Pinheiros vs. Chácara Santo Antônio: Similar Numbers, Diverging Paths

Both regions are part of São Paulo's CBD, key areas for corporate offices and businesses

Henry Borenstein, CEO of Helbor, owner of HBR Corporate Tower Pinheiros

By: SiiLA News

03/27/2025

São Paulo’s central business districts (CBDs) differ significantly, despite all being business hubs with a high concentration of corporate offices. Faria Lima leads the market with the highest number of tenants and the lowest vacancy rate, while Chucri Zaidan, despite being an established business center, still faces high vacancy levels.

But beyond these well-known contrasts, an intriguing comparison emerges between Pinheiros and Chácara Santo Antônio. Although recent data shows similar total stock levels, their market dynamics are drastically different.

Both areas have a comparable office inventory, with 293,100 sqm in Pinheiros and 282,600 sqm in Chácara Santo Antônio, considering Class A+ and A properties. However, vacancy rates reveal a stark contrast: 16.47% in Pinheiros versus 43.6% in Chácara Santo Antônio.

To fully grasp these figures, it’s essential to examine the historical trends that shaped each region’s trajectory.

Past Performance Defines Present Trends

By: SiiLA

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.

Meanwhile, Chácara Santo Antônio’s vacancy rate has remained more stable, with no major shifts except for two quarters in late 2019.

Future Outlook: Similar Supply, Different Market Reactions

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.

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