The positive progress of the sector in the third quarter shows market resilience and a trend to appreciate high-end warehouses
From January to September, more than 900 thousand square meters of class A + and A logistics condominiums in the State of São Paulo secured new tenants, according to the SiiLA Brasil real estate research platform. This performance is higher than in the same period of 2019 when gross absorption totalled 741,690 thousand square meters over the 1st, 2nd and 3rd quarters. In the third quarter of 2020 alone, 310,592 square meters of high-end warehouses had new tenants in the State, an increase of 51.2% when compared to the 3rd quarter of 2019.
This behaviour corroborates SiiLA Brasil's forecast that the logistics market would be remarkably resilient in 2020 and would even increase its value in the middle of the pandemic.
Another fact that confirms this is the balance between tenants inflows and outflows (net absorption), which from July and September stood at 162.4 thousand square meters for the A + and A projects in São Paulo. It is interesting to note that, in the period, both the most significant entry and the most relevant exit were made by construction material and/or decoration companies. While Madeira Madeira became the tenant of 21,289 square meters of GLP Jundiaí III, Sodimac dropped 19,842 square meters of Prologis Cajamar III, this same space now controlled by an expansion of Amazon in the same project.
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