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Rent Prices Surpass the Million-Mark for Tenants in Itaim Bibi, Vila Olímpia, and Faria Lima
- Million-dollar rents are becoming increasingly common in São Paulo's office spaces
By: SiiLA News
06/20/2024 In addition to the millionaire transactions we see in buying and selling commercial real estate assets, there are tenants shelling out more than seven digits a month just to keep up with rent in São Paulo.
Three leases exceeding R$ 1 million have caught attention in recent months, two of which have contracts starting in 2024, and in locations beyond the traditional Faria Lima. In 2020, Google signed a contract worth R$ 1,486,720.80 for 7,185 m² across four floors at Pátio Victor Malzoni, equating to R$ 206.91 per square meter.
Now, million-dollar leases are appearing in other regions. ByteDance, the owner of TikTok, for example, leased 7,420 m² in Infinity Tower under a contract worth R$ 2,322,656 per month since November of last year.
The ByteDance lease occurred three years after Google’s and in a location as popular as Faria Lima, Itaim Bibi.
R$ 3 million per month
Two leases this year surpassed R$ 2 million, both for the same tenant, Banco Master. The financial institution occupied two properties, one in Faria Lima, Birmann 32, and another in Vila Olímpia, Auri Plaza.
The financial institution will pay a monthly rent of R$ 2.3 million for 7,919 m² in Faria Lima. In Vila Olímpia, they will shell out R$ 3.3 million per month for 14,400 m². Thus, with these two leases alone, Banco Master is spending R$ 5.6 million per month.
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