Increase in new business boosts office market in Rio | 3Q 2021
Even so, the average asking price for rental has been falling consecutively since 2017.
Most of the corporate regions of Rio de Janeiro had an increase in the volume of new business in 2021. In the third quarter, transactions occurred in most of them, with emphasis on IDOMED, with 11,100 m² at Vista Carioca 1111 (Downtown), TechnipFMC , with 9,200 m² at ECO Sapucaí (Center), 3R Petroleum, with 1,900 m² (Wedge), Brasilcap, with 1,500 m² at Ventura – Leste (Center), and Intergalaxy, with 1.4 thousand m² in the Corporate Executive Offices – North (Barra da Tijuca)
The data bring optimism for the resumption of the office market in Rio, although the average asking price has shown consecutive drops since 2017. In the third quarter, the index was the lowest in the last five years, with a decrease of 2% compared to the previous quarter and 9% compared to the same period last year.
According to the First Look report, 51,100 m² of offices were occupied in the quarter, which also registered 46,100 m² of returns. The vacancy rate is at 39.2%.