In the second quarter of 2023, the occupancy rate for high-end office spaces in São Paulo's prime corporate districts experienced a slight increase from 21.5% in 1Q23 to 22.6% by the close of April through June. These insights are from Market Analytics, the SiiLA real estate intelligence platform.

Despite nearly 24,000 square meters of total leases (gross absorption), the number is considered relatively low when compared to averages from other periods. Furthermore, net absorption (measuring the difference between new occupancy and area returns) closed at a negative -15,818 square meters. The last six quarters concluded with positive indicators. 

Top 3 Leases of the Semester in CBDs of the Capital:

1 - Plano & Plano: the construction firm secured over 2,600 square meters in the Marginal Pinheiros area at the premium River One property. This building is part of a mixed-use complex with residential and office towers and plans to house retail shops on the ground floor. The RBRP11 fund owns 100% of the commercial floors. SiiLA has already produced a special installment of the Inside the Real Estate Market series at this location. Watch the video here.

2 - G4 Educação: the educational company took the second spot, leasing over 1,900 square meters at Thera Corporate building in Berrini. This A+ classified asset bears the LEED Gold sustainability seal. In total, the building boasts over 28,000 square meters of total private area, including amenities such as a helipad, covered parking, bike racks, changing rooms, and more for tenants.

3 - Eletromidia: the advertising firm, capitalized on Meta's exit from Infinity Tower by securing over 1,600 square meters in the building. The company previously occupied an entire floor at the FL 4300 building on Faria Lima. Now, apart from FL 4300, Eletromidia rents an entire floor in the highly sought-after Infinity Tower, home to tenants like Goldman Sachs, Credit Suisse, and Apple. This topic was recently covered here.