Absorptions above 1.000 sqm are resistant in Rio's class B market | 1H2023
After two consecutive increases in the average asking price in 2022, the value decreased in Zona Sul of Rio de Janeiro with the entry of new samples.
Despite a greater volume of absorptions (46) in relation to the number of returns (44), the class B office market in Rio de Janeiro ended the first half of 2023 with a negative net absorption of 5.5 thousand sqm. Compared to the previous semester, net absorption was almost three times lower. This was mainly due to large returns in three regions: Centro, Zona Sul and Orla.
A relevant index for the market, specifically in the South Zone, is the average asking price, which tends to have large fluctuations due to the small number of buildings available in the region. Therefore, after two consecutive price increases in the two semesters of 2022, the average price fell by 39% in 1H2023. This was due to the entry of new samples with an asking price below the average price in the region.
