Meet Latin America’s Largest Companies and Their Impact on the Office Market

1. Petrobras (Brazil). With a market value of $92.6 billion, Petrobras tops the list of Latin America’s largest companies. Headquartered in Rio de Janeiro, it also has offices in Colombia, Bolivia, the U.S., the Netherlands, and Singapore. In Brazil, Petrobras occupies 189,000 square meters (sqm) of Class A+, A, and B office space, with its main headquarters in the two towers of the Senado Business Center, a Class A+ development fully occupied by the company. In Colombia, Petrobras occupies 684 sqm in the Bolsa de Valores de Colombia building. However, it has no offices in Mexico.

2. Itaú Unibanco (Brazil). With a market value of $63.7 billion, Itaú Unibanco is the second-largest company in Latin America. It occupies 236,000 sqm of office space in Brazil, making it the country’s second-largest corporate occupant. Its main headquarters are in the Itaú Conceição Business Center, where it occupies five towers totaling 84,000 sqm. In Colombia, it occupies 6,000 sqm of office space, including 4,000 sqm in Towers I and II of Capital Tower. The bank also has a presence in Argentina, Chile, Paraguay, and Uruguay.

3. Banco do Brasil (Brazil). Valued at $30.9 billion, this bank ranks third and is the largest office tenant in Brazil, with 336,000 sqm of space. Its headquarters in Brasília are spread across three towers known as the Green Towers, which total 86,400 sqm.

4. Vale (Brazil). With a market value of $55.4 billion, Vale is the fourth-largest company in Latin America. It occupies 19,000 sqm of office space in Brazil, primarily in Nova Lima, Minas Gerais, where it leases 15,700 sqm in the Concórdia Corporate development. Vale also operates in countries like Canada, China, Indonesia, Japan, Malaysia, Oman, and the U.K., though its presence in other Latin American countries is limited.

5. América Móvil (Mexico). This telecommunications company ranks fifth, valued at $61.4 billion. It occupies 3,000 sqm of office space in Plaza Carso, Mexico City, and has a presence in other countries through subsidiaries like Telmex, Telcel, and Claro. For instance, Claro occupies 61,000 sqm of office space in Brazil.

6. Bradesco (Brazil). With a market value of $27.9 billion, Bradesco is the sixth-largest office tenant in Brazil and the sixth-largest company in Latin America. It occupies 142,000 sqm of Class A+, A, and B office space in Brazil. One of its key leases is 34,000 sqm in the Port Corporate Tower, a Class A+ development in Rio de Janeiro. Bradesco also has a complex in São Paulo known as Cidade de Deus and operates internationally in the U.S., Hong Kong, the Cayman Islands, Luxembourg, Mexico, and the U.K.

7. Banorte (Mexico). With a market value of $30.3 billion, Banorte ranks seventh in Latin America. It occupies 64,000 sqm of office space in Mexico, with its headquarters in the Qurvic Banorte Tower, covering 21,140 sqm in Mexico City.

8. BTG Pactual (Brazil). Valued at $78.8 billion, BTG Pactual ranks eighth in Latin America. It occupies 37,000 sqm of corporate office space in Brazil, primarily across the north and south towers of Pátio Victor Malzoni, located on Avenida Brigadeiro Faria Lima in São Paulo. The bank also operates in countries like Argentina, Chile, Peru, England, Portugal, Colombia (where it occupies 5,700 sqm), and Mexico.

9. Ecopetrol (Colombia). This oil company ranks ninth with a market value of $24.9 billion. In its home country, it occupies 4,500 sqm of office space in the 13-35 building in Bogotá. Ecopetrol also operates in Brazil, where it occupies 695 sqm in the Botafogo Business Center in Rio de Janeiro, and in the U.S. and Mexico, where it is beginning operations.

10. Femsa (Mexico). Valued at $42.8 billion, this beverage company closes out the top ten. Femsa operates in 17 countries and occupies 3,300 sqm of office space in Mexico, spread across developments like Torre Aeropuerto and Torre Alestra, both in Nuevo León. In Colombia, Femsa occupies 734 sqm of office space in Emporium 96, Bogotá, and 4,600 sqm in the Vonpar Building in Porto Alegre, Brazil.