One of the main forces behind this urban transformation is the Reviver Centro program, launched by the city government to encourage the conversion of commercial properties into residential ones. According to Hermolin, since the law was approved in 2021, 14 residential developments have been launched downtown—nine of them in retrofitted buildings, including four former office properties. The impact is already visible: by the end of 2026, the residential population in the area is expected to double compared to pre-program levels.

The Reviver Centro program has been complemented by initiatives such as Reviver Cultural (which supports new businesses focused on culture and entertainment) and Reviver Patrimônio, aimed at restoring historic mansions that have fallen into disrepair. This last initiative alone has received over 400 expressions of interest in restoring and occupying historic properties in the city center.

“Anyone who still doubts the potential of Rio’s downtown is simply misinformed,” says Hermolin. “Retrofits are reducing office supply, and with more residents, there’s a clear trend of appreciation for the remaining assets.”

With limited space and a privileged location, the South Zone remains Rio’s most valuable office market. According to Hermolin, vacancy in the area is close to zero, and asking rents in top-tier office buildings have already surpassed R$300 per square meter.

“We’re witnessing the rise of a ‘carioca Faria Lima,’ with major investors developing new projects in Leblon and Ipanema,” he explains. The scarcity of available land and strong demand are pushing prices higher and stimulating new developments.

Beyond the downtown reoccupation, another area gaining momentum is Porto Maravilha. According to Hermolin, several greenfield residential projects have already been launched in the area, and thousands of families are expected to move in over the coming years. This population growth is likely to drive demand for services, retail, and eventually corporate development.

Even more significant is the area’s potential to attract tech companies and host data centers. Thanks to the arrival of international submarine cables, redundant energy supply, and a strategic location, Rio is positioning itself as the most prepared city in Brazil for this kind of infrastructure.

“There’s already a city government plan to create a dedicated data center district in Porto,” Hermolin says. “Since the announcement, several global executives in the sector have reached out to visit the city.”

These investments, according to industry leaders, are part of a broader effort to diversify Rio’s economic base, which has historically been reliant on oil, public sector jobs, and banking.

Although downtown and Barra da Tijuca still face higher vacancy rates and pricing pressures, Hermolin believes those markets are already at a turning point. “There’s a clear understanding that market cycles are shifting. We’re seeing funds acquiring assets in downtown Rio with a long-term, risk-adjusted return strategy.”

Meanwhile, the South Zone has solidified its status as the epicenter of real estate appreciation. In this small geographic area, some of the most expensive square meters in the city can be found, with sale prices nearing R$40,000 per square meter.

For Hermolin, this is a moment of opportunity—and of transformation—for Rio. “Real estate is driven by desire. When people want to return to a city—to live, invest, and work there—it’s a sign that something has changed. And Rio is changing.”

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About SiiLA PODCAST
The SiiLA PODCAST is the official podcast of SiiLA, a multinational focused on data, analytics, media, and content for the commercial real estate market in Latin America. In each episode, Giancarlo Nicastro, SiiLA’s CEO, sits down with the industry’s top executives and decision-makers to discuss trends, investment strategies, market cycles, and the future of real estate in Brazil.

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