Third Quarter of 2023 Sees Delivery of 46,000 Square Meters in Office Spaces

Brazil's commercial office real estate market, encompassing classes A+, A, and B, has seen significant growth in the third quarter of 2023, with an impressive addition of 46,363 square meters. These developments are primarily located in São Paulo, Brazil's financial hub.

According to data from the Market Analytics platform by SiiLA, notable additions to the inventory in this quarter include three prominent properties: Itaú Jabaquara, Auri Plaza Faria Lima, and Pátio Rebouças.

A Look at the Key Developments:

Itaú Jabaquara

Sited in the southern zone of São Paulo, Itaú Jabaquara stands out as the largest development completed in this period. With a sprawling 23,156 square meters of leasable space, this property is owned by Itaú, one of Brazil's leading banks, and will house a significant portion of the bank's operations and teams. Classified as Class A, this asset was handed over in July and has already garnered attention in the real estate sector, with coverage featured in REsource.

Auri Plaza Faria Lima

Situated near Avenida Faria Lima in the vibrant Vila Olímpia region, Auri Plaza Faria Lima is a standout among the developments delivered in the third quarter. It's the only A+ class development completed during this period, boasting a leasable area of 14,446 square meters. Similar to Itaú Jabaquara, Auri Plaza Faria Lima was also delivered in July, adding to the city's commercial real estate landscape.

Pátio Rebouças

Located on Avenida Rebouças in the Pinheiros region, Pátio Rebouças offers a class B development with a leasable area of 8,758 square meters. This property is the most recent addition to the market, having been delivered in August.