Rental prices of luxury offices in Rio de Janeiro registered drop of 7.5% in 2014

Rio de Janeiro registered a 7.5% drop in the proposed price on rental of high standard offices over 2014. In the fourth quarter, the price of the rated square meter was estimated in R$ 123.00, against R$ 133.00 in the same period in 2013. Data from the last Market Beat survey from the American advisor Cushman & Wakefield.

The vacancy rate (vacant rooms) registered an annual raise of 2.2 %. It passed from 14.2% of the last quarter of 2013 to 16.4% in the last quarter of 2014. “The increase can be due to the delivery of about 72,000 square meters of class A offices in Rio last year”, says Thierry Botto, board of Lease and Investment at Cushman & Wakefield Rio de Janeiro.

The most valued area of the city remains the Southern Zone, with rental prices that can reach R$ 275 per rated m² / month, followed by Orla and then Downtown, with quotes of R$ 250 and R$ 158 per m² / month.