High demand keeps vacancy rates falling and sustains the growth of the industrial market | Q3 2025

The Brazilian market for high-end industrial parks maintained its expansion trend in the third quarter of 2025, driven by continued demand from retail and e-commerce. The national vacancy rate remained stable at 7.7%, while net absorption for the year reached 2.2 million sqm, reflecting solid occupancy even through an intense new inventory delivery cycle. The national average asking price was BRL 30.3/sqm, up 11% in 12 months. In total, 2.1 million sqm of new inventory was delivered in 2025, with 850 k sqm only in the third quarter.

“Retail and e-commerce continue to be the main drivers of occupancy, driven by the search for assets with better locations, construction standards, and logistics capabilities. Even with a significant volume of new projects, the market maintains good levels of activity and controlled vacancy rates,” says André Romano, Industrial, Logistics, and Data Center Manager at JLL.

São Paulo remains the leading state in the market, with 225 k sqm of new inventory in the quarter – 27% of the national total – and 913 k sqm year-to-date. In the state, vacancy rates fell from 8.7% to 7.8% in the quarter, while the average asking price reached BRL 33.5/sqm, up 14% in 12 months. This result is above the national market growth average, also distancing itself from the behavior of inflation indices such as IGPM, IPCA, and INCC.

Submarkets such as Cajamar, Campinas, and Guarulhos stood out in new leases, pushed by main retail players. The biggest deal of the quarter was done by Shopee, which took over 88 k sqm at GLP Bandeirantes I, in Cajamar. Mercado Livre, Correios, and Grupo Chama Supermercados also helped boost occupancy in the state.

In other relevant markets, Minas Gerais recorded 113 k sqm of new inventory and a vacancy rate of 7.6%, still below the level of a year ago. Santa Catarina, in turn, received 149 k sqm in the quarter and maintains one of the lowest vacancy rates in the country, at 5.5%. The period also saw deliveries in the Distrito Federal, Bahia, and Espírito Santo, reinforcing the trend of geographical dispersion of logistics investments.