The office market in São Paulo has the worst occupation in 13 years in 2021's 1st quarter

With more companies being forced to postpone returning to corporate spaces, given the social distancing measures, the office market continues to increase property devolutions and, consequently, in the vacancy rate.

According to data from the SiiLA consultancy, the high-end office industry (A + and A) inSão Paulo recorded negative net absorption of 31 thousand square meters in the first quarter of this year.

The net absorption corresponds to the volume of square meters occupied more (or less, when it is negative) in relation to the previous quarter. It acts as an indicator of growth or retraction of the market in occupied square footage.

The result recorded between January and March this year represents the fourth consecutive quarter of decline in occupations and is the worst in SiiLA Brasil's historical series, which began in 2008. In the first quarter of 2020, before exposure to the impacts of Covid-19, the market of São Paulo offices had recorded net positive absorption of 19,651 square meters. The picture changed from the period ended in June when the data were negative in 12,565 square meters.

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