High-end office market in São Paulo shows pre-pandemic performance | 3Q2023

Gross and net absorptions in the third quarter were records for the year, while the vacancy rate fell.

November 09, 2023

With a high volume of transactions, the high-end office market in the city of São Paulo recorded a third quarter of 2023 with good results. The data comes from the First Look survey, carried out by JLL. According to the survey, gross and net absorptions were records in 2023. These movements caused the vacancy rate to fall by 1.3 p.p., even with the delivery of 9 thousand sqm of new stock.

Movements throughout the city

The corporate universe does not only live in Faria Lima. The São Paulo county remains stable, with a vacancy rate of around 7%, while other regions had outstanding performance in the third quarter of 2023. Also classified as primary - that is, prime - Berrini/Chucri had a net absorption of more than 25 thousand sqm, registering a drop in vacancy. Alphaville and Barra Funda also had good results. Both regions had few negotiations and now continue to accumulate consecutive quarters of positive net absorption.

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