The new real estate map: how consumption is redefining value across logistics, retail, and offices

The shift in consumer behavior has a direct impact on logistics, which has become one of the segments most sensitive to time. With the growth of e-commerce in Brazil, delivery speed now directly influences purchase decisions, making proximity to consumers a competitive advantage.

Somera summarizes this change by stating that “logistics is no longer about storage — it is about speed.” In this context, assets close to major urban centers have attracted greater demand, driven by the need to reduce delivery times.

Fard adds that “logistics cost is no longer rent — it is travel time.” This shift has led to the creation of compact urban hubs focused on last-mile operations, often installed in underutilized properties with strong technological integration.

This movement also intensifies competition for land near major urban centers. “What determines value today is proximity to the consumer,” says Fard, noting that smaller, well-located assets may be more valuable than large facilities located farther away.

Despite the growth of digital channels, physical retail has not lost relevance but has gone through a selection process. “What died was generic retail,” says Somera. In its place, retail that delivers experience, convenience, and integration with digital environments is gaining strength.

Shopping centers exemplify this adaptation as they reposition themselves as multifunctional spaces. “People no longer go to malls just to shop, but to get things done,” Somera says. This movement expands the role of these assets as hubs for social interaction, services, and leisure.

Fard reinforces that, in the Brazilian context, additional factors sustain this relevance. “Shopping malls deliver something digital cannot: a controlled, safe, and comfortable environment,” he says. According to him, elements such as climate control and security remain decisive.

In the corporate segment, the impacts are more indirect but equally relevant. The expansion of technology, finance, and e-commerce companies has supported demand for offices in premium locations.

At the same time, the rise of hybrid work has reduced space needs per employee, increasing the demand for higher-quality environments. “The office is no longer a space for individual production — it has become a center for collaboration and culture,” says Fard.

This movement has created polarization in the market. High-quality, well-located assets continue to see strong demand, while secondary buildings face higher vacancy. “You have less demand per square meter, but much higher expectations for space quality,” he explains.

The main effect of these transformations is not substitution between segments, but the redistribution of value within the real estate market. “The market is not rising or falling as a whole. It is separating good assets from those that have lost their function,” says Somera.

Well-located properties with a clear function aligned with the new consumer journey gain liquidity and appreciation. On the other hand, assets that fail to adapt face higher vacancy and loss of relevance.

This selectivity is also reflected in investor behavior. “Liquidity is moving toward assets with predictability and consistent demand,” explains Fard.

The trend for the coming years is the continuation of this movement. Logistics should continue expanding, driven by convenience and the digitalization of consumption. “Brazil still has significant room to grow in logistics infrastructure,” says Fard, noting that the main challenge lies in land availability near urban centers.

Ultimately, what is being observed is not the disappearance of physical real estate, but its transformation. As Somera summarizes, “what is happening is not the end of physical space — it is the end of physical space that no longer makes sense.”