São Paulo Office Report | 2Q2023

The high-end corporate market has a high delivery projection by the end of the year.

August 08, 2023

The high-end office market in São Paulo is going through a good moment, with deliveries of qualified developments and heated negotiations. According to the First Look, carried out by JLL, the second quarter of this year registered positive net absorption of 14 thousand sqm. More than 142 thousand sqm of new high-end corporate spaces were delivered, increasing the vacancy rate.

Demand for areas above a thousand square meters has grown. The volume of occupancies between 1.000 and 1.500 sqm increased 25% from one quarter to the other. Negotiations for areas above 1.500 sqm more than doubled. Regions that had more difficulty closing the occupation of large areas over a thousand square meters managed to perform well, such as Alphaville and Barra Funda.

Moving market

The expectation is that the high-end office market will remain at a heated pace until the end of the year. JLL's projection is that 2023 should have a positive net absorption and that around 268 thousand sqm of new corporate areas will be delivered.

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