Strong demand is pushing office vacancy rates down and prices up. Meanwhile, investments are pouring in.
BY THIERRY OGIER SAO PAULO —
Unilever made a smart move last year when it brought most of its staff under the same roof in 14 floors of a modern tower of the Faria Lima business district last year.
“Today, if an expanding multinational company intended to rent an extra 5,000 square meters in the same building, it would not be able to do so,” says Lilian Feng, head of the research department at Jones Lang LaSalle.
In the third consecutive year of brisk business, the vacancy rate in the São Paulo office space market fell to a low 13.3 percent last year and is expected...