• From January to November 2024, the Lisbon office market recorded a total occupancy of 193,188 sq m, representing the second highest volume of take-up for this period;

• From January to November 2024, Porto recorded a total occupancy volume exceeding 65,000 sq m, representing the largest area ever transacted during this period.

In the case of Porto, occupancy exceeded 65,000 sq m, marking the best performance ever.

Lisbon

In the Lisbon market, the area occupied until November 2024 showed a very significant growth of 120% compared to the same period in 2023 and was 25% above the average of the last five years. During this period, 155 operations were carried out, an increase of 16% on the previous year.

Among the locations with the highest area absorption, Parque das Nações stood out with 36% of the total volume, spread over 42 operations. This was followed by the New Office Zone, which accounted for 23 per cent of the volume (21 transactions), and the CBD, with 15 per cent (31 transactions).

Financial Services led the way in terms of sectors of activity, with a total take-up volume of 55,330 sq m up to November, which corresponds to 29% of the total GLA occupied in the Lisbon office market. The TMT & Utilities (18%) and Other Services (15%) sectors followed.

Frederico Leitão de Sousa, Head of Offices at Savills Portugal, says: “This year we achieved new take-up records, which underlines Lisbon’s great potential and our attractiveness as a key-player market in Europe. The Lisbon office market stands out as one of the most competitive in Europe, which is why more and more international companies are choosing the Portuguese capital. In addition, the entry of new office projects that meet the highest standards of AAA Teanants has reinforced the attractiveness and resilience of our market. We currently have more than 20 projects in the pipeline, which will total around 245,000 sq m by 2026, more than 40 per cent of which are already pre-let, which highlights the lack of quality office space available. We anticipate a very promising 2025, with significant operations.”

Porto

In Porto, the office market achieved historic results between January and November 2024, with an absorption volume of over 65,000 sq m. This figure represents the best performance ever and reflects a growth of 49 per cent compared to the average take-up volume of the last five years. During this period, 66 deals were concluded, an increase of 8% compared to the same period in 2023.

Most of the absorption took place in the Out of Town area, responsible for 35% of the total volume, with the Matosinhos area accounting for 51% of the total GLA occupied in the Out of Town axis.

The Boavista CBD had a similar performance, also with 35% of the volume, but spread over 27 operations. The Baixa CBD contributed 16 per cent, through 9 operations.

In terms of sectors of activity, TMT & Utilities led the way in terms of occupancy volume up to November, accounting for 35% of the total with 24 transactions. This was followed by Consultants & Lawyers, with 31%, and Financial Services, with 14%. 

Graça Ribeiro da Cunha, Office Consultant at Savills Portugal, emphasises: “Porto’s office market has recorded very positive results, and 2024 promises to set a new record, with total occupancy exceeding 70,000 sq m. These results highlight the city’s dynamism and its growing potential as a business destination. The completion of five new projects by the end of the year, totalling 25,500 sq m, will further strengthen the market’s capacity, offering modern and sustainable spaces. These projects are designed to respond to the growing demand for efficient buildings with renewable energies, environmental certifications (LEED and BREEAM) and technologies that promote efficiency and the well-being of occupants. It’s worth noting that more than 70% of this new area is already pre-let, demonstrating investor confidence and the strong demand for quality space. This is a clear reflection of the confidence that the Porto market continues to generate, consolidating the city as a strategic and competitive centre.”