Economic recovery is still uneven between countries, and the scenario continues to depend on controlling the Covid-19 pandemic, which may include measures to limit mobility and policies to mitigate its economic impact.. In Brazil, contrary to the expectations of economic analysts, the GDP went up 1.2% in the first quarter of the year, returning to the level it was in late 2019. Despite a worsening pandemic and a reduction in emergency aid, the country’s economic performance was better than expected. The nation’s GDP was R$ 2.048 trillion, 1% higher than in the same period of 2020, the first increase after four consecutive drops. Among the factors that explain this improved economic performance are manufacturing output, trade and services, which were far less negative and increased demand for commodities worldwide, furthering Brazilian exports.
In Rio de Janeiro, the vacancy went up again in 2Q21, as companies continue to occupy less office space. Occupied inventory dropped 15.8 thousand sq.m in the quarter, which resulted in the vacancy rate going from 36.2% to 37.2%.Download Rio de Janeiro Office Market Report Q2 2021