São Paulo Office Report | 4Q2023

The forecast is for an increase in the negotiated price and a drop in the vacancy rate in the city.

February 19, 2024

The high-end office market in São Paulo closed 2023 with good results. Accumulated net absorption was the highest since the beginning of the pandemic, being 67 thousand m² in the last quarter alone according to First Look research carried out by JLL. During this period, the São Paulo region with the best performance was the Berrini/Chucri axis, which concentrated 70% of this movement.

According to the survey, throughout 2023, more than 207 thousand m² of corporate spaces were incorporated into the city's stock. This scenario caused the vacancy rate to grow 0.9 p.p. in relation to the 4th quarter of 2022. By 2026, another 341 thousand m² should be delivered divided between: Berrini/Chucri, Centro, Chácara Santo Antônio, Faria Lima, Itaim, Jardins, Central Marginal and Vila Olímpia.

The average asking price in the city closed last year with an increase of 12.3% compared to the closing of 2022. “We observed that, in practice, the shift between the asking price and the price actually charged in negotiations has been increasingly smaller. Now, this rate is around 10%”, explains Yara Matsuyama, director of Leasing at JLL's Office Division.

What to expect for 2024?

The projection for this year is that more than 127 thousand m² of new high-standard stock will be delivered. Even with the arrival of new developments, it is estimated that net absorption should remain positive, causing a slight drop in the vacancy rate.

“The pace should remain strong, with the more upscale regions attracting a greater volume of negotiations and, consequently, with a likely increase in the transacted price per square meter. This should also generate interesting financial opportunities for occupants who are willing to stay outside these premium axes”, assesses the JLL specialist.

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