Brazil’s Manufacturing Revival Is Opening New Frontiers for Industrial Property

A new wave of manufacturing investment is beginning to influence Brazil’s industrial property market, but the opportunity extends far beyond the factories themselves. Automotive production, vehicle electrification, renewable-energy equipment, pharmaceuticals, food processing and advanced manufacturing are creating demand for industrial land, supplier facilities, warehouses and infrastructure across a widening group of Brazilian regions. For property investors, the important question is not simply how much manufacturers intend to spend. Large capital expenditure programmes do not automatically create investible real estate. The more significant indicator is whether new production facilities attract suppliers, logistics operators and supporting businesses around them, creating industrial clusters capable of sustaining property demand for many years.

São Paulo remains at the centre of this transformation. The state already contains Brazil’s deepest concentration of automotive production, engineering expertise, suppliers and transport infrastructure. Major manufacturers continue committing capital to their Brazilian operations, including investments designed to prepare existing production networks for hybrid and increasingly electrified vehicles. This transition could change the type of industrial property required around established automotive locations. Electric and hybrid vehicles use different components and manufacturing processes from conventional combustion-engine models. Battery systems, power electronics, software, sensors and specialised electrical components become increasingly important, potentially creating opportunities for new suppliers while forcing established manufacturers to adapt their operations.

For real estate, this means the industrial ecosystem surrounding an automotive plant can become as important as the assembly facility itself. Component manufacturers often need to locate close enough to deliver into tightly controlled production schedules. Logistics companies require warehouses, cross-docking facilities and vehicle storage areas, while engineering and technology companies may need a mixture of industrial and office accommodation. São Paulo’s established industrial corridors therefore retain a significant advantage. Existing highways, labour pools and supplier networks make them difficult for new locations to replicate. However, rising land costs and limited availability in mature industrial areas could push some secondary activity farther along transport corridors, expanding the geographical footprint of established manufacturing clusters.

Bahia represents a different industrial story. The expansion of vehicle manufacturing in the state, particularly around the former Ford complex at Camaçari, has the potential to create a new generation of automotive-related property demand. The arrival of large-scale electric and hybrid vehicle production introduces the possibility of attracting component manufacturers and logistics businesses that previously had little reason to establish significant operations in the region. The property consequences could extend beyond industrial buildings. A successful manufacturing cluster requires serviced development land, electricity, water, transport infrastructure and efficient access to ports and national distribution networks. As employment and supplier activity expand, demand can also spread into housing, retail and services in surrounding communities.

This multiplier effect is one reason large manufacturing projects can transform local property markets. The initial factory may occupy a single large site, but the businesses serving it can require many additional properties. Suppliers may prefer dedicated facilities, logistics companies need distribution buildings and transport yards, while contractors and service providers require smaller industrial units.

Minas Gerais offers another route to industrial growth. Its economy combines mining, metals, automotive production, food manufacturing, pharmaceuticals and consumer industries, giving the state a more diversified manufacturing base than regions dependent on one dominant sector. This diversity is important for property investors because it reduces reliance on the fortunes of a single manufacturer. Industrial parks capable of serving several industries can potentially maintain demand even when individual sectors weaken. Belo Horizonte and surrounding industrial locations can also function as distribution centres for one of Brazil’s largest regional consumer markets.

Food production could push the industrial property map farther away from the country’s traditional metropolitan centres. Brazil’s enormous agricultural industry creates opportunities for processing facilities located closer to crops, livestock and other raw materials. These factories can stimulate demand for cold storage, packaging facilities, refrigerated distribution, transport yards and specialised warehouses. Unlike conventional consumer logistics, which tends to gravitate towards large population centres, food-processing property can follow agricultural production. This gives smaller cities and interior regions an opportunity to develop specialised industrial clusters capable of attracting institutional capital if sufficient scale emerges.

Pharmaceuticals and healthcare manufacturing create another category of property demand. These industries often require highly controlled production environments, dependable electricity, water infrastructure, laboratories and specialised storage. Temperature-controlled distribution is particularly important for many healthcare products, creating opportunities for specialised logistics facilities alongside manufacturing plants. The growth of advanced manufacturing could therefore make infrastructure quality increasingly important when investors assess industrial land. A cheap site with inadequate electricity, telecommunications or water capacity may be less competitive than a more expensive location where the necessary infrastructure is already available.

That same principle applies to industries connected with Brazil’s energy transition. Expansion in renewable generation, electricity transmission and energy storage creates demand for transformers, electrical equipment, control systems, battery technology and other components. Brazil’s large domestic energy market could encourage more of this equipment to be manufactured locally. If that occurs, the resulting industrial geography may differ from traditional manufacturing patterns. Producers serving wind and solar developments may value proximity to ports, renewable-energy regions and major transmission projects rather than São Paulo’s consumer market.

This could strengthen industrial opportunities in northeastern Brazil. States with substantial renewable-energy resources can potentially combine electricity production, port infrastructure and available industrial land. If manufacturers begin locating closer to the projects they supply, energy investment could become a catalyst for new industrial property clusters.

Paraná represents another important part of the manufacturing map. Curitiba and surrounding industrial corridors already combine automotive production, agricultural machinery, food processing and logistics. The state’s diversified economy and transport links give it the potential to support a broad range of industrial occupiers rather than depending on one manufacturing segment. Southern Brazil also benefits from established technical skills and supplier networks. These advantages become increasingly valuable as manufacturing moves towards automation, electrification and more sophisticated production methods. Advanced factories require not only land and buildings but also engineers, technicians and specialised service companies.

The implications for industrial property extend beyond owner-occupied factories. In many cases, the main manufacturing plant itself may never become an institutional investment asset. Large corporations frequently own their production facilities because buildings are designed around highly specialised processes. The surrounding property can be much more investible. Supplier facilities, logistics centres and build-to-suit industrial buildings can generate long leases from corporate occupiers while retaining greater potential for reuse than highly specialised factories. Industrial parks containing several suppliers can also spread tenant risk across multiple businesses.

This could create opportunities for developers to position land ahead of manufacturing expansion. A site close to a major plant, with suitable infrastructure and planning, can become increasingly valuable if suppliers need to establish operations quickly. Developers capable of preparing serviced industrial parks may capture demand that manufacturers themselves do not want to accommodate within their own campuses.

