Cushman & Wakefield data featured by Forbes Brazil shows that leasing activity was strongly concentrated in the city center, reinforcing the area's position as a key corporate hub in Rio de Janeiro.
Rio's Central Business District leads the recovery
The city center recorded net absorption of 17,572 sq m between April and June, exceeding the overall net absorption recorded across the market.
The performance reflects a combination of competitive rental rates, availability of office space and growing occupier interest in higher-quality assets within Rio's traditional business district.
The Porto submarket, meanwhile, recorded negative net absorption of 2,386 sq m due to specific space returns. Cidade Nova, Orla, Barra da Tijuca and Zona Sul remained relatively stable during the quarter.
Cushman & Wakefield's research monitors Class A and A+ office buildings across six submarkets: Centro, Porto, Cidade Nova, Orla, Barra da Tijuca and Zona Sul.
Technology and financial services drive leasing activity
Total office space transacted during the quarter reached 22,971 sq m, indicating an acceleration in leasing activity.
All transactions recorded during the period took place in Rio's city center, further highlighting the district's renewed attractiveness to major corporate occupiers.
The information technology sector led demand with 10,232 sq m leased, followed by financial services with 8,252 sq m.
Major transactions during the quarter involved companies including Nubank, Dataprev, Wilson Sons and Deloitte.
Asking rents remain stable
The average asking rent for premium office space ended the second quarter at R$79.11 per sq m per month, remaining stable compared with the previous quarter.
Zona Sul remained Rio de Janeiro's most expensive office submarket, with an average asking rent of R$160 per sq m per month. Orla recorded R$90.77, Porto R$90.19 and Centro R$82.39 per sq m per month.
The indicators reinforce the gradual recovery of Rio de Janeiro's corporate real estate market, with high-quality and well-located assets continuing to attract occupier demand.
Cushman & Wakefield in the Media
Cushman & Wakefield's data and insights on Rio de Janeiro's office market were featured by Forbes Brazil, highlighting the recovery in leasing activity, the growing importance of the city's Central Business District and demand from technology and financial services companies.
Read the full article on Forbes Brazil.
