Unlike asking rent, average market rent considers fully leased buildings. As a result, while asking rents fluctuate more, market rent tends to show steadier growth over time.

The rise in market rent has tracked closely with the decline in vacancy rates, which fell to 19.5% in 2025 from a peak of 23.7% in 2021. While this remains a relatively high level, it doesn't fully reflect the market’s nuances.

Districts like Faria Lima have much lower vacancy rates — just 8.9% — and some of the city’s highest market rent, at R$262.49/m². Close behind are Itaim Bibi at R$246.42/m² and the JK area at R$242.48/m², consolidating the Itaim–Faria Lima corridor as São Paulo’s prime location for top-tier corporate offices.

At the other end of the spectrum, Marginal Pinheiros and Santo Amaro have the lowest market rent, R$62.41/m² and R$42.95/m², respectively. These areas continue to face higher vacancies and lower liquidity, offering more affordable options for tenants but also greater risks for investors.

The narrowing gap between market and asking rent is another sign of sector maturity. While the average asking rent (R$111.50/m²) still lags behind market rent, the difference has decreased compared to previous years.

In the last quarter, two Class A office buildings were delivered in São Paulo’s central business districts (CBDs), adding 17,500 m² of new supply. Both properties are located in Pinheiros and were fully leased: one by Netflix, at the OPI-07 building, and the other by Hospital Sírio-Libanês, at the HBR Corporate Tower Pinheiros. The OPI-07 currently has a market rent of R$140/m². Full details of the Netflix transaction are available to subscribers of the Market Analytics platform.

The HBR Corporate Tower Pinheiros currently commands a market rent of R$120/m².

Looking ahead, three additional deliveries are expected over the next three quarters. Two of these projects are located in CBD areas with the highest vacancy rates. The third, also in Pinheiros, is the Valente building, a development by Idea!Zarvos.