4Q25 Sao Paulo Office Market Report

Brazil’s economy lost momentum in the second half, but GDP growth is expected to range between 2.2% and 2.4% in 2025. The 2026 forecast was revised up from 1.5% to 1.6%. Inflation has eased but remains above target, with slow convergence.

This was the second-best quarter of the year in terms of demand indicators, with both gross and net absorption increasing and the vacancy rate declining from 17.3% to 15.9%, reaching its lowest level since 2012.