Industrial First Look | Q2 2025

Following the growth trend, the high-end industrial parks market recorded another quarter of strong results. In the second quarter of this year, net absorption of 851 k sqm - the best performance in the last three years - kept the vacancy rate falling, reaching a historic low of 7.7%. The data also shows that the average asking price in the country reached BRL 30.3 per sqm per month, representing a 16% increase over the last year.

São Paulo (SP) accounted for 53% of net absorption, which was driven mainly by companies in the Retail and E-commerce sectors. The state also stood out in terms of new inventory volume: 73% of the 887 k sqm – the largest delivery of new inventory since 2022 – was concentrated in cities in São Paulo.

"São Paulo delivered new inventory exceeding the sum of the last four quarters. The strong performance in net absorption was due to the large number of new deals and the low volume of returns, causing vacancy to vary by only 0.4 p.p., reaching 8.7%," points out André Romano, manager of JLL's Industrial and Logistics division.

Nine other states, also received developments. In total, 43% of deliveries in the country were pre-leased. If there are no delays in scheduled deliveries, the second half of the year should see the addition of another 2.6 million sqm. Of these, 770 k sqm are already pre-leased, with 265 k sqm in São Paulo and 134 k sqm in Minas Gerais (MG).

One state that has gained relevance in the logistics scenario is Santa Catarina (SC). According to the JLL survey, the territory received 80 k sqm of new inventory in the second quarter, accumulating more than 200 k sqm in one year. By the end of 2025, SC is expected to receive an additional 520 k sqm. “This will elevate the state to fourth place nationally, behind only São Paulo, Rio de Janeiro, and Minas Gerais,” says Rafael Picerni, JLL's Research and Strategy specialist.