According to the data analysis platform of SiiLA, Market Analytics, the national vacancy rate for industrial properties rated A+, A, and B in the second quarter was 8.29%, and in the Southern region of the Brazil, it was even lower at 3.96%. The total stock in the three states (Paraná, Santa Catarina, and Rio Grande do Sul) is 2,376,109 square meters.

Taking a closer look at the regional level, the state of Paraná has a vacancy rate of 1.16% and holds nearly half of the total regional stock, with 1,012,097 square meters. The state predominantly accommodates companies in the Transportation and Logistics, Consumer Goods, and Manufacturing sectors, which together occupy 89% of the available stock.

In Santa Catarina, the vacancy rate is 3.04%, with a stock of 838,000 square meters of industrial properties. The same pattern can be observed among the tenant segments that occupy the most space.

Unlike the other two states in the region, Rio Grande do Sul (RS) has a different profile. The vacancy rate is higher at 10.8%, and the total stock is significantly smaller compared to its neighbors, at 525,993 square meters. Another difference is the occupancy profile, with Consumer Goods companies being the largest tenants, followed by the Transportation and Logistics sector.

According to Rodrigo Demeterco, CEO of Capital Realty, a company specialized in the development and management of industrial properties throughout the Southern region of the country, Rio Grande do Sul is unique, with logistics operations different from others due to its geographical location.

"Rio Grande do Sul has a different characteristic. It's a market that is somewhat isolated and relies heavily on itself. Santa Catarina, for example, also serves Rio Grande do Sul and Paraná, offering a certain flexibility. Paraná, on the other hand, serves the Southeast and Midwest, while Rio Grande do Sul operates mostly within itself", explains Demeterco.

The CEO states that the RS region is challenging, and he adds that the company has been working on some developments for a while, but due to this geographical isolation, the vacancy rate is higher than the national average, which he defines as "a slightly more sensitive market."

Capital Realty owns four industrial assets, two in Rio Grande do Sul, one in Santa Catarina, and one in Paraná. The Mega Intermodal Canoas is still under construction, the company has two expansions, one in the Mega Centro Logístico – Itajaí, Santa Catarina, and another in the development of the same name, but in Curitiba, Paraná.