Portuguese office market on course for new record in 2022

Between January and July this year, 169 office operations totalling 218,076 m2 of take-up were closed in Lisbon and Porto, according to data from Savills.

The take-up is already higher than the figure for the entire 2021, indicating that the market will set a new record this year.

A total of 129 operations were closed in Lisbon, for a total volume of 186,862 m2, which is 16% higher than the entire 2021.

Pre-lets play an important part, with 55% of the area volume related to pre-letting operations carried out by large institutions such as EDP, Novobanco and Fidelidade.

Financial and business services accounted for 64% of the market total.

Frederico Leitão de Sousa, head of corporate solutions at Savills Portugal, said: ‘The results verified five months before the end of 2022 open the doors to a new record year for the Lisbon office market. Fourteen years ago, the market recorded the highest take-up volume ever with 233,000 m2.’

In Porto, take up stood at 31,214 m2 from 40 deals, 45% higher than the first seven months of 2019 and 29% above the average for the same period of the last four years.

Alexandra Portugal Gomes, head of research & communications at Savills Portugal, added: ‘The month of July cemented the growth trend of the Porto office market, highlighting the implementation of new companies in the region. In this aspect, since the beginning of the year, new companies were responsible for a take-up volume that totals around 12,000 m2, 38% of the take-up of the last seven months.’


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