Another brick in the wall: SP office 2026 deliveries may reach highest level in 10 years; Itaú negotiates corporate tower; 6x1 end does not address productivity issue for CBIC

Research evidence excerpt

Another brick in the wall: SP office 2026 deliveries may reach highest level in 10 years; Itaú negotiates corporate tower; 6x1 end does not address productivity issue for CBIC

Global Research

23 June 2026ab

LatAm Real Estate Equities

Latin AmericaAnother brick in the wall: SP office 2026

deliveries may reach highest level in 10 years; Real Estate

Itaú negotiates corporate tower; 6x1 end does TainanAnalystCosta

not address productivity issue for CBIC tainan.costa@ubs.com+55-11-2767 6091

Ana Julia Zerkowski

Associate Analyst

SP office 2026 deliveries may reach highest level in 10 years ana-julia.zerkowski@ubs.com

+55-11-2767 6303According to the news, the high-end office market in the city of SP is heading

toward recording in 2026 the highest delivery volume of the last ten years.

According to a survey, up to 327 th. sqm. of new corporate floor area could be

delivered in the city by the end of 2026, if all expected developments meet their

schedules. The volume represents a strong acceleration vs. 2025 (58 th. sqm., the

lowest level in the last five years). In 1Q26, deliveries totaled ~26 th. sqm.,

distributed across the Faria Lima, Berrini and Paulista Avenue. Despite the

increased supply, the market remains favorable to building owners. The vacancy

reached 12.8%, lowest level in recent years, while a relevant portion of new

developments already has pre-leased areas before construction completion.

Additionally, the market is now in a phase of accelerated absorption of available

spaces, with net absorption of 75 th. sqm. in 1Q. Notably, higher demand for offices

is related to the return to in-person work and to companies growth. Also, the largest

leases in the period occurred in newly delivered properties or in spaces vacated by

former tenants.