Testing the price limits
Renato Almeida, Real Estate Transactions Manager at Cushman & Wakefield, says that low vacancy rates in some areas of the city of São Paulo have led addresses like Faria Lima to test the price limits.
This is because, with high demand and low supply of quality offices, many companies end up considering adjacent regions as an alternative. This overflow in demand is a phenomenon that may intensify in the coming years.
Return to other capitals
Also according to Almeida, the gradual return to in-person work is a trend that should spread from São Paulo to other Brazilian capitals throughout 2025. “Places like Rio de Janeiro are still a little behind in this movement, due to the strong presence of oil and gas, public and telecommunications companies, which still maintain strong home office regimes”, he highlights.
Although these industries show some resistance, the movement towards the hybrid model is considered inevitable. Companies are beginning to recognize that the office plays an essential role in collaboration, innovation, and strengthening organizational culture.
Large companies should encourage the resumption
A significant example is Vale. The mining company announced that, starting this year, it will adopt a more rigorous hybrid model, requiring its employees to be present in the offices at least three times a week.
Movements like this tend to influence other companies and sectors, accelerating the demand for corporate spaces in key markets.
Risks and challenges for 2025
Despite the optimistic projections, there are risks that may impact the realization of this scenario. The main one is the macroeconomic context. The expectation of high interest rates for 2025 may reduce companies' appetite for new hires and, consequently, for expanding corporate spaces.
This factor may limit the resumption of the corporate real estate market in some regions.
Balancing supply, prices, and location
The return to in-person work and the growth of the hybrid model represent an important transformation for the real estate market. Large cities such as São Paulo are leading this movement, but other capitals are expected to follow suit, albeit at different rates.
In the meantime, the real estate sector must prepare to meet the demands of a constantly evolving market, balancing supply, prices and location.
