Rio de Janeiro presents positive net absorption | 3Q2023
The city of Rio de Janeiro has a high level of support from the financial sector and large areas absorbed by Porto Maravilha.
After two quarters with negative net absorption, accumulating -18 thousand sqm in 1H2023, the third quarter presented positive rates in Rio de Janeiro, in addition to a 1.4 p.p drop in the vacancy rate. Despite the large volume of absorptions, the main difference was the low number of returns in the period. All of this shows a warming up of the Rio market, with increased demand and a more optimistic outlook for the end of the year.
Financial market and Porto Maravilha on the rise
The financial segment was responsible for the largest number of transactions in Rio, equivalent to 24% of absorptions in the quarter. Of this area, 94% was absorbed in the Porto Maravilha region.
The region, in fact, has stood out in terms of performance not only due to absorptions in the financial segment. Porto Maravilha also represented the largest movements, with an average of 3,300 sqm absorbed per building, approximately twice as large as in other regions.