Worker housing represents a less obvious consequence. Large manufacturing investments can place significant pressure on housing markets where projects are developed outside Brazil’s largest metropolitan areas. Construction workers create an immediate temporary requirement, while permanent employees and supplier workforces generate longer-term residential demand. Retail, hotels and other commercial uses can follow. Business travel increases as suppliers and engineering teams visit new plants, while growing employment supports local consumer spending. A major manufacturing project can therefore become the anchor for a much broader real-estate development cycle.

Not every announced investment will produce this outcome. Some corporate spending is directed towards machinery, automation or upgrading existing plants rather than expanding their physical footprint. A multibillion-real investment programme can consequently have a relatively modest effect on surrounding property demand. Automation introduces another complication. Modern factories can produce considerably more output without proportional increases in employment. Investors should therefore avoid assuming that every large industrial investment will generate a corresponding residential or retail boom.

The most valuable indicator is cluster formation. When several suppliers, logistics companies and service businesses begin committing to the same location, manufacturing investment starts becoming a broader property story. That is when demand moves beyond a single corporate site and becomes capable of supporting a local investment market.

Infrastructure will ultimately determine which locations can capture this opportunity. Reliable electricity, road and rail connections, water, telecommunications, port access and appropriately zoned land can matter as much as government incentives. Municipalities and states capable of delivering these fundamentals have a greater chance of converting factory investment into sustained industrial development.

Brazil’s industrial geography is therefore unlikely to be defined by one new manufacturing centre. São Paulo will remain the country’s largest and most sophisticated industrial market, but automotive investment in Bahia, diversified production in Minas Gerais and Paraná, food processing in agricultural regions and energy-related manufacturing in the Northeast can create additional centres of demand.

For property investors, the opportunity is to identify these clusters before their growth is fully reflected in land values and rents. The strongest locations will not necessarily be those receiving the largest factory announcement. They will be the places where one investment attracts another, suppliers establish permanent operations and infrastructure improves to accommodate them.

Brazil’s manufacturing expansion could consequently redraw parts of the country’s real-estate investment map. The factories may start the process, but the larger property opportunity could emerge in everything that has to be built around them.

Source: CIJ.World Research & Analysis Team

Slovakia’s Malls Are Winning More Visits, But the Revenue Has Yet to Follow

Slovakia’s shopping centres are succeeding in bringing more people through their doors, but the latest figures suggest that increasing visitor numbers alone is no longer enough to guarantee stronger retail performance.

During the second quarter of 2026, footfall across a monitored group of Slovak shopping centres increased by approximately 3% compared with the same period a year earlier. Sales generated by tenants across the same sample, however, remained broadly unchanged. That creates an interesting challenge for shopping-centre owners. For years, growing footfall has been treated as an important measure of a property’s health. More visitors create more opportunities for retailers to sell, restaurants to fill tables and landlords to demonstrate the strength of their locations.

The Q2 results show that the relationship between traffic and revenue is becoming less straightforward. The figures do not establish that individual consumers are spending less. More frequent visits by the same customers could increase footfall without changing their total monthly expenditure. The mix of visitors could also be changing, while spending patterns may be moving between different types of tenants. What the data does establish is that a 3% increase in visits did not produce an equivalent increase in overall tenant sales.

That makes understanding what consumers actually do inside a shopping centre increasingly important. A customer visiting for lunch behaves differently from someone purchasing clothing. A cinema customer may spend several hours in a centre but make few additional purchases. Someone using a gym or beauty service could visit regularly without spending money in conventional stores on every trip. The value of a visitor therefore cannot be measured simply by counting entries through the doors.

For landlords, the next stage is understanding which activities generate the strongest revenues, which encourage customers to return and which help other tenants perform better. This helps explain why established shopping centres, particularly in Bratislava, continue investing in their buildings and broadening their offer beyond conventional shops.

Restaurants, leisure, fitness, entertainment and personal services can give customers reasons to visit even when they have no immediate intention of buying clothing, electronics or other discretionary goods. They also provide experiences that are considerably more difficult to replace through online shopping. The result is gradually changing the role of the shopping centre.

Rather than functioning principally as a collection of shops, stronger properties are becoming places where retail is combined with food, entertainment and services. Success increasingly depends on creating several reasons to visit the same building. The commercial challenge is converting that activity into sustainable income.

More visitors are useful only if their presence eventually supports tenant businesses and rental values. A shopping centre can be busy while individual retailers remain under pressure, particularly if consumer expenditure shifts towards restaurants, leisure or services rather than traditional retail categories. This makes the composition of the tenant base increasingly important.

Fashion, health and beauty, electronics, grocery, restaurants and entertainment can experience very different trading conditions even within the same property. Looking only at total shopping-centre turnover can therefore hide significant differences between individual categories.

Inflation adds another dimension. If nominal sales remain broadly unchanged while consumer prices continue increasing, there is a possibility that the actual volume of goods purchased is under greater pressure than the headline turnover figure suggests. More detailed category-level information would be required to determine whether that is happening.

While enclosed shopping centres adapt by becoming broader destinations, another retail format is expanding according to a very different strategy. Retail parks continue to grow across Slovakia because they offer something increasingly attractive to both consumers and retailers: simplicity.

Customers can generally reach them easily by car, park close to the stores they want and complete purchases without navigating a large enclosed complex. Their relatively straightforward physical format can also help keep property operating costs below those associated with more complicated shopping-centre buildings.

This creates two increasingly distinct approaches to retail property. The modern shopping centre is moving towards a combination of retail, restaurants, entertainment and services designed to encourage repeat visits and longer stays. The retail park is primarily built around accessibility, convenience and efficient shopping.

Both formats can succeed, but their investment cases are different. A dominant shopping centre in Bratislava can draw from a large urban catchment and support international brands alongside restaurants, entertainment and services. Such properties can justify continued capital expenditure because maintaining their destination status protects their competitive position.

Older or weaker centres face a more difficult calculation. Adding restaurants, improving public areas or introducing entertainment requires investment, and there is no guarantee that every location has sufficient spending power to generate an adequate return.

Retail parks generally involve simpler properties, but expansion brings its own risks. New developments still need sufficient local purchasing power and a strong enough tenant base to remain successful as additional projects enter the market.

Around 12,000 sqm of new retail accommodation was completed across three Slovak projects during Q2 2026. While this is not a dramatic amount nationally, it shows that developers are continuing to add space even as consumer behaviour evolves. That makes the quality and positioning of individual assets more important than overall market growth.

