Itaú and Amazon drive office leasing up fourfold in three months in São Paulo

Two tenants accounted for more than half of all premium office space leased in São Paulo between July and September 2026. Itaú Unibanco and Amazon together took 84,617 m², about 52% of the city’s total. Itaú leased 45,388 m² in Tower A of Esther Towers (Chucri Zaidan area), and Amazon leased 39,229 m² at Biosquare (Rebouças). The data comes from Cushman & Wakefield’s quarterly survey of Class A and A+ offices.

Quarter at a glance:

• Leasing: 44 transactions totaled 163,279 m², roughly four times the previous quarter (about 40,000 m²).
• New supply: 171,266 m² were delivered, much of it already pre-leased. Biosquare, for example, was delivered 100% pre-leased to Amazon, and Rebouças ended the quarter with no vacant space.
• Net absorption: 140,054 m², reversing the previous quarter’s negative result. Chucri Zaidan led (58,934 m²), followed by Rebouças (39,229 m²) and Chácara Santo Antônio (14,987 m²).
• Vacancy: 12.01% in September, up from the prior quarter because of new buildings still looking for tenants.
• Year to date: the city received 189,000 m² of offices and absorbed 202,000 m², so demand continues to outpace supply.

Who leased: the financial, retail, and information and communications sectors dominated. Besides Itaú and Amazon, Bayer took 13,334 m² in Alto das Nações and Claro took 11,167 m² at Quota Corporate. Fortinet, BWGI, Skechers and Banco BOCOM BBM also signed leases, with areas between 1,800 and 4,077 m². According to Itaú, the expansion follows a higher rate of in-office attendance among its employees.