MARKET NOTE FEBRUARY 2023

OFFICE SP
In February, the class A and A+ office market in the CBD region of São Paulo presented the first negative result of the year. A net absorption of -2,019 m² was registered. The vacancy rate ended the period at 21.09%.

The asking price did not change significantly and closed at R$ 100.54 per m²/month, an increase of 0.15% compared to January. However, compared to the same period last year, the asking price dropped by 3.04%.

OFFICE RJ
In February, the class A and A+ office market in the CBD region of Rio de Janeiro, after strong absorption in the first month of the year, turned in a negative result. A net take-up of -1,919 m² was recorded and, as a result, the vacancy rate showed a slight drop of 0.13 p.p. compared to the previous month and closed at 28.12%.

The asking price closed at R$ 84.61 per m²/month, compared to the same period last year, there was a decrease of 1.80%.

INDUSTRIAL SP
The class A and A+ logistics market in São Paulo recorded 226,560 m² of net absorption in February. The highlight was the Barueri region, with 179,607 m² absorbed, mainly due to the pre-lease that took place at the end of 2021 by an e-commerce company that occupied this month. The state received 235,166 m² of new developments, of which 185,306 m² came from Barueri, 27,627 m² from Greater ABC and 22,233 m² from Sorocaba.

The state asking price increased by 1.15% compared to the previous month, closing at R$ 24.20 per m²/month.

INDUSTRIAL - OE (Other states)
In February, the other states of Brazil did not obtain such expressive results as observed in São Paulo. Pernambuco achieved the best performance with 5,167 m² of net absorption and a vacancy rate of 0.54%, down 0.50 p.p. compared to the previous period. The negative highlight was Minas Gerais, which registered a net absorption of -71,089 m², after the removal of 62,587 m² from a retail company in Betim, impacting the increase of 4.05 p.p. in the vacancy rate, which closed at 6.39%.

With the exception of São Paulo, Minas Gerais is currently the state with the highest average asking price in the country, at R$24.06 per m²/month, followed by Bahia, with R$23.82 per m²/month. This month, Rio Grande do Sul was the only state that had an increase in the asking price (1.98%), which closed at R$ 17.72 per m²/month.