For the ninth consecutive quarter, high-end office vacancy in São Paulo declines Q2 2025

São Paulo's high-end office market continues to perform well. With net absorption of 91,000 sqm, the vacancy rate in the city reached 17.3% in the second quarter – the ninth consecutive decline in the index, marking the lowest rate in the past five years. Asking prices continue to rise, reaching BRL110/sqm – a 10% increase over the last year.

The standout submarket for transactions during this period is Centro. According to Rafael Calvo, Director of Tenant Representation at JLL, this is due to the area's proximity to the coveted Paulista corridor and its quality developments. "Of the total square meters leased, 26% were concentrated in Centro, in the Passeio Paulista building. This is a location desired by tenants due to its good transportation infrastructure and services," he explains.

The study reveals a trend toward absorption of large spaces. In the first half of the year, there were 22 transactions above 3,000 sqm compared to 10 in the same period last year. Conversely, the supply of large corporate floor plates above 10,000 sqm dropped from 17 to 10 buildings in the same period. Submarkets like Nova Faria Lima, Faria Lima, and Itaim no longer have areas of this size available. "This shows that companies need to plan their moves well in advance, since availability of this type of space is not high," Calvo notes.

With 57% of the projected annual absorption already achieved in the first half of 2025, São Paulo's corporate market is on track to establish a historic record for gross absorption and the lowest vacancy rate in 13 years. "The projection is that vacancy will end the year around 16%," says David Aguiar, Research and Strategy Analyst at JLL.