Brazil Industrial Outlook | Q2 2024
São Paulo achieved both the largest gross absorption and the largest net absorption ever recorded in a quarter.
After a more controlled start to the year, the second quarter saw 1.4 million sqm of new leases in the industrial market, the highest volume ever recorded for a quarter. São Paulo has absorbed a total of 871,000 sqm, and Minas Gerais has absorbed 135,000 sqm. In terms of new inventory, SP (336,000 sqm) and MG (138,000 sqm) were also the main highlights. The volume of 1.2 million sqm of new inventory in the first half of 2024 was 46% higher compared to the same period in 2023. Some of these new spaces have already entered the market pre-leased.
Due to the high volume of rentals, but also to the profile of deliveries that have become part of the inventory, with increasingly modern condominiums, there has been an increase of 7.6% in the average values requested throughout Brazil in one year. This increase is even greater in SP, with an 11.4% increase in the average asking price.
