High-end office market in São Paulo closes 2022 with an increase in new business | 4Q2022

Maintenance of the fall in the vacancy rate should remain in 2023.

February 07, 2023

The high-end office market in São Paulo closed 2022 with the best performance since the start of the COVID-19 pandemic. According to the First Look survey carried out by JLL, the vacancy rate in the city was 1.3 p.p. lower than in 2021, with net and gross absorptions surpassing the negative scenario of the previous two years.

For Yara Matsuyama, director of leases at JLL, after a turbulent period, the market is proving to be more balanced.

Occupation expansion

The projection is that this scenario extends to 2023, with growth in net absorption and maintenance of the downward trend in the vacancy rate. 431,000 m² of new stock are expected to be delivered in the next two years, 52% of which this year. Faria Lima is still highlighted. The region's vacancy rate is 4%. With a forecast for new stock of only 13,500 m², demand should spill over into adjacent areas.

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