High-standard cooperative warehouse market has record absorption in 2020

The vacancy rate of high-standard cooperative warehouses in Brazil was 14.54% at the end of 2020, according to a First Look survey conducted by JLL.  The index is the lowest since 2013, when the study began. The gross and net absorption volumes also broke a record this year, having accumulated 2.5 million m² and 1.5 million m², respectively.

In the fourth quarter, in São Paulo, Westwing occupied 27,800 m² in Jundiaí. Cajamar had great absorptions: 75,800 m² by Mercado Live and 77,000 m² by Ford. The automaker also took over 75,000 m² in the Sorocaba region.

In Rio de Janeiro, the biggest transaction was concluded with Braskem, which acquired over 34,000 m² in Duque de Caxias. There were important transactions in other states too. In Manaus, Honda acquired 15,000 m² and in Pernambuco, Amazon acquired 15,000 m².

The forecast for the year is that the rapid pace will remain, especially in SP and RJ, and new negotiations will take place. The volume of new stock is estimated to be 1.9 million m² in 2021. Despite the delivering more space, the expectation is of high absorption and price stability.

According to the JLL survey, condominium vacancies should fall further, to 12.43% in Brazil. In SP, the state with the highest volume of transactions, the rate should be even lower: around 12.29%.

Check the 2020 4th quarter First Look Industrial study here.