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River One Leads Corporate Floor Absorptions in Prime Regions of São Paulo in the Quarter
- Asset that belongs to FII RBRP11 recorded the highest volume of gross absorption in 2Q23 among high-end assets in prime regions of São Paulo city.
By: SiiLA News
07/27/2023 The market research on office spaces conducted by SiiLA reveals that River One, an A+ class property, dominated the largest corporate floor leases in the main corporate regions of São Paulo in the second quarter of 2023.
River One is a mixed-use asset located in the Butantã neighborhood, in the office region of Marginal Pinheiros, in the western zone of São Paulo. The corporate tower covers a total private area of 18,000 square meters and is part of the RBR Asset Management portfolio, within the FII RBRP11. During 2Q23, the occupancy rate of the asset increased with the lease of over 2,600 square meters by the construction company Plano & Plano and an additional 639 square meters by the financial sector company Virgo.
Giancarlo Nicastro, CEO of SiiLA, visited the building in one of the editions of the special "Inside the Real Estate Market." In the video, he interviews spokespersons from RBR Asset about the property, its specifications, and distinctive features. Check it out! There is still available space for lease at River One, check out the details on SiiLA SPOT.
In second place in the ranking of the largest absorptions for the quarter is the Eldorado Business Tower, another A+ class located in the Pinheiros region. The asset had 2,670 square meters leased, causing the vacancy rate of the asset to decrease even further, now approaching full occupancy. Recently, we mentioned this asset in a report about the resilience of corporate towers within mixed-use complexes.
E-Tower, an A+ class asset located in the Vila Olímpia region, appears in 3rd place. The building absorbed 2,656 square meters, boasting over 23,000 square meters of private area. This asset is featured in the SiiLA latest video on YouTube, discussing the real estate market in Vila Olímpia. Check out the video here.
For more information about tenant companies, asking prices, and much more, explore Market Analytics.
Understanding Gross Absorption
Gross absorption refers to the total amount of square meters or rental space that was occupied by tenants during a specific period.
Want to learn more about real estate market fundamentals? Check out our glossary here!ABOUT SiiLA
Founded in 2015, SiiLA is the industry leading REsource for comprehensive commercial real estate market insights, news and events across Latin America. The SiiLA suite of innovative products drive greater accuracy, efficiency, and strategic advantages for top players in the commercial real estate industry.
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