Rio Offices: What Is Behind the Positive Vacancy Trend?
- Occupancy is at its strongest level in a decade; new stock patterns and government-related segments are driving the market
Rio de Janeiro’s office market is experiencing its strongest moment in the past decade, with vacancy at 25.20%, ten percentage points below the level recorded in the same period of 2016. The gap in new stock deliveries is one of the factors supporting this period of stability, but one specific sector continues to stand out as a key driver of occupancy, opening the door to broader market interpretations.
Although the expansion of A and A+ assets has been slow — with no new records since 2018 — Rio de Janeiro’s most recent new stock was delivered in 2025: Leblon Green, a class B building with 3,000 sq. m. The B standard currently accounts for the largest share of the market, at 36.55%. Combined with class A stock, it recorded an increase of 28,400 sq. m. between 2018 and 2026.
This movement may help contain vacancy, but it does not necessarily make the market more attractive to companies seeking new, dynamic spaces. According to data from SiiLA’s Market Analytics, three segments lead the ranking of the city’s largest occupiers: Oil & Gas, Finance, and Government/Administration.
Oil & Gas
Although its occupancy decreased by nearly 14%, the oil sector remains the most influential in the market. Despite the sharp decline during the pandemic, the segment has shown stability from 2022 to 2026, indicating a readjustment of space needs.
Three of the sector’s largest leases are held by Petrobras, with the class A Marechal Ademar de Queiroz building standing out: all of its 98,000 sq. m. are occupied by the state-controlled company.
Although Oil & Gas is the sector that occupies the most class B buildings, it also has a strong presence in A+ properties, which account for 51.2% of its leases.
Finance
Government and Administration
With the most expressive growth, the Government and Administration segment has closely followed the available stock, focusing mainly on class A assets, which account for around 53% of its leases, and class B assets, at 33.7%.
Over the past year in particular, it was the sector that leased the most space in the city, adding 24,000 sq. m., of which 8,700 sq. m. correspond to the lease at PBC, or Presidente Business Center. The class A asset is currently home to SEAP, the State Secretariat for Penitentiary Administration; SEPM, the State Secretariat for Military Police; and ISP, the Public Security Institute. The 120-month lease drew market attention in the second quarter of 2025 because the agreed rent was nearly 30% below market value.
