One-quarter of top-tier offices in São Paulo remain vacant
- SiiLA data shows that São Paulo's top-tier offices have not yet reached pre-pandemic levels
Data released by SiiLA reveals that one-quarter of top-tier offices in São Paulo remain vacant. The quarterly survey indicates that 24.35% of office area in A+ and A properties were unoccupied at the end of 2023.
Throughout the four quarters of 2023, the vacancy rate remained relatively stable, with no significant changes. Since the end of the pandemic, there has not been a significant return to top-tier offices; before the pandemic, first quarter of 2020, the vacancy rate was at 15,31%.
The region with the highest amount of vacant space is Chucri Zaidan, in the southern part of the capital, with 212,000 m² of unoccupied offices. Nearby, the Marginal Pinheiros area has 160,000 m² vacant, and also in the south, Chácara Santo Antônio presents 123,000 m² vacant.
Proportionally, the city center of São Paulo has the highest vacancy rate, reaching 68.02%. Next are Santo Amaro, with 49.86%, and Chácara Santo Antônio, with 43.46%. Chucri Zaidan registers a vacancy rate of 26.69%.
Lower vacancy rates in the city
Among the central business districts (CBD), only five have a low vacancy. Faria Lima, the heart of the Brazilian financial market, has a vacancy of 8.08%. The lowest vacancy rate is in Itaim Bibi, at 3.27%.
Other regions with low vacancy, such as Paulista, Pinheiros, and JK, are also on the list, with 6.23%, 8.05%, and 4.53%, respectively.
Major transactions
One significant lease was the Jorge Salomão building in the Jardins region, where SulAmérica/Rede D'Or leased over 8,000 m². ByteDance, the owner of TikTok, leased more than 7,000 m² in the Infinity Tower.
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