Even though the Brazilian economy surpassed the expectations of many economists, 2021 was another turbulent year. After a crisis-fraught 2020, it had been expected that 2021 would be a year of timid growth and slow recovery, as everything indicated that the pandemic would last for several months, hampering the return to business. In 2021, the economy recovered, and government accounts improved; it is expected that the GDP will experience growth, and the service industry shows that recovery is underway. However, unemployment remains high, inflation and the USD exchange are rising, the stock exchange is dropping, and an institutional crisis reveals the fragility of the current economic scenario.
Fewer returned spaces and active demand resulted in a positive net absorption for the second quarter in a row, ending Q421 at 22 thousand sq.m. Net absorption for the year was 25 thousand sq.m, quite close to the annual average of 29 thousand sq.m. Increased activity in Rio de Janeiro caused the vacancy rate to drop in all survey regions; nevertheless, supply remains high.Download Rio de Janeiro Office Market Report Q4 2021