For investors, the central question is increasingly not whether Slovak retail property is recovering, but which properties are best positioned to capture consumer expenditure over the next several years.

Some shopping centres may become stronger by expanding their role as urban destinations. Others could find that the investment required to remain competitive becomes increasingly difficult to justify. Retail parks may continue benefiting from demand for accessible and relatively cost-efficient shopping, although their performance will ultimately depend on location, tenant demand and the amount of competing space developed around them.

The second-quarter numbers provide an early indication of why these distinctions matter. Slovakia’s shopping centres attracted approximately 3% more visitors than a year earlier, yet tenant sales across the monitored sample did not grow.

That is not evidence that consumers have stopped spending, nor does it establish that every visitor is spending less. It does show that attracting more people and generating more revenue are no longer necessarily the same achievement.

For Slovakia’s retail landlords, the next competitive advantage may therefore come not from increasing the number of people entering their properties, but from understanding what those visitors are there to do and finding better ways to turn their time into sustainable economic value.

Source: CIJ.World Research & Analysis Team

Slovakia Has Faster Building Rules, But Housing Construction Is Still Going Backwards

Slovakia has spent more than a year operating under a completely redesigned construction approval system, yet the country’s housing pipeline remains unusually weak. The contrast raises an important question for developers: if the administrative system is becoming easier to navigate, why are fewer homes reaching construction?

The country’s new Building Act took effect on 1 April 2025, replacing legislation whose foundations had governed Slovak construction for decades. The reform introduced a more digital approach to development applications and reorganised parts of the process through which projects move towards construction.

The new system is certainly being used. By April 2026, more than 31,000 applications had been submitted through Slovakia’s construction portal. That demonstrates considerable activity within the administrative framework, but it does not yet tell developers whether projects are reaching building sites more quickly.

Housing statistics released for the second quarter of 2026 underline the distinction. Only 2,368 homes were completed nationally between April and June. That was more than one-third fewer than during the same period of 2025 and more than 40% below the average for second quarters over the previous ten years. It was also Slovakia’s lowest Q2 completion total since 2000.

Even more significant for future supply is the number of projects entering construction. Work started on fewer than 2,400 homes during Q2. Starts were more than 40% lower than a year earlier and approximately half the longer-term quarterly average. As with completions, this represented the weakest second-quarter result since 2000.

The first six months of the year tell a similar story. Slovakia completed 4,849 homes during H1 2026, around 29% fewer than a year earlier. Construction began on 4,839 homes, approximately one-third fewer than during the corresponding period of 2025.

These numbers are striking, but they should not be interpreted as evidence that the Building Act has failed. A home completed during Q2 2026 will typically have travelled through land acquisition, design, approvals, financing and construction over a period considerably longer than the 15 months since the legislation took effect. Much of today’s completed housing therefore originated under the previous regulatory environment.

The more useful test is what is happening to projects that entered the approval system after April 2025. Developers need to know whether applications are receiving decisions more quickly, whether administrative requirements have become more predictable and whether the digital system is reducing the time between preparing a development and being able to begin construction.

Those measurements will ultimately determine whether the reform is changing development economics. Time has a direct financial value in real estate. Land has to be financed while a project waits for approval. Design teams and consultants continue generating costs. Construction prices can change, interest expenses accumulate and market conditions can be substantially different by the time a project finally becomes buildable.

Reducing uncertainty by even several months can therefore materially improve the economics of residential development. But quicker administration cannot solve every obstacle facing housing construction.

A project can receive approval and still remain on paper because financing is too expensive, construction costs are too high or expected apartment prices cannot support the development cost. Infrastructure can create another constraint, particularly where new housing requires additional roads, schools, utilities or public transport.

Local government capacity could also prove decisive. Slovakia may have introduced one national legal framework, but property development ultimately takes place in individual cities and municipalities. The experience of a developer progressing a large residential scheme in Bratislava may therefore differ considerably from one seeking approval in Košice, Žilina, Trnava or a smaller regional town.

Comparing actual processing times between municipalities could provide one of the clearest measures of whether the new system is working consistently.

Bratislava is particularly important because the capital combines strong housing demand with some of the country’s highest development costs and most complicated projects. Housing output there remained substantially below longer-term levels during Q2, while the number of homes entering construction fell sharply compared with a year earlier.

Košice and other regional markets also recorded weak development activity, demonstrating that the slowdown is not simply a Bratislava problem. Across Slovakia, seven of the eight regions completed fewer homes than a year earlier during Q2, while housing starts were below their longer-term averages in every region.

There remains a substantial amount of residential property somewhere within the construction process. Approximately 76,800 homes were officially under construction at the end of June, a figure broadly comparable with recent historical levels.

That creates another question: why is such a large pipeline producing relatively few completions? Some projects classified as under construction can take years to finish. Others may progress slowly because of financing, construction capacity or changes in developer strategy. Large apartment schemes are also delivered in stages, meaning the headline number does not necessarily represent homes approaching immediate completion.

Understanding that pipeline may prove as important as analysing the permitting system itself. The weakness in new starts is particularly significant because it affects future supply. Today’s completions reflect decisions made several years ago. Today’s starts provide a better indication of what may be delivered during the next phase of the housing cycle.

If starts remain close to historically low levels, Slovakia risks creating a future shortage even if administrative approvals become faster. That could eventually place additional pressure on housing affordability in cities where demand remains strong.

The new Building Act should therefore be judged against more than the number of applications processed through a digital portal. The relevant measures for developers are how long projects take to receive decisions, how predictable those decisions are and whether approved developments subsequently reach construction.

Over the next twelve to twenty-four months, evidence should become considerably clearer as more projects submitted under the new system move through the development cycle. If approval periods shorten while housing starts remain depressed, attention will need to shift towards financing, infrastructure and development viability.

If approval times themselves remain long, the reform may require further adjustment. Either outcome would provide useful information because Slovakia’s housing problem is ultimately not administrative paperwork. It is the number of homes that can realistically be built.

The country has already changed the rules governing development. The next test is whether those changes shorten the journey from a proposed project to a construction site.

For the moment, the housing statistics show that the supply response has yet to arrive.

Source: CIJ.World Research & Analysis Team

Slovakia’s Warehouse Expansion Is Running Ahead of Secured Demand

Slovakia’s industrial property market is approaching an important supply test as developers prepare to deliver a substantial volume of new warehouse and manufacturing space during the second half of 2026.

