Office market in Rio mantains last quarter's vacancy rate, the lowest in four years | Q2 2024
The market followed the trend forecast at the beginning of the year, absorbing 42% of the forecast volume. A positive net result is expected at the end of the year.
The average asking price in Rio de Janeiro increased this quarter, something that has not happened in the last six quarters. Two regions contributed to the price increase, Barra da Tijuca and the Zona Sul, with 1.0% and 7.4%, respectively. Zona Sul concentrates the lowest total inventory among the regions of Rio de Janeiro. Because of this low supply of space and the low vacancy rate in the region, small changes in availability ultimately result in larger changes in asking prices.
Meanwhile, the vacancy rate remained stable, ending the quarter at 34.5%. This was due to the low variation of the main regions, with Centro having the highest variation (-0.3 p.p.). The vacancy rate remained stable during the period, as other regions showed a slight increase. By 2024, the vacancy rate is expected to remain below 35% under a future scenario of net positive absorption and no new supply.
