The Brazilian GDP increased 1.9% in the first quarter, following a slight drop in the last quarter of the year. This growth was higher than expected, but economic activity is expected to further slow down in 2023. The higher GDP was primarily a reflection of agriculture and livestock, which increased 21.6% following a record soy harvest. Other sectors remained relatively stable, while manufacturing industry and construction dropped once again.
The Rio de Janeiro market for offices remains discouraging, returns again outpaced new leases and occupied office space dropped.
Download Rio de Janeiro Office Market Report Q2 2023