Lisbon Office Market Take-Up Reaches 113,800 Square Meters Year-to-Date
Activity in the Lisbon office market is steadily recovering, with total leased area for the first eight months of 2025 reaching 113,800 square meters, according to the latest Office Flashpoint report from the real estate consultancy JLL. The data indicates a progressive closing of the gap with the previous year's activity levels.
The cumulative take-up for the year is currently 26% lower than the 153,200 square meters recorded in the same period in 2024. However, the market showed unexpected dynamism in August, a traditionally quiet month, with over 15,000 square meters of office space transacted. This monthly volume was nearly double the activity seen in August 2024, fueling positive expectations for the remainder of the year.
Bernardo Vasconcelos, Head of Office Leasing at JLL, commented on the results, stating, "We see a constant recovery of the market, which every month has reduced the fall compared to the accumulated of 2024 and this behavior in August is, therefore, especially encouraging."
From January to August 2025, a total of 100 office leasing deals were completed in Lisbon, with the average transaction size being 1,138 square meters. The city's Central Business District (CBD) was the most active zone, capturing 42% of the total leased area. The Financial Services sector has been the primary driver of demand this year, accounting for 38% of the annual take-up.
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The report highlighted several key transactions in August, including the leasing of 3,600 square meters by Concentrix at the Arts Business Centre and 1,480 square meters by BloqIT in the Báltico building, both of which were advised by JLL. The Parque das Nações submarket was the most active area in August, representing 40% of the month's take-up, while the Business Services sector was the most dynamic, at 53%.
In contrast, the Porto office market has experienced a significant slowdown. The cumulative take-up for the year to August was only 15,630 square meters, a 64% decrease compared to the same period in 2024. The number of transactions fell by 35% to 31, and the average deal size decreased by 44% to 504 square meters. The most active area in the Porto region has been Matosinhos, with 37% of the take-up.
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