Join our mailing list for Real Estate News, Events, Insights & Resources.
Office Space Rentals in Rio de Janeiro Surpass 25,000 m² in the 3rd Quarter, with Vacancy Rate Steadily at 35%
- The capital of Rio de Janeiro experienced a "mild" third quarter
By: SiiLA News
11/10/2023 The office market in the capital of Rio de Janeiro had some activity in 3Q23 but few changes in office occupancy indicators. In a market with 3 million square meters and no recent stock in the last three months, the gross absorption (total area leased) in the city of Rio de Janeiro was 25,946 square meters, according to data from SiiLA.
Despite strong absorption, the vacancy rate remained close to the levels of previous quarters but stable, reaching 35.5%, a decrease of 0.11% compared to 2Q23. The subtraction of tenant departures reveals that the city's net absorption was 3,319 square meters, the highest value recorded this year.
The data presented show a diverse Rio de Janeiro. The South Zone reached a vacancy rate of 5.5%, but the Cidade Nova region has higher numbers, with no changes, the percentage remained at 57.9%. The only region that saw an increase in vacancy was the Center, which had a 0.2% growth.
Occupancy profile and main tenant entries and exits
A profile of the current office occupiers in Rio shows that 24.5% are companies in the FIRE sector, which corresponds to companies operating in financial services, real estate, insurance, and legal services. Oil and gas companies come in second at 18.8%, and government agencies and NGOs come in third at 14.1%.
In the last quarter, the Faculdade Idor leased the most office spaces, filling 1,514 square meters at Glória 122, a Class A development in the Orla region. Porto Seguro, the insurance company, and Essilor, the manufacturer of ophthalmic lenses, tied for second place, with 1,284 square meters each, both at the Linneo de Paula Machado building in the Center.
The Malaysian transportation company MSIC Berhad, which occupied 1,283 square meters in a Class A development at Centro Empresarial Mário Henrique Simonsen in Barra da Tijuca, ranked as the fourth-largest absorption in the period.
Among the companies leaving the area, Liberty Seguros leads, vacating 1,800 square meters at the Candido Mendes building. Next is Lojas Americanas, which relinquished 1,536 square meters at Passeio 56, both in the Center.
Complete data is available on the SiiLA's exclusive data analysis platform for subscribers, Market Analytics.
ABOUT SiiLA
Founded in 2015, SiiLA is the industry leading REsource for comprehensive commercial real estate market insights, news and events across Latin America. The SiiLA suite of innovative products drive greater accuracy, efficiency, and strategic advantages for top players in the commercial real estate industry.
Premium offices expand beyond São Paulo’s traditional hubs
05/20/2026São Paulo premium office leasing hits post-pandemic high as companies seek more dynamic spaces
05/19/2026Multifamily gains momentum in Brazil as more people live alone and prioritize everyday convenience
05/18/2026Toky Group Tries to Rebuild After Billion-Real Bankruptcy Protection Filing, Raising Concerns for Logistics FIIs
05/14/2026Carrefour Throws in the Towel to Cash-and-Carry in Brazil; Atacadão, Assaí and Grupo Mateus Expand
05/12/2026Investments
Record Growth: 7.9% Vacancy in Northeast Fails to Slow Logistics Expansion
7 Bridges Capital Sees Industrial Property Market as a Primary Investment Target
Market Trends
Real Estate Culture Sets Rio and São Paulo Apart: On the Coast, the View Matters; in São Paulo, Prestige Comes from Location
A 12% Vacancy Rate Marks Balance in Mature Real Estate Markets — Here’s Why
Trusted by Leading Publications
EXCLUSIVE CONTENT
