Overall, 2025 was a challenging year — at least that’s how Nessim Sarfati, founder of Barzel, sees it. His company operates in the real estate investment and asset-management space, and he highlights several factors that defined the year. 

“It was a tough year. With interest rates this high, it became very difficult to identify and secure real estate opportunities that could compete with the CDI rate. Rates are extremely elevated, so if a deal offers a low return, why would an investor commit to it?” he explains. 

The search for deals that are truly “special” made the year even more complicated. In 2025, Brazil’s Selic rate reached the highest level in its history — 15% per year. The increase, set by the Central Bank’s Monetary Policy Committee (Copom), aims to control inflation and realign inflation expectations. 

Higher interest rates make credit and financing more expensive, meaning mortgages, consumer credit, corporate loans, and working capital all become costlier. 

“Even so, we found opportunities in logistics and office assets. We managed to close some deals largely because the market is heating up. Office occupancy is rising, and logistics continues to perform well, which boosts investor confidence,” he says. 

Despite 2025’s economic challenges, SiiLA data shows positive movement in both office and logistics segments. Net absorption in São Paulo reached 259,000 m² in A+, A and B office buildings during the first nine months of the year, while industrial properties posted 754,000 m² of net absorption over the same period.