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Market Note November

Despite the uncertainties caused by Covid-19, the hybrid work model continues to prevail in offices. Given this, the market in the class A and A+ CBD regions of Rio de Janeiro once again showed positive results, closing November with a net absorption of 2,996 m², totaling 13,590 m² by November. Consequently, the vacancy rate fell again for the third month in a row and reached the lowest value of the year, reaching 33%, representing a drop of 0.19 p.p. (MoM) and 0.95 p.p. (YoY).
Most of the positive absorption occurred due to occupations by private companies in the Center and Porto regions. Thus, the Center region presented a net absorption of 1,228 m² and a vacancy rate of 29.8%, reaching the minimum of the year. In turn, the Porto region had a net absorption of 1,768 m² and vacancy of 42.1%, reaching the lowest rate since the region underwent a revitalization in 2014.
The city's average asking price followed a downward trend, registering R$91.28 m²/month. This was mainly due to the fact that occupations occurred in buildings with higher rental values. In addition, there was a reduction in the asking price for an important building in the Center region.


The CBD market for classes A and A+ in São Paulo suffered a small increase in vacancy and reached 19.8% (+0.3 p.p.) due to some exits and the delivery of 11.5 thousand m² in the Paulista region, which increased by 4.3pp. in vacancy and closed the month at 11.8%. Additionally, the Chucri Zaidan region deserves to be highlighted: with the highest net absorption of the period (3.1 thousand m²), the region presented the biggest drop in vacancy in the city, reaching 20.5% (-0.5 p.p.).
On the other hand, the average asking price maintained the upward trend of previous months and registered a value of R$103.17/m² (+ R$0.75/m²), the highest rate since 2016. This substantial increase is associated with the new stock in the Paulista region, which entered the market with an asking price above the city's average and also due to vacancies in buildings with higher prices, as was the case in Pinheiros, which registered an increase of R$7.84 and closed the month at R$112.75/m².


The class A and A+ logistics market in São Paulo achieved good numbers, even without receiving new stock for the first time since June. Net absorption this month was again very strong, with 167 thousand m², becoming the second highest absorption of the year. The Cajamar region was responsible for 46% of absorption with 76.9 thousand m² absorbed, numbers that highlight the leadership that this market has, as it is the region that recorded the highest number of new stock delivered and net absorption in the year.

Consequently, the vacancy rate suffered a significant drop of 1.8 pp in relation to the previous month, closing the period with a low in the historical series of 13.8%. Cajamar recorded a drop of 4.9 p.p. compared to last month, recording a vacancy rate of 6.6% and surpassing the results observed in January. The asking price fell by 1% compared to October, closing November at R$18.51 per/m².


The class A and A+ logistics market in Rio de Janeiro did not receive new stocks in November. The state recorded 3,400 m² of net absorption, maintaining positive numbers since February. The regions of Santa Cruz/Campo Grande, Avenida Brasil and Pavuna had small transactions and only Duque de Caxias recorded a negative absorption (-772 m²).

As a result of positive absorption and the absence of new stock delivered, the vacancy rate saw a small decrease of 0.2 p.p. compared to last month, ending at 17.4% - the lowest value in 2020. The asking price also suffered a small decrease of 0.2% compared to the previous period, closing this month at R$20.69 per/m². Due to the Avenida Brasil region - which had the highest asking price until last month - currently having no available area, the Pavuna region now has the highest asking price in the state (R$22.81 per/m²), this value being 10% higher than the average for Rio as a whole.

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