Rio office absorption surges 7x as vacancy gaps widen across areas

In yet another quarter without new supply, prices remain stable while vacancy surges in specific areas; the public sector leads occupancy

SUBSCRIBER EXCLUSIVE

Bruno Grave, Director at HSI, responsible for Rio’s first A+ office development in the past 8 years

By: SiiLA News

04/28/2026

Class A and A+ office spaces in Rio de Janeiro are beginning to show early signs of recovery, with indications of price stability in the first quarter of 2026, according to the latest Market Analytics report by SiiLA. Although the outlook appears positive, the limited diversity of regions covered and yet another quarter with zero new supply raise concerns about a slow and cautious recovery.

Net absorption for the period reached 21,900 sqm, marking a turnaround compared to the last quarter of 2025, which recorded a negative 3,400 sqm. This represents a jump of approximately 728%, with 25,400 sqm absorbed. Among sectors with the largest leased areas, the public sector continues to lead by a wide margin with 24,000 sqm, followed by finance (7,000 sqm), electric energy (6,000 sqm), and education (6,000 sqm).

Since 2018, the city has seen no new developments delivered to...

Further analysis of vacancy rates highlights stark regional disparities. While the South Zone shows a rate of just 1.95%, areas such as Cidade Nova and Porto lead with 49.11% and 31.21%, respectively. The difference in average asking rents between the region with the highest vacancy and the lowest reaches BRL 236.47 per sqm, reinforcing the concentration of companies in specific areas of the city and the limited diversity of locations being utilized.

New Supply Outlook

Following a prolonged halt in new developments across the city, expectations are now focused on Leblon HSI, a project that previously housed the headquarters of telecom operator Oi. After being acquired by HSI Investimentos in 2023, the asset underwent a restructuring with approximately BRL 400 million invested.

The building has a total private area of 19,700 sqm, with completion scheduled for the third quarter of 2026. According to HSI, the asking price is BRL 350 per sqm. The REsource team reached out to HSI for further information regarding construction progress and leasing negotiations, but had not received a response by the time this report was published.

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