High-end office vacancy in São Paulo registers another drop | 3Q2022
Net absorption remains positive despite the delivery of new stock.
For the fourth consecutive quarter, the high-end office market in São Paulo registered a drop in vacancy and positive net absorption. According to the First Look, the rate measuring vacant spaces in the city was 0.6 p.p. below the previous period. The volume of new business ensured that net absorption closed at 23 thousand m², even with the delivery of 16 thousand m² of new stock.
The sectors that took up the most space were Digital Services (48%), Financial (25%) and Consumer Goods (20%). The largest lease in the period was carried out by Qualicorp, which occupied 12.7 thousand m² in the Fecomércio building in the Center.
New stock on sight
With the expectation of almost 153 thousand m² delivered by the end of 2022, the vacancy rate is expected to stabilize, mainly due to the fact that the last quarter is historically the one with the highest number of negotiations.