Four months from the end of 2019, the office market registered a total take-up of 136,000 sq.m
The market has been able to maintain its occupancy levels on positive ground and in 2019 we will not see a significant decrease in absorption volume.Alexandra Gomes
In August 2019, the value of the take-up decreased by 17% over the same period of 2018 (11,193 sq.m. in 2019 and 13,450 sq.m. in 2018). Compared to the accumulated value of the first 8 months of the year (136,008 sq.m.), it remains above 6% of last year's value, contributing to the forecast of a year-end slightly lower than 200,000 sq.m.
Zone 2 (CBD) absorbed 36% of all August take-up, followed by Zone 7 (Other Zones) which represented 34% of the total take-up.
“The market has been able to maintain its occupancy levels on positive ground and in 2019 we will not see a significant decrease in absorption volume. However, the lack of office space in the city centre is worrying, particularly in response to the demand for larger spaces and with the pipeline expected to come in over a period of two to three years, finding solutions according to occupant requirements will be a challenge”, says Alexandra Gomes, Senior Analyst, Research Department of Savills Portugal.
In August 2019, 12 operations were verified, 25% less than in the same period of the previous year.
In the first eight months of the year, the number of operations also decreased by 22%.
The TMT's & Utilities and State, Europe and Associations sectors were the most active sectors, having occupied 5,244 sq.m. and 3,853 sq.m. respectively.
Take-up per Market Zone
Number of Transactions
Take-up per Activity Sector