The occupancy rate of 94.33% of the offices found in Faria Lima is the highest since 2015 when the multinational SiiLA started to compile the real estate market numbers in Latin America. After dropping from 8% in the first quarter of 2020 to 12% in the region due to the pandemic, the vacancy rate number dropped to 5.67% in the fourth quarter of 2021 with the increase of vaccination in the country. "Either companies planned in advance to return to offices in what is the most desirable region of the market, or they stayed out. The few available spaces are scattered; meaning, a large company can no longer position itself there", says Giancarlo Nicastro, CEO of SiiLA.
In other regions of São Paulo, the scenario is quite different. In the capital, the vacancy rate in the fourth quarter of 2021 was 25.15%, far from the 16% obtained before the pandemic and a number that is not expected to drop anytime soon. "I don't believe we're going to go back to pre-pandemic in the short term. The pandemic and election factors are bad for a more robust recovery; I believe some companies will only think about this issue in 2023", projects Nicastro. But at Faria Lima, it won't be easy to find space.