The pandemic brought severe turbulence to Brigadeiro Faria Lima Avenue, São Paulo’s preeminent financial hub, rapidly transforming from bustling skyscrapers into deserted structures.
The grim outlook was further exacerbated by companies downsizing their physical headquarters to cut costs and accommodate hybrid working scenarios.
However, contrary to the gloomiest predictions, Faria Lima has made an astonishing recovery.
According to the Economic Radar column of VEJA, its occupancy level is now at 94%, the highest since 2015, compared to a vacancy rate exceeding 10% during the pandemic.
The area’s value has appreciated, with no room for short-term development and high demand, driving the square meter of corporate space to R$250 (US$50), up from R$ 195 just a year ago, as per real estate consulting company JLL.
The high prices are attributed to Faria Lima’s status as the financial heart of Latin America’s wealthiest capital, São Paulo.
As the city’s financial epicenter has moved from Higienópolis in the 1960s to Paulista Avenue in the 80s, Faria Lima has now claimed the top spot, resulting in increased property values in surrounding neighborhoods like Jardim Europa, Itaim Bibi, and Pinheiros.
However, Faria Lima is more than just a corporate hub housing giants such as BTG Pactual, XP Investimentos, Google, and Facebook.
It has fostered a unique lifestyle for its 145,000 daily inhabitants, known as “faria limers.”
They inhabit a vibrant area of charming cafes, upscale restaurants, gyms, luxury car stores, and nightclubs, with a day often starting in their workplaces’ lobbies and ending in the local happy hour spots.
Prominent social media personalities, like the fictitious Beth da Faria Lima, have brought this unique community to national attention.
This Instagram influencer uses humor to share insights into the financial market’s daily grind and addresses significant corporate world issues, like harassment.
The anonymous character, Beth, leverages her platform to provide legal and psychological support to harassment victims, highlighting that the glamor of São Paulo’s financial district comes with its share of challenges.
However, the district has rebounded impressively from the pandemic shock, standing testament to its resilience.