At the end of June, the country contained approximately 4.89 million sqm of modern industrial and logistics property. Around 7.8% of that stock was vacant, leaving the market with considerably more immediately available space than during the exceptionally tight conditions of previous years.

The more important figure, however, may be what is still being built. Approximately 265,800 sqm was under construction at the end of the second quarter, representing an increase of around 31% compared with three months earlier. Only approximately 25,800 sqm was completed during Q2, meaning the volume approaching delivery is substantially greater than the amount recently added to the market.

Some of this future supply is already protected by signed leases. Around 37% of the construction pipeline had secured occupiers by the end of June. That leaves approximately 167,000 sqm being developed without a pre-lease at that point.

This should not be confused with future vacancy. Companies can commit to buildings at any stage before completion, and Q2 activity demonstrates that tenants are still prepared to secure premises in advance. Agreements for buildings still being developed represented around half of leasing activity during the quarter.

Nevertheless, the amount of space still searching for occupiers creates an important test for the market. If developers secure tenants for much of this accommodation before completion, Slovakia’s current increase in warehouse availability could remain manageable. If a significant proportion reaches the market without occupiers, competition between landlords is likely to intensify.

The distinction is particularly important because Slovakia does not have one uniform industrial property market. Demand around Bratislava and Senec is strongly influenced by distribution, logistics and access to the country’s largest consumer market. Other locations depend more heavily on manufacturing and industrial production, particularly the automotive sector and its extensive supplier network.

Eastern Slovakia presents another dynamic, with Košice emerging as an increasingly important industrial location and attracting a meaningful share of recent leasing activity.

Different occupiers also require very different buildings. A manufacturer supplying a major automotive plant may need substantial electricity capacity, specialised production areas and a location close to its customer. A third-party logistics company is more likely to prioritise motorway connections, regional distribution coverage and efficient warehouse configuration.

These differences matter when assessing the construction pipeline. A development backed by an identified manufacturing requirement carries considerably less initial leasing risk than a speculative warehouse being built in a location where several landlords are competing for the same logistics tenants.

This means national vacancy alone cannot provide a complete picture of market conditions. Slovakia’s 7.8% vacancy rate already represents a significant increase from the shortage of space experienced during the strongest period of the logistics expansion. But the effect on individual properties depends heavily on location, specification and the amount of competing accommodation nearby.

So far, the increase in availability has not resulted in a major decline in rents at the top of the market. Prime industrial rents remained around €5.30 per sqm per month during Q2. That resilience will be tested as the current pipeline moves towards completion.

If supply begins to exceed near-term requirements in individual locations, landlords may initially compete through the overall financial package offered to tenants rather than through substantial reductions in advertised rents. Lease flexibility, contributions towards fitting out premises or periods of reduced occupancy costs could become more important where several buildings are chasing the same requirement. This remains a potential outcome rather than evidence that such pressure is already widespread.

For developers, the changing balance between supply and demand makes speculative construction more difficult to justify. When vacancy was exceptionally low, developers could begin projects with greater confidence that suitable occupiers would emerge. With more existing space available and another quarter-million square metres under development, location and evidence of tenant demand become much more important.

Access to electricity could become particularly significant. Slovakia’s manufacturing economy increasingly requires industrial locations capable of supporting energy-intensive production, automation and modern logistics operations. Sites with secured power capacity may therefore hold an advantage over otherwise comparable development land.

Labour availability presents another constraint. A warehouse or factory can have excellent motorway access but still prove difficult to occupy if companies cannot recruit sufficient workers within a practical commuting distance.

For investors and lenders, the same market change increases the importance of individual lease structures. A recently completed building occupied by a financially strong tenant under a long agreement presents a very different risk profile from a speculative property entering the market without an occupier. As more supply is delivered, that distinction could increasingly influence investment pricing and financing decisions.

Slovakia retains strong underlying reasons for industrial property demand. It has one of Europe’s most concentrated automotive manufacturing sectors, sits within major Central European supply chains and provides direct transport connections towards the Czech Republic, Austria, Hungary and Poland. These advantages should continue to generate requirements for logistics and production property.

But strong national fundamentals do not guarantee rapid absorption of every new development. The decisive period will come as projects currently under construction are progressively completed.

At the end of Q2, approximately 37% of the 265,800 sqm pipeline had already secured tenants. The remaining 63%, equivalent to roughly 167,000 sqm, still had time to attract occupiers before delivery.

That makes future leasing activity more important than today’s vacancy figure. If companies absorb much of that space while it remains under construction, Slovakia may simply be moving from an unusually tight warehouse market towards more balanced conditions. If substantial volumes are delivered without tenants, the market could enter a more competitive phase in which developers have to work considerably harder to fill buildings.

The real test for Slovakia’s warehouse sector is therefore not the amount of space being constructed. It is how much of that space finds an occupier before the keys are handed over.

Source: CIJ.World Research & Analysis Team

Slovak and Czech Buyers Take the Lead as Property Deals Return

Slovakia’s commercial real estate market picked up noticeably during the second quarter of 2026, but the more significant change is taking place behind the transaction totals. The investors putting money into the market are overwhelmingly close to home.

Approximately €224 million of commercial property transactions were completed during the first half of 2026. Around €137 million came during the second quarter, compared with approximately €87 million during the opening three months of the year. The improvement shows that transactions are becoming easier to complete following a period when higher financing costs and uncertainty over property values created a substantial gap between buyer and seller expectations.

Offices provided the main source of activity during Q2. Five transactions worth approximately €137 million were completed, including properties in both Bratislava and Košice. Among the Bratislava deals were The Mill, a 40% interest in Einsteinova Business Center and an office building at Zámocká 4. Košice contributed two further transactions, including Business Centre Tesla 1 and another centrally located office property.

The most striking feature of the first-half market, however, was the origin of the money behind these acquisitions. Investment recorded during the period came from Slovak and Czech buyers, with Czech investors occupying a particularly prominent position.

This provides a different picture of recovery from the one seen during earlier Central European property cycles. Slovakia has traditionally attracted international investment alongside domestic and regional capital. Large European institutions and global property managers have participated in transactions when suitable assets, pricing and market conditions have aligned. During the first half of 2026, local and neighbouring investors were instead the buyers providing liquidity.

The strength of Czech capital is understandable. Slovakia is one of the most accessible foreign markets for Czech investors. The two economies retain close commercial relationships, Bratislava is geographically close to the Czech Republic, and investors encounter many familiar banks, occupiers, developers and advisers on both sides of the border.

