Despite pandemic, Rio de Janeiro office market performs better than 2019

Rio de Janeiro's office market closed 2020 with a vacancy rate of 39.6%, 1.3% lower than in 2019, according to the First Look survey conducted by JLL. Gross absorption totaled 5,900 m² in the 4th quarter, ending the year at 93,600 m². 

24% of new contracts were carried out by the Utilities and Government Services sectors, 16% by the Financial sector, and 6% by Digital Services companies. Net absorption recorded a negative index of 15,500 m² in the last quarter of 2020 and ended the year at 22,800 m². FINEP and the Public Defender's Office of Rio de Janeiro were responsible for the largest volume of returns, totaling more than 10,000 m².

Over 65,000 m² are expected to be absorbed in 2021 based on 19 pre-leases already negotiated. Most of this volume—over 38,000 m²—should be concentrated in Porto Maravilha. The delivery of new stock in the city is not expected this year.

You can download the 2020 4th quarter FL Offices Rio de Janeiro and access all survey data here.