Leasing of high-end offices decreases in the 1st quarter – 04/14/2023 – Panel SA

The high-end office market in São Paulo ended the 1st quarter with more contracts signed, but less space occupied.

According to a report by consultancy Newmark, the volume of leasing transactions rose 73% in the period, totaling 94,000 m². But the net absorption, which points to the difference between the devolution of spaces and new occupations, was negative at 10,000 m².

The consultancy claims that the returns of buildings occupied by large banks and the restructuring of operations in the technology sector weighed heavily.

At the end of last year, Meta, Facebook’s controller, transferred its headquarters in the Itaim region to the Faria Lima unit.

A good part of the new leases correspond to companies in the financial sector, technology and the pharmaceutical industry. The vacancy rate was stable at 24%, since there were no new developments delivered from the end of last year until March.

According to Newmark, the average rental price in São Paulo ended the quarter at R$89 per m². The most expensive region was Itaim (R$ 222 per m²) due to the increase in the offer in valued buildings that were occupied. Values ​​are up 59% since January.

In Faria Lima, the average price was R$ 200 per m², followed by the JK region (R$ 156 per m²).

Joana Cunha with Paulo Ricardo Martins It is Diego Felix

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