Rio de Janeiro Office Report

Rio de Janeiro recorded a vacancy rate below 35% for the fourth time in the last four years. The first two times this happens, the market enters the pandemic in the first half of 2020 and then recovers from the effects of the crisis at the end of 2022.

The Orla region was the main contributor to the positive result in Q12024, with a 4.7% decrease in the vacancy rate compared to the previous quarter. Then, the region of Porto Maravilha appears, with a decrease of 0.5 p.p., and the center, with 0.3 p.p.

By 2024, the vacancy rate is expected to remain below 35% under a future scenario of positive absorption and no new supply.

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Rio de Janeiro Office Report | 4Q2023

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