Industrial market reaches its lowest vacancy rate in history | Q1 2026

The Brazilian market for high-end industrial parks recorded the best start to a year in its history, according to a JLL study. Net absorption reached 1.1 million square meters in the first quarter of the year, the highest volume ever recorded for the period. This scenario pushed the national vacancy rate down once again, reaching 6.5% – the lowest level ever recorded.

According to André Romano, Manager of JLL's Industrial and Logistics Division, a good indicator of the market's pace is the volume of preleases. Of the more than 720,000 square meters of new developments - distributed across 15 new properties and 13 expansions in 12 states - 77% was delivered to the market with leases already signed. "The rapid pace of occupation for new spaces keeps vacancy at low levels, as the majority of delivered inventory is already preleased," states the executive.

In terms of pricing, the average rental price per square meter in Brazil rose by 8.2% over 12 months. São Paulo state saw a 12% increase in the period, while Paraná recorded the country's highest percentage appreciation, with a 20.6% rise. "It's natural to see this increase in such a booming market," notes Romano.

Another record for the quarter was gross absorption, an index that registers the absolute volume of leases, which totaled 1.5 million square meters. São Paulo was the state with the highest concentration (549,000 sqm), followed by Santa Catarina (106,000 sqm) and Espírito Santo (102,000 sqm).

As has been the trend since the pandemic, e-commerce remains the primary driver of occupancy. Mercado Livre alone absorbed 320,000 sqm in the quarter—equivalent to 21% of the national volume, more than double the 137,000 sqm (9%) leased by Shopee, and 85% of the absorption in São Paulo.

The strong pace of leasing is expected to continue throughout 2026. Rafael Picerni, Research and Strategy Analyst at JLL, notes that the outlook for the coming months is a continuation of this flow. "Of the 3 million square meters of new inventory expected by December across Brazil, 35% is already pre-leased, a figure that reaches 46% in São Paulo, signaling that future supply is likely to be absorbed with the same speed seen at the beginning of the year," he concludes.