Sao Paulo Industrial Market Report Q4 2020

In late 2019, the economic outlook was one of moderate optimism. While disappointing, the GDP did increase between 2017 and 2019 and unemployment gradually let up, ending 2019 at 11%, the lowest it had been in four years. When COVID-19 hit the country, Brazil was forced to implement social isolation rules to contain the virus, which worsened the economic situation. After a challenge year, in December, expectations were not as bleak, and a 4.4% reduction on GDP was expected for the year. Uncertainly for 2021 is still higher than normal and the Central Bank expects the GDP to grow 3.8%. Continuing the year’s trend, the fourth quarter for industrial/logistic market in Sao Paulo showed a large volume of new occupancy, resulting in a net absorption of 539 thousand sq.m and 1.118 million sq.m on a year-to-date basis, a record high since 2013.

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