Análise comparativa dos fundos imobiliários de lajes corporativas

Abstract

The capital markets faced significant challenges that led to global economicinstabilityand uncertainties due to the public health crisis. In 2020, as the pandemicspreadglobally, the financial market experienced a sharp decline. This study examines,using collected data, how the pandemic affected corporate office REITs (Real EstateInvestment Funds), showing how a pandemic can change the way work is conductedin offices and, consequently, how it negatively impacts this segment. Duetosocial isolation, there was a significant increase in the use of digital platforms, bothforstudents to avoid delays in their courses and for workers who switchedtoremotework, resulting in office vacancies or renegotiated rental prices. As a result, corporateoffice REITs directly suffered the consequences, as shown by data providedbythefund managers through monthly reports on their performance. To understandtheseconsequences, the data provided by each fund’s manager was analyzed, leadingtoresults such as increased vacancy rates, reduced dividend distributions, andadropin share values, indicating the direct impact of the crisis, which led to thedepreciationof these REITs. A limitation of the study is the small number of REITs analyzed, asmany were not in existence since 2018, and others had only one propertyor tenant,thus being excluded from the analysis