Gross absorption in São Paulo reaches pre-pandemic performance | 2Q2022

Vacancy has reduced and the trend is for business acceleration in the prime regions.

August 09, 2022

The vacancy rate of high-end offices in São Paulo showed a further reduction in the second quarter of 2022. According to the First Look carried out by JLL, this represents a drop of 1.1 p.p. compared to the same period last year. Maintaining the heating trend, the São Paulo market recorded a positive gross absorption of 133.7 thousand m², with 135 leases. The number is the highest recorded since the fourth quarter of 2019.

For Yara Matsuyama, director of Office Leasing at JLL, this scenario presents a particularity. “Most of the absorptions were carried out by medium and small companies. Large corporations are still consolidating the hybrid work format and, therefore, are moving more cautiously”, details.

The Berrini/Chucri region, which has the largest available inventory among the city's most upscale areas – with a vacancy rate of 31.6%, concentrated most of the leases below 1,000 square meters in the second quarter of the year. “Berrini/Chucri has modern enterprises, a good supply of stock and an excellent location, making it attractive to absorb this demand”, explains Matsuyama.

Agility is the highlight

JK and Faria Lima have the lowest vacancy rates in São Paulo. According to JLL, they present accelerated growth and a positive scenario for the owners. “There is little availability in these regions, with competition for spaces between occupants. Therefore, companies that want to be there must be quick in their decision making. With a projection of little new stock to be delivered in the next two years, the perspective is that these areas will remain competitive”, explains the executive.

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