Office market closes 2024 on a high note in São Paulo | Q4 2024
Positive rates indicate recovery of commercial activity to pre-pandemic levels.
With a high volume of new deals, the high-end office market in São Paulo performed well in 2024. Data from the First Look survey, conducted by JLL, shows that the year ended with a vacancy rate of 20.9% – a level seen only before the pandemic. Compared to last year, this figure represents a decrease of 2.6 percentage points. Another sign of this scenario is the accumulated gross absorption, which exceeded 520,000 sq m and reached the highest value in the last 10 years.
This result occurred simultaneously with the addition of 179,000 sq m to the city's stock – 56,000 sq m of which came in just the last quarter. "This movement was reflected in the prices charged," reveals Yara Matsuyama, JLL's Leasing Director. Today, the average asking price per square meter in São Paulo is 104.5% higher than a year ago, being the highest price in the last 12 years.
