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The upscale office tower, Sky Galleria, located in Campinas, a city situated 100km away from São Paulo's capital, was officially added to the office inventory in August 2022. As of the end of Q2 2023, the tower has achieved full occupancy.
This impressive occupancy rate reflects the city's current trajectory, with its vacancy rate seeing a consistent decrease for the third consecutive quarter. According to SiiLA, Market Statistics, Campinas has experienced a reduction in vacant spaces compared to the total available, dropping from 13.3% in the initial three months of the year to 12.1% in the most recent quarter. These figures pertain to the top-tier office floors (A+ and A)."
According to the classification criteria of the Market Analytics platform, Sky Galleria holds an A+ rating and encompasses a total private area of 13,203 m². The asset's administrator, the Iguatemi Group, celebrates the full tenancy of the building, attracting lessees from sectors including Agribusiness, Finance, Consultancy, and others. Prominent occupants encompass agribusiness giants like Cargill and GDM Seeds, the Itaú bank, and PwC.
Caio Teles, Director of Real Estate Development and Management at the Iguatemi Group, attributes the rapid leasing of the asset to its quality and distinctive offerings within the city. Teles states: "We are excited about the exceptional performance of Sky Galleria, which achieved 100% occupancy in record time. With the return to in-person work, we have observed an increase in demand for modern and functional offices. Sky Galleria is perfectly positioned to meet this growing demand with its innovative spaces and state-of-the-art infrastructure."
One of the distinguishing features of the tower is its LEED Gold certification, a recognition achieved through adherence to sustainability attributes, including energy efficiency, water rationalization, material utilization, and other requisites.
Located a mere ten minutes from downtown Campinas, adjacent to Viracopos International Airport, and near the Bandeirantes and Anhanguera highways, this corporate tower offers an exceptional advantage. Moreover, it stands connected to Galleria Shopping, seamlessly merging work and leisure within the same space. Inaugurated in 1992, this shopping mall, owned by the Iguatemi network, spans over 33,000 m² of gross leasable area.
Iguatemi S.A., recognized as one of Brazil's major full-service companies in the shopping center sector, also operates in corporate buildings and has other assets in its portfolio, including Market Place towers I and II in São Paulo, and Iguatemi Business Tower in Porto Alegre, among others.
Encompassing nearly 800 km², Campinas, situated northwest of São Paulo, is renowned for Viracopos International Airport and hosting esteemed higher education institutions like PUC-Campinas and UNICAMP. The region is conveniently accessed via the Bandeirantes Highway.
Collectively, Campinas boasts 35 high standard buildings, accounting for a total stock exceeding 278,000 m². The full occupancy of Sky Galleria and the reduction in vacancy rate exemplify positive indicators for the commercial real estate market. This demonstrates the strengthening local economy and the confidence of investors and entrepreneurs in the region.
"The prospects for the commercial tower segment are highly positive for the upcoming months (...). We are confident that this project's success will continue to drive the office market, offering inspiring environments for businesses and professionals", concluded Telles.
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