Brazil’s economy expanded by around 2.3%, according to IBGE, São Paulo’s corporate office market increased its rental revenue by 10.6%—more than four times the national pace. The gap suggests that the corporate real estate sector not only tracked the broader economic cycle but operated with its own momentum.

The comparison does not imply a direct correlation between national GDP performance and SiiLA’s indicator, but it helps frame the scale of the phenomenon. The concept draws a direct analogy to gross domestic product.

Just as GDP measures the value of final goods and services produced over a given period, the indicator created by SiiLA seeks to quantify the economic value generated by the office market through rental revenue.

Instead of focusing solely on physical metrics—such as square footage occupied or vacancy rates—the proposal is to assess how much the sector effectively produces in financial terms, that is, how much recurring and new revenue is generated each year.

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