BR Properties recorded a lossbetween January and March, but property occupancy has risen

Valor Econômico

BR Properties, which sells and manages office buildings and warehouses, saw itsvacancy rate drop eight percentage points in the first quarter of 2022,year-on-year, to 24.7%.

The sector results are quite different. While the warehouses have a vacancyrate of 2.7%, the offices in São Paulo and Rio are at 30%. The pandemicaffected these areas in the opposite way: the demand for warehouses grew withe-commerce, and the remote work scheme emptied offices.

Even heightened, the current vacancy is celebrated. "We are in the sixthconsecutive quarter of decline, while the general market of São Paulo and Riois in the third", says Martin Jaco, CEO of BR Properties. He emphasisesthe differential of investing in high-end offices, with public transport andservices in the surroundings. They represent 84% of the market value of thecompany's portfolio.

The price for leasing BR Properties' offices rose 4.7%. Once again, the numberis much lower than that observed in the logistics sector, up 17.6%.