Brazil Industrial Outlook | Q1 2025

The market for high-end logistics warehouses continues to set records, just as it did in 2024. According to research carried out by JLL, 2025 began with robust figures. The vacancy rate is once again the lowest ever recorded, reaching 7.9%. Gross absorption during the first quarter was the highest in the last four years, reaching 1.1 million m² - 33% of this volume was concentrated in the state of São Paulo and 27% in Minas Gerais.

This scenario has pushed up the average price of rents across the country. Nationally, the square meter is around R$29.10 - 11.6% higher than the previous year. Warehouses in São Paulo have been trading at even higher prices, R$31.80/m² on average, an increase of 17% compared to 2024.

This was also a period in which net absorption exceeded new stock. This volume is lower than expected for the quarter - only 18% of the total projected was actually delivered, with 36% postponed until the end of June. “This helped put downward pressure on the vacancy rate and upward pressure on prices,” says André Romano, manager of JLL's Industrial and Logistics Division. “We're going through a cycle of expanding demand, with the delivery of new properties influencing the national average price,” he points out.