Lisbon Office Market Reports 131,200 Square Meters in Take-Up Over Nine Months
The Lisbon office market recorded a total take-up of 131,200 square meters (m2) in the first nine months of the year, according to new data released by the real estate consultancy JLL. The figures, detailed in the firm's 'Office Flashpoint' bulletin, show that despite a 22% year-over-year decrease, the market has shown signs of recovery throughout the year.
The data indicates that Lisbon's Central Business District (CBD), which includes the prime areas of Avenida da República, Avenida Duque de Loulé, and Amoreiras, captured the largest share of activity, with 53,200 m2, or 41% of the total volume. Another key hub, Parque das Nações, accounted for 29,100 m2, representing 22% of the total occupancy. In the Greater Porto area, the market saw 27,300 m2 of space transacted, a figure that remains 54% below the levels recorded in the same period of 2024. The eastern part of Porto led regional demand with a 32% share.
The report highlights that the 131,200 m2 of occupied space in Lisbon were the result of 114 separate operations, with an average transaction size of 1,151 m2. In Porto, 40 deals were concluded, with an average area of 681 m2. This data provides a clear picture of current market trends in the corporate real estate sector.
Bernardo Vasconcelos, Head of Office Leasing at JLL, stated in a communication that location remains a critical factor for occupiers. “The good performance of Lisbon's more central areas proves that location, which has always been important, is increasingly seen as a requirement that can make or break the decision of installation, by combining centrality and services in the surrounding area, with accessibility and daily commuting,” Vasconcelos noted. He added that accessibility is a decisive factor, often justifying higher rental costs.
An analysis of the sectors driving demand shows that Financial Services companies were the most active in Lisbon, accounting for 33% of the take-up. They were followed by Business Services firms, which took up 25% of the space. In the Porto market, the Construction and Real Estate sector, along with Technology, Media, and Telecom (TMT’s & Utilities), were the most dynamic, with shares of 36% and 20%, respectively. Foreign companies looking for local expertise can connect with English-speaking real estate agents to navigate the market.
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The month of September showed a positive trajectory for Lisbon, with 17,400 m2 of office space occupied, marking a 13% increase from August. A single transaction in Parque das Nações for over 6,000 m2 significantly contributed to this monthly total, bringing the zone's share of occupancy to 39%. The most active sectors during September were Business Services and TMTs & Utilities, each representing 47% of the area leased.
Porto also experienced a substantial increase in activity in September, with 11,629 m2 of take-up, a six-fold increase compared to the previous month. A large transaction of nearly 8,700 m2 in the city's eastern zone dominated the month's activity, with the Construction and Real Estate sector accounting for 75% of the total volume.
These statistics provide a granular view of the corporate real estate landscape in Portugal's two main cities, reflecting distinct dynamics and sector-specific trends. The data suggests a market that, while facing pressures, continues to see significant transactional activity in its most consolidated areas.
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