That knowledge can be particularly valuable during periods when pricing is changing. Investors with experience of Slovakia and the wider Central European region may be more comfortable assessing risks that larger international institutions approach cautiously. They can also consider transactions that may be below the size required by major global property funds.

Slovak investors have an additional advantage through their direct familiarity with the domestic economy and individual locations. Private investment groups, property companies and other domestic buyers can therefore play an increasingly important role in keeping transactions moving, particularly when international institutions are allocating capital selectively across Europe.

The return of office transactions makes this shift especially interesting. Offices have faced some of the greatest uncertainty in European commercial real estate. Changes in workplace behaviour, rising refurbishment requirements and more expensive financing have forced investors to reassess both future income and the capital expenditure required to keep buildings competitive.

Despite those challenges, five Slovak office transactions were completed during Q2. That does not mean the entire sector has recovered, but it does indicate that buyers and sellers are finding prices at which deals can proceed.

Prime Bratislava office yields were around 6.25% during the quarter. The repricing that has occurred since the previous market peak means selected properties can now offer returns that would have been difficult to achieve several years ago.

This may be particularly attractive to regional buyers. Czech and Slovak investors do not necessarily evaluate property in exactly the same way as a large international institution. Their required transaction sizes, investment periods, financing arrangements and willingness to become actively involved with individual assets can differ considerably.

That creates opportunities for buildings that remain fundamentally sound but no longer fit the acquisition criteria of the largest international funds. It could also influence how developers and existing owners think about future exits.

A deeper pool of Czech and Slovak buyers would give sellers more alternatives when bringing properties to market. Developers would be less dependent on attracting Western European institutions to purchase completed projects, while existing investors considering disposals could target groups already familiar with the Slovak market.

There is, however, a reason for caution when interpreting six months of transaction data. Slovakia is a relatively small European investment market. Individual transactions can significantly change annual volumes and the nationality breakdown of buyers. One or two major international acquisitions during the second half of the year could therefore produce a very different full-year picture.

International capital should consequently not be considered absent from Slovakia permanently. Larger investors continue to assess opportunities across Central Europe, but Slovakia competes for allocations against markets offering considerably greater scale and liquidity. Poland and the Czech Republic, for example, can provide international institutions with a broader selection of large assets and portfolios.

The next stage of Slovakia’s recovery will therefore be revealing. If international investors return as transaction volumes increase, regional buyers will find themselves competing with a broader range of capital. If Czech and Slovak investors continue to dominate, however, the first half of 2026 may prove to have revealed a more lasting change.

Slovakia could be moving towards a property market in which neighbouring and domestic investors provide a much larger share of liquidity than during previous cycles.

For the moment, the numbers provide a clear snapshot. Investment accelerated sharply during Q2, offices returned to the transaction market and the money behind the recovery came from Slovakia and the Czech Republic.

The question for the remainder of 2026 is whether this represents the beginning of a broader international recovery or evidence that Slovakia’s commercial property market is becoming increasingly financed from within Central Europe itself.

Source: CIJ.World Research & Analysis Team

Bratislava’s Office Vacancy Tells Only Half the Story

Bratislava entered the second half of 2026 with an unusual office-market combination: more than one in eight modern offices was available, yet rents for the city’s most sought-after buildings continued to move higher.

Modern office inventory in the Slovak capital stood at approximately 1.75 million sqm at the end of the second quarter. Vacancy was around 13.4%, leaving roughly 235,500 sqm without occupiers. Those figures might suggest a market firmly in favour of tenants. At the premium end, however, conditions are considerably tighter.

Top rents reached approximately €22 per sqm per month during Q2, compared with around €21.50 three months earlier. The increase occurred despite the substantial amount of vacant space across the city and highlights an increasingly important distinction between the quantity of offices available and the quality of that accommodation.

Companies searching for premises are not treating every empty square metre as interchangeable. Higher-standard properties captured approximately 63% of transactions during the quarter. This followed an even stronger concentration at the beginning of the year, when the large majority of leasing activity was directed towards the better-quality end of the market.

The figures suggest that Bratislava’s headline vacancy rate increasingly combines buildings facing very different levels of demand. Approximately 22% of the city’s modern office inventory falls within the highest category, while another 38% is classified in the next tier. Around 40% belongs to the older B segment.

This does not mean that lower-grade buildings have suddenly become unusable. Many remain well occupied and can continue to attract tenants, particularly when they offer good locations and competitive occupancy costs. But the growing preference for newer and better-performing properties creates a more difficult competitive environment for owners of ageing assets.

The reasons extend beyond appearance. Companies increasingly consider energy consumption, building operating expenses, environmental performance, accessibility, workplace amenities and the ability of an office to support changing patterns of work. For larger occupiers making long-term commitments, these characteristics can be as important as the headline rent.

Leasing activity during Q2 also reveals a market where companies remain cautious. Approximately 53,000 sqm was involved in office transactions during the quarter, but more than half came from tenants renewing or renegotiating existing arrangements. New demand and relocations therefore represented a much smaller proportion of total activity.

That is important when assessing the strength of the market. Renewals demonstrate that companies are prepared to remain committed to Bratislava offices, but they do not necessarily create the same absorption of vacant space as a large wave of expanding tenants would.

At the same time, the supply side is providing relatively little immediate competition to existing premium buildings. No new office development was completed during the second quarter. Some additional space was scheduled to reach the market later in the year, but the near-term construction pipeline remains restrained compared with earlier development periods.

This combination could allow an unusual situation to persist. Bratislava may continue to have relatively high citywide vacancy while landlords controlling the strongest properties experience much tighter availability. If companies continue concentrating their searches on a limited group of modern buildings, overall vacancy could become an increasingly imperfect measure of rental pressure.

For property owners, the implications are significant. An older office does not automatically need redevelopment simply because newer buildings are attracting stronger demand. Location, lease structure, tenant profile, refurbishment potential and operating costs all influence whether an existing property remains competitive.

Nevertheless, owners of ageing buildings will increasingly have to calculate how much investment is justified. Modernising heating and cooling systems, improving energy efficiency, redesigning common areas and upgrading tenant facilities can extend the commercial life of a property. In other cases, the cost of bringing an older building closer to current occupier expectations may eventually become difficult to justify.

