In the first half of the year, total take-up reached 206,532 sq.m, 52% less than in the same period of 2024, reflecting the very low vacancy rates.

Despite lower turnover in the occupational market during the semester, investor interest in the segment remained strong: during this period, logistics accounted for €111 million in investment, a 48% increase compared to the same period in 2024. This investment volume represented 9% of the entire investment market. On the other hand, there has been intense development activity, with a promising second half anticipated.

In the Greater Lisbon region, activity in the second quarter was moderate, with take-up reaching 53,689 sq.m, a drop of 21% compared to the previous quarter. In the first six months, total take-up was 121,427 sq.m. With a total stock of approximately 3.520 million sq.m and a low vacancy rate of just 3.25%, Greater Lisbon continues to face strong supply pressure, especially in the Castanheira-Azambuja and Sacavém-Alverca logistics corridors, which together account for over 61% of the region’s capacity. This shortage of suitable space directly impacts companies’ ability to secure facilities that meet their requirements, also exerting upward pressure on rents.

In Porto and the Northern Region, the market has a total stock of 1,327,630 sq.m and a vacancy rate of 4.66%. Second-quarter take-up reached 59,499 sq.m, a remarkable 534% increase compared to the previous three months. In the first half, 68,888 sq.m were taken up, representing a 59% decrease compared to the first half of 2024. During this period, eleven lease agreements were signed, including a 17,645 sq.m industrial expansion in the Santo Tirso corridor. Three transactions exceeded 10,000 sq.m, including a large-scale operation located between the Port of Leixões and the Airport.

The market pipeline shows a marked imbalance between tenant demand and the limited availability of Grade A logistics space, especially in the most dynamic areas. This mismatch is particularly evident in strategic corridors, where high absorption potential contrasts with the scarce supply of new projects.

Pedro Figueiras, Head of Capital Markets at Savills, states: “The industrial and logistics sector in Portugal continues to show significant growth potential, driven by consistent demand and the growing complexity of operations that depend on modern and efficient infrastructure. The main challenge we face is the shortage of modern, well-located logistics spaces capable of adapting to companies’ constantly evolving needs.”

Pedro adds: “This challenge also represents a clear opportunity for investors, developers and decision-makers. It is essential to continue investing in projects that integrate innovation, sustainability and flexibility – fundamental pillars for ensuring the competitiveness and resilience of supply chains in the future.”

To meet occupiers’ space needs, Savills expects robust growth in the development of new logistics platforms in both the Lisbon region and the Northern region over the coming years.