Commercial Real Estate in Rio’s Zona Sul Feels the Crisis

By Nelson Belen, Contributing Reporter

RIO DE JANEIRO, BRAZIL - Ipanema, long considered one of Rio’s trendiest and most upmarket locations, has also been one of the neighborhoods most affected by the country’s deep economic recession, according to an October 10th report in O Globo. Without the Olympics on the horizon to prop-up the speculation, commercial real estate prices have been tumbling.

The iconic neighborhood, which is home to some of the city’s most popular shops and restaurants, is marked with empty and abandoned storefronts, with many owners frantically lowering asking prices to find tenants . . .

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