That is where the longer-term question of alternative uses begins to emerge. Bratislava is not currently experiencing a wholesale disappearance of older offices, and it would be premature to suggest that a large portion of the city’s B-class inventory is destined for conversion. But persistent vacancy combined with rising rents for the best properties could eventually encourage owners to examine refurbishment, redevelopment or different uses for buildings that struggle to compete.

Investors may consequently need to look beyond Bratislava’s overall vacancy percentage when valuing office assets. Two buildings located in the same city can face completely different prospects. A modern, efficient property with strong tenants and limited nearby competition may benefit from constrained supply. An older building requiring substantial investment could face increasing pressure even while headline prime rents are rising.

For developers, the same divide could eventually provide an opening. If relatively little new high-quality accommodation is delivered while occupiers continue favouring the upper end of the market, the economics of selected new developments could improve before Bratislava’s overall vacancy rate falls substantially.

The important figure may therefore no longer be simply how much office space Bratislava has available. The more revealing question is how much of that space today’s tenants actually consider a suitable alternative.

On paper, Bratislava has more than 235,000 sqm of vacant modern offices. In practice, competition for the best buildings suggests that the city’s office market is becoming increasingly divided between space that is available and space that companies genuinely want.

Source: CIJ.World Research & Analysis Team

Slovakia’s Industrial Recovery Remains Uneven as Automotive Output Rebounds

Slovak industrial production strengthened in July 2026, supported by a sharp increase in vehicle manufacturing and improved output from machinery and metals producers. However, weaker performance since the beginning of the year and substantial declines in several manufacturing segments indicate that the recovery remains uneven.

Industrial output increased 2.4% year-on-year in July, accelerating from 2.1% in June, according to the Statistical Office of the Slovak Republic. Ten of the 15 monitored industrial sectors recorded higher production compared with the same month last year.

The automotive industry provided the largest contribution. Vehicle manufacturing increased 9.2% year-on-year, its strongest performance so far in 2026, adding 2.12 percentage points to the overall industrial result.

The July increase should nevertheless be viewed cautiously. Production was partly boosted by a change in the timing of the annual factory shutdown at one of Slovakia’s major vehicle manufacturers. The plant operated for an additional week compared with July 2025, improving the year-on-year comparison.

Other manufacturing industries provided additional support. Production of basic metals increased 5.5%, contributing 0.92 percentage points to overall industrial performance, while machinery and equipment manufacturing expanded 11.9%, contributing a further 0.87 percentage points.

The positive figures were counterbalanced by substantial weakness elsewhere. Production of computer, electronic and optical products fell 41% year-on-year, reducing overall industrial growth by 1.36 percentage points. The decline continues to reflect the discontinuation of manufacturing by an important producer operating in Slovakia.

Other manufacturing decreased 14.8%, while production of coke and refined petroleum products fell 17.8% compared with July last year.

The monthly figures also provide a more cautious picture than the headline annual increase. After seasonal adjustment, Slovak industrial production declined 0.7% compared with June.

Performance since the beginning of the year remains similarly mixed. During the first seven months of 2026, total industrial production was 0.4% lower year-on-year, with eight of the 15 monitored sectors recording declining output.

Automotive manufacturing remained more than 1% below the previous year’s level during January-July despite its strong July performance. Computer, electronic and optical manufacturing declined by almost 10%, while coke and refined petroleum production was more than 12% lower.

Some industries have performed considerably better. Electricity, gas, steam and air-conditioning supply increased 3% during the first seven months, while chemicals and chemical products recorded growth of more than 10%.

The figures are relevant to Slovakia’s industrial and logistics property market because manufacturing remains an important source of demand for production facilities, supplier space and warehouses. Automotive companies and their extensive supply chains have particularly significant requirements for industrial property across the country’s established manufacturing regions.

July’s rebound therefore provides a positive signal for industrial occupier demand, but it does not yet demonstrate a broad manufacturing recovery. The continuing weakness in electronics also illustrates how changes at individual large manufacturers can have substantial consequences for both national production figures and the industrial locations in which they operate.

For property investors and developers, the composition of industrial growth may consequently be as important as the headline figure. Expansion in automotive, machinery and metals can support demand for modern production and logistics facilities, while restructuring or factory closures in other industries can release space and weaken requirements in individual markets.

Slovakia enters the second half of 2026 with industrial production moving back into annual growth, but with output for the year to date still below 2025 levels. Whether July represents the beginning of a more sustained improvement will depend on broader manufacturing performance once temporary effects such as the timing of automotive factory holidays disappear.

Czech Mortgage Rates Reach Two-Year High as Housing Faces Renewed Financing Pressure

Mortgage financing in Czechia became more expensive again in September, adding pressure to housing affordability after six consecutive months of rising advertised rates.

The average mortgage offer measured by the Swiss Life Hypoindex increased to 5.51% at the beginning of September, up from 5.42% in August. The latest increase of 0.09 percentage points takes the index to its highest level since summer 2024. The index measures average advertised mortgage rates for loans with a loan-to-value ratio of up to 80%, rather than rates ultimately agreed with individual borrowers.

The change represents a substantial reversal from the beginning of spring. In March, the index stood at 4.89%, its lowest level since April 2022. Since then, average offered rates have increased by 0.62 percentage points.

For households, that movement is becoming increasingly visible in monthly financing costs. A CZK 3.5 million mortgage with a 25-year maturity would require a monthly payment of approximately CZK 21,520 at the September rate, around CZK 1,280 more than under the March rate.

The increase also changes the outlook for the Czech residential property market. Earlier expectations that gradually falling borrowing costs would provide additional support to housing demand have weakened as longer-term market financing has become more expensive.

Mortgage pricing is not determined solely by the Czech National Bank’s policy rate. Banks also depend on longer-term funding conditions and market interest rates, while inflation expectations and international uncertainty can influence the price at which lenders are prepared to offer fixed-rate mortgages.

“The situation is different than in the period of falling market rates, when banks could relatively easily translate cheaper resources into mortgage prices while maintaining a sufficient margin,” said Jiří Sýkora, mortgage analyst at Swiss Life Select. He noted that several banks increased selected mortgage rates during August, while others left their offers unchanged.

Competition between lenders could still provide some relief during the autumn as banks seek new customers following the summer period. However, Swiss Life Select does not currently expect competition to produce a widespread return to mortgage rates below 5%. Its outlook for the coming six months is closer to stable or moderately higher rates than a significant decline.

For residential developers, the direction of mortgage rates is particularly important. Higher borrowing costs reduce the amount households can finance from a given monthly income and can influence decisions over apartment size, location and purchase timing. Developers may consequently face greater pressure to maintain sales momentum without relying on progressively cheaper mortgages to expand buyer affordability.

