Monday, 2 February 2026
São Paulo’s office real estate market in 2025 showed clearer signs of recovery than in previous years, supported by steady corporate activity and a limited volume of newly completed buildings. The balance between supply and demand gradually improved as several planned developments were postponed or delivered later than expected, reducing the amount of additional space entering the market. This situation contributed to a noticeable decline in empty offices across many of the city’s main business districts.
Leasing activity remained concentrated in central and well-established commercial corridors, where companies continued to prioritise accessibility, modern infrastructure and proximity to services. Financial firms, technology companies and professional service providers were among the most active occupiers, often choosing recently refurbished or newly built properties that offer flexible layouts and energy-efficient systems. As a result, the best-located and most modern buildings reported stronger occupancy levels, while older stock in secondary areas continued to face slower take-up.
Rental prices in prime locations experienced moderate upward movement during the year, reflecting improved confidence among landlords of high-quality assets. In contrast, owners of less competitive buildings frequently relied on incentives or renovation plans to maintain tenant interest. The divergence between premium and secondary properties became more pronounced, highlighting the growing importance of building standards, environmental performance and workplace amenities in tenant decision-making.
Investment in office assets in São Paulo remained selective but active, with buyers focusing primarily on properties that demonstrate stable income streams and long-term leasing potential. Institutional investors showed interest in assets located in established business zones, particularly those with modern technical specifications or recent upgrades. Transactions involving buildings that required significant capital expenditure were less common, as investors continued to prioritise predictable returns over opportunistic acquisitions.
Overall, 2025 was characterised by gradual strengthening rather than rapid expansion. The market’s progress was driven less by large-scale growth and more by the absorption of existing space, delayed new supply and a continued shift toward higher-quality workplaces. São Paulo’s office sector entered the year with cautious expectations and ended it with improved occupancy levels in key districts, though challenges remained for older or poorly located properties.
