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Luis Fernando Deak • 3/20/2023
Check out all the indicators for the corporate office real estate market in São Paulo and Rio de Janeiro, and Brazil's industrial real estate market for the month of February.

In February, the class A and A+ office market in the CBD region of São Paulo presented the first negative result of the year. A net absorption of -2,019 m² was registered. The vacancy rate ended the period at 21.09%.

The asking price did not change significantly and closed at R$ 100.54 per m²/month, an increase of 0.15% compared to January. However, compared to the same period last year, the asking price dropped by 3.04%.


In February, the class A and A+ office market in the CBD region of Rio de Janeiro, after strong absorption in the first month of the year, turned in a negative result. A net take-up of -1,919 m² was recorded and, as a result, the vacancy rate showed a slight drop of 0.13 p.p. compared to the previous month and closed at 28.12%.

The asking price closed at R$ 84.61 per m²/month, compared to the same period last year, there was a decrease of 1.80%.

The class A and A+ logistics market in São Paulo recorded 226,560 m² of net absorption in February. The highlight was the Barueri region, with 179,607 m² absorbed, mainly due to the pre-lease that took place at the end of 2021 by an e-commerce company that occupied this month. The state received 235,166 m² of new developments, of which 185,306 m² came from Barueri, 27,627 m² from Greater ABC and 22,233 m² from Sorocaba.

The state asking price increased by 1.15% compared to the previous month, closing at R$ 24.20 per m²/month.

INDUSTRIAL - OE (Other states)

In February, the other states of Brazil did not obtain such expressive results as observed in São Paulo. Pernambuco achieved the best performance with 5,167 m² of net absorption and a vacancy rate of 0.54%, down 0.50 p.p. compared to the previous period. The negative highlight was Minas Gerais, which registered a net absorption of -71,089 m², after the removal of 62,587 m² from a retail company in Betim, impacting the increase of 4.05 p.p. in the vacancy rate, which closed at 6.39%.

With the exception of São Paulo, Minas Gerais is currently the state with the highest average asking price in the country, at R$24.06 per m²/month, followed by Bahia, with R$23.82 per m²/month. This month, Rio Grande do Sul was the only state that had an increase in the asking price (1.98%), which closed at R$ 17.72 per m²/month.

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