The impact should not automatically be interpreted as a decline in housing demand. Individual mortgage offers can differ materially from the Hypoindex average, depending on the borrower’s financial position, LTV, fixation period and relationship with the lender. Banks may also use selective discounts rather than reducing their standard mortgage rates across the board.

Nevertheless, the six-month increase marks a clear change from the conditions seen in March. Instead of financing costs gradually falling below 5%, Czech homebuyers are entering the autumn with average advertised rates above 5.5%.

That leaves the residential market facing a more demanding affordability equation. Housing prices, household incomes and mortgage costs will increasingly determine how much buyers can afford, while developers will have to assess whether sales can remain resilient if borrowing costs stay around current levels.

The next few months will show whether September represents the upper end of the current mortgage-rate cycle or another stage in a longer period of expensive housing finance. For Czech residential property, the distinction matters: a stabilisation around current levels would provide buyers and developers with greater certainty, while further increases would add another constraint to an already challenging housing affordability environment.

Source: CTK

Czech Building Reform Clears Parliament as Developers Await Permitting Overhaul

Czech lawmakers have backed a major restructuring of the country’s construction approval system, overriding the Senate’s rejection of the amendment and moving the legislation to President Petr Pavel for consideration. The reform is intended to reduce administrative delays that have affected housing, commercial development and infrastructure investment.

The Chamber of Deputies approved the legislation again on 9 September following several hours of debate. The governing coalition argues that the changes will replace fragmented procedures with a more coordinated state-run system, while opposition parties warn that reorganising the authorities may not resolve shortages of experienced staff.

At the centre of the reform is a new structure of state building authorities, including the Office for Territorial Development. Permitting responsibilities would be transferred from the existing arrangement towards a centralised administration, with the government expecting the change to produce more consistent decisions and reduce repeated procedural delays.

For the property industry, the significance lies in what happens to development timelines. Long approval periods can increase financing costs, delay revenues and leave capital committed to sites for extended periods before construction begins. A more predictable system could therefore affect the feasibility of residential, commercial and mixed-use projects as well as investors’ assessment of development risk.

Large residential developments receive particular treatment under the amendment. Housing schemes with a predominant residential function and at least 10,000 sqm of total floor area would fall into the category of reserved projects handled by the central authority.

This does not mean that such developments receive automatic permission. They would still have to satisfy planning requirements, construction rules, infrastructure conditions and protections applying to public interests and participants in the proceedings. The basic decision period for these larger projects is 60 days.

The appeals structure would also change. Decisions concerning reserved developments made by the central authority would not have the conventional additional administrative review available for other projects. Parties disputing a decision would retain access to judicial proceedings. For other building-authority decisions, administrative appeals would remain, although the higher authority would be expected to decide the matter rather than repeatedly return it for reconsideration.

Minister for Regional Development Zuzana Mrázová has rejected opposition claims that the legislation is designed primarily for major developers. She said the intention is to improve a system in which municipalities, private individuals and professional investors can all encounter overlapping procedures and unclear administrative responsibilities.

Opposition politicians have challenged that argument, describing the legislation as excessively favourable to developers and questioning whether centralisation will produce the promised improvement. They have also warned that employees currently working for municipal building authorities may not necessarily transfer into the new state structure, potentially creating capacity problems during implementation.

Those concerns are particularly relevant to the property sector. Changing the institutional structure can simplify responsibility for decisions, but faster permitting will ultimately depend on whether the new authorities have sufficient personnel, technical expertise and digital systems to process applications within the intended periods.

The reform could have its greatest impact on housing. Large residential developments account for a substantial part of potential new supply in Prague and other major cities, meaning that reducing uncertainty during permitting could make projects easier to finance and bring approved homes into construction sooner. The legislation itself identifies accelerating larger housing developments as one of its objectives.

Parliamentary approval, however, does not yet settle whether the reform will succeed. The legislation still requires completion of the remaining constitutional process, and its real impact will only become apparent once projects begin moving through the reorganised administration.

For Czech real estate, the decisive measure will therefore be practical rather than political. If the new structure produces shorter and more predictable approval periods, it could reduce development risk and support additional housing and investment. If staffing shortages and administrative delays continue, another extensive rewrite of the country’s construction rules may have changed the system without removing the bottleneck developers have been waiting to see resolved.

Brazil’s Mall Investment Market Is Splitting Between Destinations and Ordinary Retail

Brazil’s shopping-centre industry is undergoing a transformation that reaches well beyond the changing mix of stores inside its malls. The country’s strongest centres are increasingly being managed as complex consumer businesses where restaurants, entertainment, healthcare, services and events work alongside traditional retail to generate visits and spending throughout the week. This evolution has significant implications for property investors. Shopping centres have always required more active management than many other forms of commercial real estate, but the difference between simply owning a mall and successfully operating one is becoming more pronounced.

Brazil provides fertile ground for that strategy. The country has hundreds of established shopping centres serving enormous metropolitan and regional consumer markets. Many malls function as important social destinations as well as retail locations, combining shopping with dining, cinemas and other activities. As consumers gain more ways to purchase products without visiting physical stores, successful centres increasingly need to provide reasons to visit that cannot be delivered through a smartphone.

Traditional retailers remain central to the model. Fashion, footwear, electronics, cosmetics and other categories continue attracting customers and generating substantial rental income. But successful operators are increasingly considering how different uses work together rather than evaluating each unit solely according to the merchandise sold inside it. Restaurants demonstrate the shift particularly clearly. Food and beverage can extend the hours during which a shopping centre remains active and give consumers a reason to visit without intending to purchase conventional retail products. A customer arriving for dinner may also visit stores, while shoppers who stay for a meal spend considerably longer at the property.

Entertainment can have a similar effect. Cinemas have long formed part of Brazilian shopping centres, but leisure is becoming much broader. Children’s attractions, gaming, fitness, events and other experiences can increase both the frequency and duration of visits. These uses can also attract families and younger consumers whose relationship with traditional retail is increasingly influenced by online shopping. Healthcare and personal services add another layer. Medical clinics, diagnostic facilities, dental practices, beauty services and wellness businesses generate visits based on appointments rather than discretionary shopping. That can bring customers into a mall during weekday periods when conventional retail traffic might otherwise be weaker.

