Given the pace of a booming economy, renting a commercial space became 7.88% more expensive in 2024. The variation is the highest ever recorded since 2013, when the FipeZap Index began to be calculated.
The average square meter (m²) rental price reached R$45.53 last year. This value represents that the cost of renting a 200 m² commercial space, for example, is around R$9,100 monthly.
The data was released this Tuesday (21) and reveals that the FipeZap Index exceeded the country’s official inflation by more than 3 percentage points (pp).
The Broad National Consumer Price Index (IPCA), calculated by the Brazilian Institute of Geography and Statistics (IBGE), accumulated 4.83% in 2024.
Furthermore, FipeZap was above the General Market Price Index (IGP-M), from Fundação Getulio Vargas (FGV), commonly called “rent inflation” – as it tends to correct rental contracts annually. The IGP-M ended 2024 at 6.54%.
In 2023, the average rent adjustment had been R$5.87%. In the twelve years of survey, half of them had deflation, that is, a decline in the average rental price, with emphasis on 2015 and 2016, when they fell by 9.43% and 7.92%, respectively.
The FipeZap Index is a partnership between the real estate advertising platform Zap and the Economic Research Institute Foundation (Fipe), linked to the Faculty of Economics, Administration and Accounting of the University of São Paulo (FEA-USP).
The survey monitors the prices of rooms and commercial complexes of up to 200 m² in ten cities (São Paulo, Rio de Janeiro, Belo Horizonte, Porto Alegre, Curitiba, Florianópolis, Brasília, Salvador, Campinas, Niterói), based on 61,683 advertisements on Internet.
Economic heating
According to DataZap economist Paula Reis, the record variation in commercial rent is a reflection of the warming of the Brazilian economy, which grew above expectations, driven by a strong job market.
“The macroeconomic condition positively influenced the commercial rental real estate market by contributing to expanding demand for goods and services and promoting trade”, he explained to Brazil Agency.
Last week, the Zap platform had already announced that residential rentals had presented increase of 13.5% in 2024, reaching R$48.12/m². The rise in employment levels also explains the expansion.
Paula Reis highlights that from 2013 to October 2023, the commercial square meter was above the residential one. The inversion was due to the greater appreciation of residential rent in the last three years.
Art/FipeZap
Rental by cities
In the FipeZap inflation ranking, Niterói (17.84%) showed the biggest increase in rental prices, followed by Curitiba (10.89%), Rio de Janeiro (9.05%), Belo Horizonte (8.47%) , Brasília (7.62%), São Paulo (7.13%), Salvador (6.23%), Campinas (5.71%), Florianópolis (5.11%) and Porto Alegre (4.63%) .
The researchers clarify that the FipeZap index considers advertising prices for new rentals. “It does not incorporate into its calculation the correction of current rents, whose values are periodically readjusted in accordance with what is specified in the contract”, they point out.
The largest city in the country, São Paulo is the capital surveyed with the most expensive commercial square meter (m²) for rent. Check the ranking:
São Paulo: R$54.40/m²
Florianópolis: R$ 45.90/m²
Rio de Janeiro: R$44.34/m²
Salvador: R$42.34/m²
Niterói: R$ 41.95/m²
Campinas: R$40.83/m²
Curitiba: R$ 36.74/m²
Brasília: R$ 35.24/m²
Porto Alegre: R$ 34.39/m²
Belo Horizonte: R$ 33.66/m²
Economist Paula Reis explains that the price difference between cities is due to reasons such as residents’ income, demographic density, scarcity of land and properties, among others.
“It is worth emphasizing that, even between neighborhoods, this variation is considerable, and the location of the property, in particular, considering the proximity to the business center and the region’s infrastructure, has an impact on prices”, he adds.
Sale by cities
The FipeZap Index also provides information on the sales value of rooms and commercial complexes, based on a sample of 63,989 advertisements.
In 2024, the average cost rose 0.4%. The average sales price closed at R$8,421/m². Last year was the first with an increase since 2014. Of the twelve years of the survey, only 2013, 2014 and 2024 saw an increase in the average cost. In the case of residential property, the average sale price expanded 7.73% in 2024.
Inflation in the sales price in 2024 was presented by Curitiba (7.16%), Salvador (5.5%), Niterói (2.4%), Florianópolis (1.8%), São Paulo (1.33%) and Campinas (1.02%). On the other hand, Porto Alegre (-1.33%), Brasília (-1.5%), Belo Horizonte (-2.04%) and Rio de Janeiro (-3.56%) declined.
Check out the ranking of cities with the highest commercial property sales prices:
São Paulo: R$ 10,142/m²
Rio de Janeiro: R$8,505/m²
Florianópolis: R$ 8,362/m²
Curitiba: R$8,182/m²
Niterói: R$7,838/m²
Brasília: R$ 6,647/m²
Porto Alegre: R$6,376/m²
Campinas: R$6,353/m²
Belo Horizonte: R$6,196/m²
Salvador: R$5,328/m²
