The evolution of each area provides insight into today’s market landscape. Since 2019, Pinheiros has consistently received new high-end office developments, with five quarters of new Class A+ and A inventory added. In contrast, Chácara Santo Antônio has seen long periods without new supply, recording only two quarters with new deliveries in the same timeframe.

Vacancy trends have also evolved differently in each region. Pinheiros experiences sharp fluctuations whenever large office spaces are introduced, as seen in Q4 2024, when vacancy jumped from 8.86% to 16.47% due to the arrival of 33,800 sqm of new space across two developments.

Both regions are expected to receive a significant influx of new office space in the coming years, though market absorption will likely differ. Chácara Santo Antônio is set to receive 97,500 sqm, while Pinheiros will see an even larger expansion of 126,900 sqm.

However, the number of new projects varies significantly. Pinheiros will see seven new office developments, including notable projects like HBR Corporate Tower Pinheiros (9,000 sqm), which has already been pre-leased by Hospital Albert Einstein.

In Chácara Santo Antônio, only two new office buildings will be delivered, but one of them is a game-changer: Alto das Nações, a massive 85,100-sqm tower, set to become São Paulo’s largest corporate building.

While the impact of these new additions remains uncertain, past trends suggest Pinheiros will continue absorbing new space at a faster pace, while Chácara Santo Antônio faces the challenge of accommodating a sudden surge in supply.