For landlords, these uses can be valuable even when their direct rental economics differ from those of traditional stores. A tenant that generates regular visits can strengthen the wider property by increasing footfall for surrounding businesses. The performance of an individual unit therefore needs to be considered partly according to what it contributes to the entire centre. This changes how successful malls are managed. Owners increasingly need to understand customer behaviour, determine which combinations of tenants encourage longer visits and continually adjust the property as consumer preferences evolve. Leasing becomes less about filling vacant units and more about constructing an ecosystem of complementary uses.

The distinction has important implications for occupancy. A shopping centre can report high occupancy while still containing a weak combination of tenants. Keeping an underperforming retailer simply to avoid vacancy may preserve the headline occupancy rate while doing little to improve the attractiveness of the property. More active owners may instead accept temporary vacancies while replacing tenants, restructuring units or introducing new concepts. The short-term loss of rent can potentially produce stronger traffic and income once the repositioning is completed.

This helps explain why operational capability is becoming increasingly important to shopping-centre valuations. Location remains fundamental, but it cannot guarantee performance. Two centres serving similar populations can produce very different results depending on their tenant mix, management, physical condition and ability to respond to changing consumer demand.

Dominant malls have significant advantages in this environment. Strong visitor numbers make them attractive to leading domestic and international brands. Those brands generate additional traffic, which encourages restaurants and entertainment operators to enter the property, reinforcing the centre’s position. This can create a powerful cycle. Strong performance allows an owner to invest in refurbishment and new concepts. Improvements attract additional customers and tenants, supporting higher sales and potentially stronger rents. Those returns provide further capital for investment.

Secondary centres can face the opposite dynamic. Weak traffic makes it harder to attract desirable tenants. A poorer tenant mix then gives consumers fewer reasons to visit, making the property even less attractive to new operators. Breaking that cycle can require substantial capital. Brazil’s financing environment makes this challenge particularly important. Repositioning a shopping centre can involve major expenditure on common areas, food and beverage zones, leisure facilities, entrances, circulation and individual units. When the cost of capital is high, investors need greater confidence that those improvements will generate sufficient additional income.

Owners of dominant centres have an advantage because existing cash flows can help support investment. Investors considering weaker assets must decide whether the purchase price is low enough to compensate for both the cost and uncertainty of repositioning. This could result in an increasingly pronounced valuation divide. The strongest malls may command investor demand because their income is supported by established consumer behaviour, successful tenants and barriers to new competition. Secondary properties requiring large amounts of capital may need to trade at substantially different return levels before buyers are willing to accept the operational risk.

New development adds another competitive pressure. Recently constructed shopping centres can incorporate contemporary consumer expectations from the beginning, including larger restaurant areas, leisure uses, public spaces and more flexible layouts. Older centres may need extensive redevelopment to offer comparable environments. The implications extend beyond individual buildings. Brazil’s leading shopping-centre owners increasingly require capabilities that resemble those of consumer businesses. They need data on customer behaviour, sophisticated leasing teams, marketing expertise, relationships with national retailers and the ability to identify concepts that can strengthen a centre before competitors secure them.

Events and programming are becoming part of that process. Seasonal attractions, cultural activities and temporary installations can create reasons for customers to return even when they do not have a specific purchase in mind. Common areas that once served primarily as circulation space can increasingly become part of the customer experience.

Digital technology also changes the relationship between the mall and its visitors. Online shopping does not necessarily have to compete directly with physical centres. Loyalty programmes, apps, digital promotions and customer data can help operators understand who visits their properties and communicate with them beyond the physical shopping trip. The most sophisticated operators can therefore use the shopping centre as both a physical destination and a platform connecting retailers, restaurants, services and customers.

For institutional investors, this makes shopping centres fundamentally different from relatively passive commercial assets. Buying a successful mall involves acquiring not only land, buildings and lease contracts but also exposure to the quality of the operating platform responsible for managing them. That creates both opportunity and risk. Experienced operators may be able to improve income through tenant changes, redevelopment and better use of underperforming areas. Investors without strong operational capabilities can struggle to reproduce those results even when they acquire properties in apparently attractive locations.

The investment case for secondary malls consequently becomes more complicated. Some may offer compelling repositioning opportunities, particularly where the surrounding consumer market remains strong but the property has been poorly managed or underinvested. Others may suffer from structural disadvantages that additional capital cannot easily solve. Understanding the difference requires investors to look beyond conventional property metrics. Occupancy, rents and yield remain important, but so do customer traffic, tenant sales, visit frequency, dwell time, competitive position and the amount of capital required to keep the centre relevant.

Brazil’s shopping-centre market is therefore unlikely to divide simply between successful and unsuccessful retail locations. The more important separation may be between centres capable of continually reinventing themselves and those that remain dependent on the traditional model of collecting rent from a relatively static collection of stores.

For the strongest assets, restaurants, entertainment, healthcare and services are not replacements for retail. They are tools for making the entire property more valuable by giving consumers more reasons to visit. That distinction could become increasingly important as institutional capital evaluates Brazilian retail property. Dominant centres with strong management platforms may begin to look less like conventional buildings and more like operating businesses with valuable real-estate foundations.

The weaker end of the market faces a different future. Without sufficient traffic, investment and management capability, secondary centres risk becoming increasingly difficult to reposition as stronger competitors continue improving their offer. Brazil’s next shopping-centre investment cycle may therefore be determined less by how much retail space a property contains than by how effectively that space is operated. The malls capable of continually creating reasons for people to return are likely to become increasingly difficult for ordinary retail properties to compete with.

Source: CIJ.World Research & Analysis Team

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All posts by fletcher@cijeurope.com.

Brazil’s Manufacturing Revival Is Opening New Frontiers for Industrial Property

Slovakia’s Malls Are Winning More Visits, But the Revenue Has Yet to Follow

Slovakia Has Faster Building Rules, But Housing Construction Is Still Going Backwards

Slovakia’s Warehouse Expansion Is Running Ahead of Secured Demand

Slovak and Czech Buyers Take the Lead as Property Deals Return

Bratislava’s Office Vacancy Tells Only Half the Story

Slovakia’s Industrial Recovery Remains Uneven as Automotive Output Rebounds

Czech Mortgage Rates Reach Two-Year High as Housing Faces Renewed Financing Pressure

Czech Building Reform Clears Parliament as Developers Await Permitting Overhaul

Brazil’s Mall Investment Market Is Splitting Between Destinations and Ordinary Retail