High-end offices in Rio get even emptier

The crisis of high-end corporate real estate in Rio seems to have no end. The segment had more returns than leases for the fifth consecutive quarter between April and June, according to exclusive data from the SiiLA Brasil platform.

As a result, the vacancy rate for high-end offices rose from 30.7% to 31.58% in the quarter — the highest level since the third quarter of 2019 (32%).

The region that lost the most density was Barra da Tijuca, largely due to the operator Vivo leaving from its former headquarters, where it occupied 15,600 square metres. At the other end, Ventura, a building on Av. Chile, Centro, alone absorbed 18.4 thousand square metres with new tenants such as IBM and Banco do Brasil.

Rio has been working with its assets: there have been no new high-end developments for offices in the city since the second quarter of 2018.

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