The global economy continues to recover, although some leading economies showed signs of slowing down in the third quarter due to the pandemic, and the inability of global supply to adjust to changing demand. This has resulted in stockouts in several global supply chains, driving up manufacturing and distribution costs, especially in the automotive and construction industries. Differences in economic activity across countries continues. In the US and Europe, the rapid roll-out of vaccination and the end of restrictive measures made it easier for jobs and the service industry to recover, driving economic activity. In China however, growth slowed due to a resurgence of the Corona virus, once again affecting urban mobility. Year-over-year, although the health crisis remains, and despite the reduction in emergency aid, Brazilian economic performance exceeded expectations, with the GDP ending the quarter 1% higher than in 2020, totaling R$ 2.048 trillion, returning to the pre-pandemic levels. According to the Central Bank’s, the nation’s GDP will grow 4.7% in 2021.
Tenants continued to return office space in the third quarter, but lease activity was more intense, with many new transactions, As a result, net absorption in RJ was positive for the first time in the last 4 quarters, The vacancy rate dropped from 37.2% to 36.5%;Download Rio de Janeiro Office Market Report Q3 2021