4.6% growth in 2021, pointing to an economic performance better than expected and confirming resumed growth following negative 3.9% growth in 2020 due to the pandemic. Nevertheless, several factors could still interfere and turn 2022 into an even more challenging year. Growing uncertainties around the world due to the war in the Ukraine have created serious financial constraints, as the price of crude oil goes up, exchange indexes go down, and interest rates go up in Brazil, the US, and other developed nations. The increasing value of the US Dollar merely adds to this list.
New leases in Rio de Janeiro increased in 1Q22, however significant returns resulted on a drop of net absorption in the quarter. The vacancy rate remained almost unchanged, 35.4% compared to 35.5% in the previous quarter.Download Rio de Janeiro Office Market Report Q1 2022