Multinationals heat up real estate market
Multinational companies are having a huge impact on the real estate market of Rio de Janeiro.
Typically, foreign companies look for A-type office space, costing between R$65 and R$70/square meter. The Caemi building in Botafogo is a good example of this: 70% of its tenants are multinational
companies, such as Amerada Hess, Booz & Allen and HSBC Bank.
Only 10% of Rio's 5.5 million square meters of office space is classified as A-type, creating a great opportunity for the construction of new office buildings.
The areas attracting new investments in real estate are Barra, Teleporto (in Centro), and Botafogo.
A side effect of the hot demand for office space is the demand for A- type homes for expatriates.
One of the largest property management companies in Rio, Apsa, is developing a new service in co-operation with the HR departments of multinational companies, aiming at offering both offices and homes.
Source: Gazeta Mercantil
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