Months, Far Outpacing Official Inflation of 4.44% and More Than Quadrupling the 2.76% Rise in the Igp-m Index, According to the Fipezap

The average asking price for commercial properties up to 200 square meters reached R$ 8,792 per square meter for sale and R$ 53.68 per square meter for rent. In the same period, the average sale price of these properties rose just 2.05%, below inflation and accumulating a real-term depreciation on a national average. All ten cities tracked by the index recorded rent increases over the past 12 months.

Rio de Janeiro posted the largest gain at 21.34%, followed by Salvador (18.86%), Curitiba (12.85%), Belo Horizonte (8.79%), São Paulo (7.82%) and Brasília (7.66%). "These differences reinforce the importance of looking at the local market before making a purchase, sale or rental decision. More than the national average, factors such as demand, property availability and the economic dynamics of each city help determine price behavior, said Mariangela Silva, an economist at Grupo OLX.

The same trend was not seen in sale prices. In São Paulo, the main market in the sample, the average asking price for sale reached R$ 10,602 per square meter in July, up 1.94% in 12 months. Meanwhile, the average rent was R$ 61.74 per square meter, an increase of 7.82% in the same period.

The gap between purchase price and rent growth raised the projected profitability for those buying a commercial unit to generate income. The segment's average rental yield stood at 7.59% per year in July, above the 6.14% estimated for residential properties. However, the yield still remained below that projected for fixed-income financial investments over the next 12 months, according to Fipe." Silva noted the index shows asking rents have appreciated significantly more than sale prices.

"One possible reading is that leasing offers greater flexibility for companies and entrepreneurs, especially in a scenario where buying requires greater capital commitment. Renting a space allows resources to be directed to other business needs and also facilitates possible changes of location or property adjustments as the operation grows or transforms," she said. On the other hand, it is important to note that the FipeZAP Index tracks changes in asking prices and, on its own, does not allow us to say there has been a migration from buying to renting, the economist added. The index also showed that the rental yield for commercial properties remains attractive but still trails fixed-income returns projected for the coming year.