Severely impacted by the Covid-19 pandemic, the office segment continues to show negative results. However, with the increase of vaccination and the recovery of the country's economy, there are signs that the recovery should start soon.
According to SiiLA Brasil, which monitors the markets of São Paulo, Rio de Janeiro, Brasília, Campinas, Curitiba, Porto Alegre and Belo Horizonte, the gross absorption was almost 207,000 square metres in the second quarter of the year. However, net absorption - the difference between the contracted and devolved areas - was negative by more than 71 thousand square metres as the vacancy rate reached 24.4%.
As they are the key locations, the capitals of São Paulo and Rio de Janeiro were the cities that contributed the most to the decline in net absorption, with minus 36 thousand square metres and 32 thousand square metres, respectively. However, the vacancy rate is much lower in São Paulo (21%) than in Rio de Janeiro (36.3%).
"The Rio market is concentrated in a few sectors and, when one of them falls, as happened with the oil and gas sector, it greatly affects the occupation of the slabs", explains Giancarlo Nicastro, CEO of SiiLA Brasil. On the other hand, the executive praises the performance of the Brasília market, the only one with a positive net absorption - of almost 9,000 square metres - in the second quarter.
"It is the best city in terms of recovery, as it tends to deliver many pre-leased projects. It ends up suffering less from vacancies", he adds. In general, Nicastro justifies the poor performance of the segment in the fact that company leaders are postponing decisions to sign lease contracts again, waiting for a more stable scenario.