The purchase and sale of large commercial properties - office buildings, shopping malls and logistics warehouses - have shown resilience in the country. The first half of the year saw a significant advance in the figures moved, but the fast pace should not be maintained, given the persistence of high interest rates. This type of trading moved BRL 13.1 billion in the first half of 2026, up 57% compared to the same period last year, when it reached BRL 8.4 billion, according to a survey by the consultancy Cushman & Wakefield.
More recently, however, there has been a retreat. Transactions totaled R$4.8 billion in the second quarter, an amount 42% lower than in the first quarter of this year (R$8.3 billion) and 14% below the same period last year (R$5.6 billion). What has motivated the purchases and sales of assets in the sector are the positive fundamentals, that is, the reduction of vacant spaces in commercial real estate and the growth in the value of rents. "That's what attracts investors," says Cushman & Wakefield Managing Director Daniel Battistella.
The busiest sector is warehouses
Among the real estate sectors, the busiest is logistics warehouses. The sector had 15 operations in the total amount of R$ 2.9 billion in the second quarter. The logistics sector is growing rapidly due to the heated demand for properties that serve as distribution and storage centers for e-commerce. As an example, real estate funds under XP's management were responsible for more than R$ 1 billion in purchases in the second quarter, winning several properties of this type, such as the GLP I and II condominiums, in Jundiaí (SP). Retail real estate (shopping malls and large stores) had 7 transactions in the second quarter, moving R$ 1.3 billion (27% of the total). For example: Iguatemi bought an additional stake in Pátio Paulista, while the Pátria Malls fund acquired stakes in the Eldorado, Plaza Sul and Higienópolis malls. Finally, the office buildings segment had 6 operations, in the total amount of R$ 531 million (13% of the total).
Interest rates frustrate business
The purchase and sale of assets had trading peaks between the end of 2025 and the beginning of 2026, but operations lost steam due to frustration with the persistence of high interest rates. "The last few months have been weaker in volume. The main hypothesis is that the narrative of reducing the interest rate was not confirmed as expected," says Battistella. "For the coming months, the volume of transactions may not reach what was seen in 2025 (R$ 26.6 billion) because of these high interest rates," ponders the managing director of Cushman & Wakefield. According to him, the trend is a more selective investment environment, marked by the prioritization of assets with solid operating fundamentals, robust lease contracts and the potential to generate predictable cash flow. The opinion is shared by Fernando Oliveira, founder of Primaz & Co, a real estate investment boutique. "Even with the high interest rate, all sectors of the real estate market have increased the price of leasing, which has pleased investors in recent quarters," he comments. In Oliveira's view, this is a reflection of the growth of the economy, with more demand for logistics warehouses, retail real estate and offices, in general.
Ahead, the perception is that the market should postpone much of the decision-making about new business. "In the second half of the year, we expect the market to go on hold, because we continue to see interest rates at a very high level and we will still have uncertainty with the elections," adds the president of Primaz & Co, Luiz Viotti.
