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SiiLA holds panel discussion on the future of the real estate market
- The conference, held during the company’s 10th anniversary event, brought together major figures from the industry.
By: SiiLA News
11/03/2025 Last Wednesday (29), some of the main figures in the commercial real estate market gathered at an event organized by SiiLA at the Berrini One building to discuss the future of the sector.
The conference, celebrating the company’s 10-year anniversary, featured industry leaders such as Hilton Rejman, Executive President of Brookfield Properties; João Arthur Almeida, Director and CIO of Suno; Miltom D’Avila, Head of Real Estate at Itaú BBA; and Nessim Daniel Sarfati, Founder of Barzel.
The panel, moderated by SiiLA’s CEO Giancarlo Nicastro, addressed topics such as data transparency, the growth of the logistics sector, the return of office spaces, and market perspectives for the coming years.
The conference, celebrating the company’s 10-year anniversary, featured industry leaders such as Hilton Rejman, Executive President of Brookfield Properties; João Arthur Almeida, Director and CIO of Suno; Miltom D’Avila, Head of Real Estate at Itaú BBA; and Nessim Daniel Sarfati, Founder of Barzel.
The panel, moderated by SiiLA’s CEO Giancarlo Nicastro, addressed topics such as data transparency, the growth of the logistics sector, the return of office spaces, and market perspectives for the coming years.
A new era of information
Speaking about the evolution of data transparency, Sarfati recalled the challenges of obtaining information in the past, in a market still driven by instinctive decisions:
“There was no information, no photos, no descriptions, no Google Maps... nothing. I remember we had to go to the airbase to get aerial photos and sketch possible construction sites for new developments on Faria Lima.”
“There was no information, no photos, no descriptions, no Google Maps... nothing. I remember we had to go to the airbase to get aerial photos and sketch possible construction sites for new developments on Faria Lima.”
Rejman then highlighted SiiLA’s role in expanding access to accurate information:
“It used to be all very limited to certain contract models. That’s why I believe it’s so important to have a platform like this. In general, we should encourage data sharing—it benefits everyone. We see this trend abroad, and now we need it here in Brazil.”
“It used to be all very limited to certain contract models. That’s why I believe it’s so important to have a platform like this. In general, we should encourage data sharing—it benefits everyone. We see this trend abroad, and now we need it here in Brazil.”
Logistics vs. Office market
On the second topic of the night, Almeida pointed out logistics as one of the most promising sectors:
“In a context of high interest rates and challenges for speculative projects, logistics stands out for its short construction cycle, making it attractive to both individual and institutional investors. In addition, the recent popularization of senior and subordinated quotas in retail has segmented the investor base: individuals seek secure returns in senior quotas, while institutional investors pursue 25–30% returns through subordinated quotas.”
“In a context of high interest rates and challenges for speculative projects, logistics stands out for its short construction cycle, making it attractive to both individual and institutional investors. In addition, the recent popularization of senior and subordinated quotas in retail has segmented the investor base: individuals seek secure returns in senior quotas, while institutional investors pursue 25–30% returns through subordinated quotas.”
Miltom added by emphasizing the recent transformation of the sector:
“What has happened with logistics since 2020 is remarkable: the rise of e-commerce, increased consumption, and the demand for shorter delivery times have strongly driven the sector and introduced the concept of last mile, bringing operations and warehouses closer to cities.”
“What has happened with logistics since 2020 is remarkable: the rise of e-commerce, increased consumption, and the demand for shorter delivery times have strongly driven the sector and introduced the concept of last mile, bringing operations and warehouses closer to cities.”
During the discussion, Nicastro also addressed the evolution of corporate offices, which now play a strategic role in talent attraction and retention:
“This segment has changed a lot. The floors themselves remain similar, but companies now pay attention to the surroundings, the ground floor, services, and access to public transport. Buildings are no longer stand-alone spaces where people just arrive, go up, and work—they’ve become service hubs with restaurants, cafés, hair salons, and more. It’s a new product. Companies compete for the same talent, so spaces must also delight candidates and help retain professionals,” said Rejman.
“This segment has changed a lot. The floors themselves remain similar, but companies now pay attention to the surroundings, the ground floor, services, and access to public transport. Buildings are no longer stand-alone spaces where people just arrive, go up, and work—they’ve become service hubs with restaurants, cafés, hair salons, and more. It’s a new product. Companies compete for the same talent, so spaces must also delight candidates and help retain professionals,” said Rejman.
The future of the market
At the end, Nicastro asked participants: “What will the market look like in four years?”
“If interest rates remain at this level, we’ll likely see fewer new offerings, and asset prices may adjust. However, I believe that by the end of this year or early next year, with inflation and exchange rates relatively under control, nominal rates may start to decline and change this outlook,” said Almeida.
Closing the debate, Miltom reinforced the importance of economic stability and predictability:
“The instruments we have today, Gian, are already sufficient—provided we have a lower and more predictable interest rate environment. Real estate funds, whether for development or income, are very democratic and efficient investment tools, but we need stability. The growth of the Real Estate market has been supported by CRIs and LCIs; the key is to keep these instruments accessible from a tax standpoint. The challenge is aligning long-term investment, as seen in mature economies, by attracting pension and retirement funds. We don’t need major innovations—just the basics: predictability and manageable interest rates.”
“If interest rates remain at this level, we’ll likely see fewer new offerings, and asset prices may adjust. However, I believe that by the end of this year or early next year, with inflation and exchange rates relatively under control, nominal rates may start to decline and change this outlook,” said Almeida.
Closing the debate, Miltom reinforced the importance of economic stability and predictability:
“The instruments we have today, Gian, are already sufficient—provided we have a lower and more predictable interest rate environment. Real estate funds, whether for development or income, are very democratic and efficient investment tools, but we need stability. The growth of the Real Estate market has been supported by CRIs and LCIs; the key is to keep these instruments accessible from a tax standpoint. The challenge is aligning long-term investment, as seen in mature economies, by attracting pension and retirement funds. We don’t need major innovations—just the basics: predictability and manageable interest rates.”
Celebrating a Decade of Real Estate Intelligence: SiiLA’s 10-Year Event
SiiLA’s 10-year celebration was more than just a milestone — it was a moment to reflect on a decade of innovation and transformation in Latin America’s commercial real estate market, while looking ahead to what’s next. By bringing together industry leaders, investors, developers, and professionals for a night of insight and connection, the event reinforced SiiLA’s mission: to serve as a comprehensive hub for data, media, and strategic solutions in the region.
With operations in Brazil, Mexico, and Colombia, SiiLA empowers the real estate ecosystem with advanced market intelligence, technology, and original content that supports every stage of decision-making — from investors to occupiers. Through platforms like Market Analytics, REsource, SPOT, Marketing 360º, Academy, and the SiiLA PODCAST, the company is driving a more transparent, efficient, and connected commercial real estate market.
This special evening was made possible by partners who share our forward-looking vision. We extend our sincere thanks to our Master Sponsor, Workplace Arquitetura Corporativa; our Premium Sponsors, Barzel Properties and Eleven Financial Research; and our Brand Impact Sponsor, Zolver.
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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