Rio shifts, São Paulo stays the course: Who occupies Brazil’s top-tier office buildings

The office market in Rio has gone through several phases. Looking at three key years—2018, 2021, and 2024—there’s a clear shift in sector dominance. In 2018, Oil & Gas companies held the top spot, occupying 29.3% of the total space, driven by proximity to Brazil’s pre-salt reserves and the presence of Petrobras headquarters in the city.

By 2021, the scenario had flipped: the FIRE sector took the lead with the same 29.3% share, while Oil & Gas dropped to 24.7%. Since then, both sectors have been alternating in the top positions through to the end of 2024.

But it’s not just a tug-of-war at the top. Since 2018, the Government/Nonprofit and Public Services sectors have also been trading places, showing a broader shift in the city’s office landscape.

In São Paulo, there’s been less of a battle for dominance. The FIRE sector has remained firmly in the lead, with over 1 million m² occupied. It accounted for 38.4% of occupied space in 2018, dipped slightly to 37.7% in 2021, and settled at 36.1% in 2024—still far ahead of other segments.

The second-largest sector doesn’t pose a threat to FIRE’s lead. The TAMI segment (technology, advertising, media, and information) currently occupies 11.8% of the market, or 423 thousand m².

Despite São Paulo’s overall stability, one noteworthy trend has been the growth of the Health Sciences segment, which jumped from 209 thousand m² in 2018 to 294 thousand m² in 2024. This increase moved the sector from fifth to third place in just six years—boosted in part by the Sancta Maggiore hospital, which leased 24 thousand m² at TEK – Nações Unidas at the end of 2018.