By Jay Forte, Contributing Reporter

RIO DE JANEIRO, BRAZIL - The staggering spike in real estate prices over the last five years is starting to cause more closed storefronts in the Zona Sul (South Zone) beach-side gems of Ipanema and Leblon. With many five-year commercial leases turning over and owners asking for huge rent increases, despite a cooling of the market, store owners are moving to other areas.

An O Globo report pointed to property owners willing to wait to until the Subscribe to our Premium Membership Plan. Already Subscribed? Login Here