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Brazilian commercial office market growth

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2026-10-13 22:54 UTC → 2026-10-21 09:44 UTC · added ~~removed~~

In the third quarter of 2026, commercial office rental prices in major Brazilian cities reached significant highs due to increased demand and decreasing vacancy rates. In Rio de Janeiro, high-end office rents hit a six-year high, averaging R$ 92 per square meter, an increase of over 8% compared to the same period in 2025. The vacancy rate in the city fell from 22% to 18% over a 12-month period. This trend is attributed to a scarcity of new corporate developments and rising demand in areas such as Centro, Cidade Nova, and Porto. In São Paulo, high-end office rents reached a record average of R$ 144 per square meter, marking a 16% year-on-year increase. The vacancy rate for these buildings dropped to 12.9%. This surge is driven by businesses expanding operations and companies returning to in-person work. In premium districts like Faria Lima, average rents are reported as high as R$ 320 per square meter, with some newer buildings exceeding R$ 400 per square meter. Recent data indicates intensified leasing activity in these hubs. In Rio de Janeiro, the vacancy rate for premium spaces reached its lowest level since 2014 at 23.5%, with Botafogo recording the city’s lowest vacancy at 4.4%. Rental prices in Rio rose 4.2% during the quarter to R$ 83.43/m²/month, supported by the oil and gas and government sectors. In São Paulo, high-end leasing volume quadrupled compared to the previous quarter. Major tenants Itaú Unibanco and Amazon accounted for over 52% of the total space leased, occupying a combined 84,617 square meters.

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