The performance is even more impressive when compared with recent history. In Q4 2022, Paulista’s vacancy rate was 23.21%, one of the highest among the city’s corporate hubs. Since then, the region has experienced a continuous decline in vacancy, accompanied by price appreciation.

During the same period, market value increased from R$ 115.48/m² to R$ 122.91/m², reinforcing strong demand.

Net absorption also confirms the trend: in just three quarters, 2025 is already the best year of the decade for Paulista, with 30,000 m² absorbed — surpassing even pre-pandemic performance.
For the market, the conclusion is clear: the district not only recovered but is expanding again.

Despite migrations to other regions, Paulista’s attractiveness never disappeared, thanks to its location, service offer, and building quality, as highlighted by Jaqueline Rodrigues, Portfolio Manager at Rio Bravo Investimentos:

“Rio Bravo has always believed in the region: 37% of the Renda Corporativa portfolio is located there. We have assets such as Bravo Paulista, Parque Cultural Paulista, and Parque Santos. Even during the pandemic, when Bravo Paulista was delivered and reached almost 30% vacancy, it took less than 12 months to reach 100% occupancy. Paulista was already absorbing demand even in difficult times.”

The diversity of the local ecosystem is another decisive factor, according to Alexandre Rodrigues, Partner and Real Estate Fund Manager:

“Paulista is perhaps the only region in São Paulo with a truly complete real estate ecosystem: residential, corporate, museums, hospitals, malls, street retail. It operates 7 days a week. On Sundays, it becomes an open-air showcase with thousands of people. This flow boosts retail and strengthens the entire corporate and commercial environment.”

With limited available space for new developments, retrofitting has become the natural path for repositioning older buildings — and a major value creation opportunity.

“In the corporate sector, retrofit is practically the only option because the region has little room for new construction. The Bravo Paulista case is emblematic: it and Scarpa were twin buildings. We fully retrofitted Bravo — façade, elevators, access, turnstiles, systems. Today, it commands much higher values than its ‘sibling’ that didn’t undergo retrofit.”

The plug-and-play strategy also accelerated occupancy:

“Plug and play was decisive at Bravo Paulista: 90% of the leases were only possible thanks to this approach, allowing companies to move in with no Capex, which sped up occupancy and increased rental value.”