Brazil’s economy lost momentum in the second half, but GDP growth is expected to range between 2.2% and 2.4% in 2025. The 2026 forecast was revised up from 1.5% to 1.6%. Inflation has eased but remains above target, with slow convergence.
Leasing activity for high-grade corporate office buildings in Rio de Janeiro remains slow, with elevated vacancy rates, reflecting high available supply and a less diversified demand base.