How long will it take for office occupancy to return to the pre-pandemic level?

Closely following the commercial real estate market, especially the corporate slabs in the city of São Paulo – the capital concentrating the highest density of corporate slabs in all of Brazil – we found more than 3 million square foot of high-end offices, spread across 11 key regions. In market jargon, we call this group of areas Central Business Districts (Berrini, Chácara Santo Antônio, Chucri Zaidan, Faria Lima, Itaim Bibi, JK, Marginal Pinheiros, Paulista, Pinheiros, Santo Amaro and Vila Olímpia).

Despite the pandemic and part of the companies keeping their employees in a hybrid work or remote work regime, vital projects were delivered in 2021, adding 154.2 thousand square meters in new stock to the capital. To give you an idea, this volume in 2019 and 2020 – added together – did not reach 100 thousand new square meters.

In early 2021, BR Properties delivered three towers – Aroeira, Jatobá and Paineira – of the Parque da Cidade complex at Chucri Zaidan. Together, the towers cover 132,000 square meters and have reached the market with important seals for companies adapting their business to ESG principles, such as LEED Gold and LEED Neighborhood.

The River One skyscraper was another high-end office development delivered in May last year, in the Marginal Pinheiros region, with average private slabs of 1,461 square meters and some with terrace area. Finally, Dynamic Faria Lima was launched in July, with another 5,071 square meters in new stock for Pinheiros.