Rio de Janeiro's Office Market Ends 2023 with 34.8% Vacant Spaces

The monitoring of the office market conducted by SiiLA, a hub for solutions in the Latin American commercial real estate market, indicates that the class A+, A, and B commercial buildings in Rio de Janeiro ended 2023 with a vacancy rate of 34.8%.

During this period, lease agreements surpassed office returns, resulting in a net absorption of 7.4 thousand square meters in the last quarter of the year. Consequently, the vacancy rate decreased compared to the previous quarter (35%).

The monitored regions with the best performance were Barra da Tijuca, Cidade Nova, and Orla, while the Porto region remained stable. On the other hand, the Center and South Zone experienced an increase in vacant areas compared to the total stock.

One of the highlights of the period was the lease of an entire floor (4.6 thousand square meters) by the education company 42 Rio at the Eco Sapucaí development in Cidade Nova. This is the second tenant the building has welcomed, over nine years after its delivery and almost three years after the arrival of the first occupant, the oil & gas company TechnipFMC.