Cushman & Wakefield data featured by Forbes shows that the consolidated result was significantly influenced by large corporate space returns during the period, particularly in Vila Olímpia.
Despite the city's negative overall balance, demand for high-quality office assets remained present across several of São Paulo's key business districts.
Key office districts continue to attract demand
Between April and June, Chucri Zaidan led net absorption with 7,628 sq m, followed by Berrini with 5,704 sq m, Faria Lima with 4,042 sq m and Chácara Santo Antônio with 3,729 sq m.
Vila Olímpia, on the other hand, recorded negative net absorption of 14,269 sq m and was the area most affected by significant space returns during the quarter.
Cushman & Wakefield's quarterly research monitors 137 Class A and A+ office buildings, representing more than 3 million sq m across São Paulo's 12 main business districts.
Asking rents resume upward trend
Despite negative net absorption, the average asking rent reached R$148.25 per sq m per month in the second quarter, returning to an upward trend following the decline recorded in the previous period.
Faria Lima remained São Paulo's most expensive office district, with an average asking rent of R$293.08 per sq m per month, while Pinheiros reached R$267.61 and Vila Olímpia R$194.80.
The vacancy rate across the monitored market ended June at 11.4%, representing a slight increase compared with the previous quarter.
New supply expected in the second half of 2026
Following a quarter with no new deliveries across the monitored areas, São Paulo's premium office market is expected to enter a new phase of supply expansion.
Cushman & Wakefield's pipeline includes approximately 384,500 sq m currently under construction, primarily across Chucri Zaidan, Chácara Santo Antônio, Itaim, Rebouças, Pinheiros and Faria Lima.
A significant portion of this future supply is already pre-leased, which may limit its impact on overall vacancy. The delivery of newer buildings is also expected to increase competition among premium office assets and create opportunities for occupiers seeking more modern and efficient workplaces.
