On the morning of last Tuesday (18), SiiLA participated in the opening event of Castelo 57 Business Park, which brought together more than 100 brokers in São Roque city, in São Paulo. The event commenced with an address by Fernando Schilis, Director of Fulwood Condomínios Logísticos, who shared insights about the project's development process, from conception to delivery. "Despite significant challenges faced during the construction phase, we are thrilled to present this asset at a favorable market moment, characterized by low vacancy rates and rising rental prices," he remarked.

Following that, Hilário Egídio, Research Coordinator at SiiLA, provided a concise overview of São Paulo's industrial real estate market, offering valuable data and statistics for the second quarter of 2023. The multinational has identified 229 Class A+, A, and B assets spread across 13 regions within the state, encompassing a total area of 12.8 million m².

The insights shared by our SiiLA executive align seamlessly with Fulwood's positive outlook. "We are currently witnessing the most opportune market conditions for the industrial real estate sector in São Paulo, with a historically low vacancy rate of 10.2%, which SiiLA has been monitoring," emphasized Egídio. During the second quarter, the market witnessed the addition of 66,000 m² of new inventory, with a net absorption rate of 219,000 m² and an asking price of R$ 24.18 per m². The complete data is available to Market Analytics subscribers.

In late June, Fulwood hosted an event for investors and authorities, as previously reported in REsource. Castelo 57 Business Park, a Class A+ development, garnered an investment of R$ 190 million. The asset was developed by Fulwood with an 80% stake held by the real estate investment fund VILG11, a logistics FII managed by Vinci Partners, which also includes Extrema Business Park in its portfolio.

Situated at kilometer 57 of Presidente Castelo Branco highway, Fulwood's new venture has entered the available stock and provides easy access to São Paulo's capital and Sorocaba, as well as surrounding cities. In SiiLA's coverage, the asset is located within the Sorocaba region, predominantly occupied by companies from the Transport and Logistics, and Vehicles and Parts sectors. TK Logística and Ford are the main occupants of industrial properties in the area.

Fulwood is one of the largest warehouse developers in the Extrema region of Minas Gerais. In São Paulo, the company has plans for constructing new ventures in the São Paulo-Campinas axis and the Guarulhos region. These future projects were revealed by the company's director, Gilson Schilis, in a recent interview with the portal. You can read the complete report here.

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