New SiiLA data show rising vacancy despite strong office take-up in São Paulo
- New deliveries outpace occupancy growth, pushing vacancy higher in São Paulo’s main business districts in the third quarter of 2026
Prime offices in São Paulo’s main business districts set records for both net absorption and new deliveries in the third quarter of 2026.
This was the first time both records were set in the same quarter in SiiLA’s Market Analytics series, which covers Class A and A+ buildings in the city’s central business districts (CBDs). Despite occupancy growth, the volume of new deliveries increased the share of available space.
Two records in the same quarter
Between July and September, net absorption reached 108,500 m², exceeding the previous record of 93,900 m², set in the third quarter of 2017, by 15.6%. This brought the total for the first nine months of 2026 to approximately 210,000 m².
During the same period, the market added 212,100 m² of new stock, almost 90% above the previous peak of 111,700 m² in the first quarter of 2018. With new deliveries nearly double the increase in occupied space, vacancy rose from 14.78% in the second quarter to 16.62% in the third, an increase of 1.84 percentage points.
“Rising vacancy alongside record absorption is not a sign of weakness. It reflects confidence on both sides of the table: developers delivered more space than ever, and tenants took up more space than ever. What’s most revealing is who drove that growth. A bank and a fintech, companies whose business depends on measuring efficiency, decided to have more office space, not less. That says more about the future of in-person work than any opinion poll,” says Giancarlo Nicastro, CEO of SiiLA.
Among the quarter’s largest leases were transactions in two developments delivered fully occupied. Tower A of Esther Tower, in the Chucri Zaidan district, was fully leased to Itaú and added 39,600 m² to the city’s office stock. The development also includes a second tower yet to be delivered. Cyrela Oscar Freire houses Nubank, with approximately 33,100 m², and Cyrela itself, with around 12,300 m².
Among the new stock, Alto das Nações, in Chácara Santo Antônio, accounts for the largest amount of available space. Of its 96,600 m², approximately 15,500 m² are leased to pharmaceutical company Bayer. The remaining roughly 81,000 m² help explain the quarterly increase in vacancy.
Éden Corporate, in Chucri Zaidan, with 18,500 m², and Edifício Jerônimo, in Faria Lima, with 11,900 m², entered the market entirely vacant. Together, these two buildings and the available space at Alto das Nações offer more than 110,000 m² for lease. According to Nicastro, the pace at which this space is occupied will be one of the factors shaping vacancy trends over the coming quarters.
Subscriber? Sign In
