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MARKET NOTE JANUARY 2023

2/17/2023
Check out all the indicators for the corporate office real estate market in São Paulo and Rio de Janeiro, and Brazil's industrial real estate market for the month of January.

OFFICE RJ
The class A CBD office market in Rio de Janeiro registered a positive net absorption of 16,570 m². The vacancy rate decreased by 1.07 p.p. compared to the previous month, closing at 27.96% - the lowest value recorded since 2015. Vacancy in the Center (23.12%) also reached its lowest value in seven years. In addition, a total of 20,254 m² was leased in January, with the Downtown region responsible for all of them.

The asking price rose 1.52% compared to last month, closing January at R$ 84.69 per m²/month, due to the high occupancy that occurred in a building with a low rental value. The highlight goes to the Center, which after occupying 17,642 m² in a building with the lowest asking price, increased by 2.76% compared to the end of 2022 and ended at R$ 80.28 per m²/month.

OFFICE SP
The class A CBD office market in São Paulo once again recorded positive net absorption with 9,798 m² absorbed. On the other hand, the vacancy rate increased slightly (+0.18 p.p.) due to the delivery of new inventory of 20,345 m² at Chucri Zaidan and ended January at 21.04%.
Furthermore, the month registered new lease contracts, totaling 18,651 m² divided into the regions of Marginal Pinheiros, Chucri Zaidan and Vila Olímpia, with 2,000 m² concentrated on Marginal Pinheiros.

The average asking price registered a slight increase of 1.1% compared to December, closing at R$ 100.39 per m²/month due to some increases in rental prices, mainly in the Faria Lima region, which in turn suffered an increase of 5.5%. The regions of Itaim (R$ 274.02 per m²/month), JK (R$ 193.22 per m²/month) and Faria Lima (R$ 192.36 per m²/month) have the highest rents requested in the state, but they reflect a specific moment of these markets, which have little vacant area concentrated in trophy buildings with much higher asking prices than the other assets.

INDUSTRIAL SP
Following a history of strong net absorptions in the state of São Paulo, January showed a result of 64,163 m², triggering a drop in the vacancy rate of 0.34 p.p. and reaching 11.96% in the first month of the year. The rate, in turn, did not reduce further due to the new delivery of 26,665 m², which has not yet been absorbed, in the Guarulhos region. The cities of Guarulhos (47,358 m²), Cajamar (20,096 m²) and Atibaia (6,763 m²) were mainly responsible for the positive take-up result in the month.
The asking price, however, did not change significantly, ending January at R$ 23.95 per m²/month. Capital-SP currently has the highest asking price in the state (R$ 37.26 per m²/month) and still registered a strong output (-13,500 m²) in developments with a value close to the average for the region.

 INDUSTRIAL OE
When analyzing the other states of the country, after two new deliveries in the month, Santa Catarina stands out, totaling 41,666 m² of new inventories delivered, which were already 100% pre-leased. As a result, the region had the highest net absorbed value. Then, Rio de Janeiro returned to positive results (27,164 m²) as it had registered in the previous month. Minas Gerais also ended with positive values (16,388 m²) and Rio Grande do Sul, in turn, presented negative net absorption for the second consecutive month (-26,050 m²).

The average vacancy rate in the other states of Brazil is 4.82%, well below the average for the state of São Paulo (11.96%). Amazonas, with a total inventory of 307,359 m², currently has no vacant area for class A leasing. Next, the regions with the lowest vacancy rates are Pernambuco (1.04%) and Minas Gerais (2.34%), while the largest are Rio Grande do Sul (24.51%), Santa Catarina (20.95%) and Rio de Janeiro (15.73%). Bahia currently has the highest average asking price among these states (R$26.00 per m²/month), while Ceará has the lowest (R$14.89 per m²/month).

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