Acquire all or part of a corporate office building in construction in the fastest growing area of Rio de JaneiroThe Business
This 11-story AAA office building is under construction in Rio’s fast growing Barra da Tijuca district, where most of the 2016 Olympic Game events will be hosted. A huge investment is being made in infrastructure works in the area, such as the extension of the metro from the city center, as well construction of many shopping malls and residential buildings.
Once this office building is completed, the builder will ensure lease-up.
Market
The main financial and economical centers of Rio de Janeiro are downtown and Barra da Tijuca. With the lack of available land in the city center, the natural tendency is to migrate to Barra da Tijuca.
Only 15% of Rio’s six million square meters of office space is “Class A” and the vacancy rate in the “Class A” market is 2.6%. The overall vacancy rate in Barra da Tijuca is 4.7%, however a balanced market should have vacancy rates between 10% and 12%, so there is a severe shortage of offices available. Current lease prices in Barra are R$ 90/m2 (about USD54) while lease prices in the city center are around R$ 140/m2.
Sector: Real EstateSegment: CommercialRegion: BrazilFinancing Size: $50 to $100mContact: Laurent Babikian
Company: –Telephone: +55 21 8277 5253Email: [email protected]