São Paulo sets historic absorption record and registers lowest office vacancy rate in 14 years - Q4 2025

The high-end office market in São Paulo ended 2025 maintaining a solid pace of activity and achieved a historic record for gross and net absorption, according to the First Look survey conducted by JLL. The vacancy rate reached 14.7% in the fourth quarter, the lowest level recorded in 14 years, reflecting the continued good momentum of the sector.

The average price in the capital is BRL 117/sqm, 12% more than the previous year. In total, 84,000 sqm were delivered in new developments in the city. Another record for the period was transactions of large floor plates, above 10,000 sqm. Ten leases within this profile were made in 2025, the highest volume since 2016. "This corroborates the movement of strengthening in-person work, which is experiencing a third wave of recovery," notes Yara Matsuyama, JLL's Leasing Director.

Among the quarter's highlights is the Pinheiros/Vila Madalena submarket, which recorded the period's highest net absorption, driven by Nubank's movement – 15,000 sqm in the Capote 210 building. Another major transaction occurred in Marginal Central, which leased approximately 14,000 sqm to Wise. "The volume of large leases shows that companies continue investing in corporate spaces as a strategic part of their business, prioritizing efficiency, location and high-performance assets," highlights Matsuyama.

The year 2026 promises to be eventful, with the World Cup and national elections. However, the expectation is that these events will not interfere decisively, leading to the maintenance of good activity levels. "The third wave of return to in-person work is strong and should sustain demand for quality corporate spaces," affirms the JLL executive.

The delivery of approximately 150,000 sqm of new stock is estimated, which may generate specific adjustments in the vacancy rate, especially in particular submarkets. Even so, the prospect is for a high volume of transactions, absorbing a relevant part of this new supply.

"Even with the entry of new stock, the market continues in a good moment. The forecast is for many negotiations throughout the year, with eventual specific slowdowns in the period closer to the elections, something already expected in electoral years," completes Matsuyama. "This is a mature market, with its own dynamics and sustained by solid fundamentals, regardless of the political calendar," she concludes.