A year of pandemic and the impacts on economy
Progress in Covid-19 vaccination programs and new tax stimuli in some developed nations suggest the world may experience more robust economic recovery. For Brazil however, recovery seems distant, the GDP shrank 4.1% in 2020. On the other hand, a more dynamic global economy could benefit Brazilian exports and its balance of trade, especially if commodity prices go up. The Brazilian Central Bank’s projection for the GDP this year, and it is still a very uncertain one, but it is set on about 3.6%.
This year, as was the case throughout 2020, a significant amount of high-end office space in São Paulo was vacated by tenants and occupied offices dropped once again. In addition, 83 thousand sq.m in new deliveries have yet to be occupied, contributing to a further increase in the vacancy rate, which was 22.9% across all surveyed regions (CBD and non-CBD).Download Sao Paulo Office Market Report Q1 2021