Rio's office market shows lowest vacancy rate in eight years | Q3 2024
Net absorption was also significant, driven by Rock World/Projeto Imagine's occupation in Barra da Tijuca.
Rio de Janeiro showed good performance in the high-end office market in the third quarter. There was a decrease in vacancy of 2.5 percentage points. The rate of 32% is the lowest in eight years.
The city's net absorption was significant: 44,000 square meters, with 33,000 square meters occupied in Barra da Tijuca by Rock World/Projeto Imagine. This will be the largest entertainment complex in Latin America, located in the Olympic Park.
Other large leases occurred in the Centro region – 4,200 square meters by Ipiranga, 2,800 square meters by UNIG, and another 2,800 square meters by Bioxxi Esterilização.
For the fourth quarter, expectations are also positive, with forecasts that Rio de Janeiro will end 2024 with its lowest historical vacancy rate and the highest net absorption in recent years.
