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.
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.
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.
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).