One key factor behind this trend is the growing appeal of competing submarkets. Amazon’s case illustrates this shift: companies are increasingly seeking newer office facilities with infrastructure better suited to modern work models, offering more cost-effective and flexible leasing terms.

In addition to Amazon, other companies have also exited the JK area. Publicis and DPZ&T, for instance, vacated their space at the São Paulo Corporate Towers and moved to the Carlos Bratke – Jacarandá building, located in the Berrini district. Both firms belong to the same group, and their move reinforces a broader trend of tenant migration within São Paulo’s corporate office landscape.

This quiet reshuffling brings to the forefront a growing concern in the commercial real estate market: shadow space. The term refers to office areas that are still under lease and technically classified as occupied, but are no longer actively used by tenants — either due to reduced operations or an impending move.

SiiLA’s data considers leased properties as occupied, even if the tenant is no longer operating from the space. This is the case with Amazon: although the company has announced its relocation for next year, it is still recorded as a tenant in the JK Complex. In practice, however, the space is no longer part of its occupancy strategy and could be considered shadow space.

This results in a kind of hidden vacancy. Experts warn that the growing presence of shadow space in the JK district may signal a reconfiguration of the city’s corporate axis — a pattern previously seen in Faria Lima. As low vacancy rates and high rental costs persist, large occupiers are seeking new locations that offer greater flexibility and more favorable leasing conditions.