After six quarters, São Paulo registers a positive net absorption | 4Q2021

With a low volume of new stock to be delivered in the coming years, the expectation is for a successive drop in the vacancy rate.

February 16, 2022

After six quarters, net absorption in the high-end office market in São Paulo was positive in the fourth quarter of 2021, with 20 thousand m² registered. According to the First Look report, the vacancy rate dropped by 0.6 p.p. to 25.3%

The highlight is the regions that, even with new inventory delivered, registered good trading volume and a positive net absorption rate, such as Berrini/Chucri and Paulista. In the latter, the Torre Alameda Santos development, with more than 8 thousand m², was delivered 100% leased. For Yara Matsuyama, director of Office Leasing at JLL, the behavior at Berrini/Chucri is a positive sign for the market. “Even with the delivery of stock and a high history of vacancy, we were able to perceive a retraction in the index, which shows heating of negotiations”, explains.

Faria Lima, a thermometer of the high-end corporate real estate market in the city, also has positive rates. Vacancy is already showing signs of retreat, reaching 15% again. The good performance of the region, which concentrates sectors that continued to grow during the pandemic – financial, digital services and technology – should boost the surroundings.

Outlook for 2022

The estimate is that this year, returns will happen in a punctual way and the demand for new spaces will gradually grow again, cautiously, but in line with the return of the teams to the offices. For Yara, the experience of the hybrid model by the companies will show the real needs of each corporation. “What was designed and estimated during the pandemic will be experienced, strengthening the role of the office in the daily lives of employees”, reveals.

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