According to the latest analysis by Savills, the Lisbon office market recorded the best 2nd quarter of the last 5 years in terms of office space absorption, with a take-up of 67,806 sqm.
It is worth noting that around 50% of the area transacted in this second quarter corresponds to a single operation: the Entrecampos 1 Project, with an area of 32,000 sqm, which will be fully occupied by Banco de Portugal. This deal had a significant impact on the overall market performance, influencing the indicators and highlighting the relevance of large-scale projects in the sector's dynamics.
Even so, the Lisbon office market closed the first half of 2025 with a total estimated take-up volume of approximately 84,000 sqm, reflecting a 34% drop compared to the same period in 2024. This decline is largely due to a particularly slow start to the year, with only around 16,029 sqm occupied during the first quarter.
In total, 70 leasing operations were completed during the first six months of the year, representing a 12% decrease compared to the same period in 2024. Of these, 16 involved areas over 1,000 sqm and were mostly carried out by international companies, confirming the city’s continued appeal to global players.
As for performance by market zone, excluding the impact of the Banco de Portugal project in the CBD area (Zone 2), the best-performing areas were the Western Corridor (Zone 6), with 16,696 sqm, and the Parque das Nações area (Zone 5), with 10,361 sqm of take-up. Compared to the same period last year, there is a significant decrease in absorption volume in almost all zones, except for the CBD (Zone 2) and the Historic & Riverside Zone (Zone 4), which remained relatively stable.
Frederico Leitão de Sousa, Head of Offices at Savills Portugal, comments: “The performance of Lisbon’s office market in the second quarter of 2025 shows that, despite a more subdued start to the year, there is solid demand for large, high-quality projects. The impact of the Banco de Portugal deal proves the relevance of new, well-located projects with high technical specifications. This performance allows us to look at the second half of the year with optimism, confirming Lisbon as a competitive and resilient destination in the European landscape.”