When we talk about pre-leasing, the first images that come to mind are industrial properties, but this is changing. Whether through a statement or news in REsource, the real estate market has been bombarded with companies pre-leasing offices.

Whether it’s Hospital Albert Einstein, which announced the lease of the HBR Corporate Tower Pinheiros, which will be delivered only in September, or Link School, which leased the Corporate Garden from VBI, delivered in April, pre-leasing is happening at a small pace in the office market but is far from discreet.

According to Natalia Canton Landi, portfolio manager at VBI Real Estate, this trend, common among industrial properties, is growing in offices due to the opportunity for good deals.

Beyond theory, Landi uses the Link School case to explain the dynamics of corporate pre-leasing. The educational company had its headquarters 10 meters from where the Corporate Garden would be, and during construction, the institution became interested in the project and approached VBI.

“In mid-June of last year, Link School came to talk to us about the possibility of leasing the entire space. The 8,300 m² property, located in a prime location, perfectly matched the company's expansion strategy. They loved the asset and the concept, so it made perfect sense for them and aligned well with our timing. The lease was finalized in September last year, and the delivery was in April,” Landi explains.

The manager explains that being a boutique project allowed the lease to be completed.

“If you consider the corporate market, we can talk about large A+ assets with very specific leases when it comes to single users. It is very rare to see such a large project leased in this way. In the case of Corporate Garden and other boutiques, it's a matter of opportunity, the chance to be the sole tenant in an entire asset,” she explains.

Landi says that, although difficult, pre-leasing in larger assets does happen. The specialist recalls that Faria Lima 4440, delivered in 2011, was pre-leased by UBS, Barclays, and CCB, as well as Park Tower by Prevent Sênior, moments when companies saw the opportunity to be the first tenant of a high-standard project.