In order to better understand the pandemic’s impact on the office segment, Worx carried out a survey within several companies, 36% of respondents considered that it makes sense now to change the company’s need for space in between 10% and 20% of the space it currently occupies since remote work is showing good results.
Thus, the consultant predicts that companies will start looking for smaller areas, optimising their use of space, with part of their workers working from home. Pedro Salema Garção, Worx’s Head of Agency, commented that «the office segment can (and should) take advantage of this situation to change its point of view and find opportunities in periods of restraint».
Quick recovery in 2021
Pedro Salema Garção believes we «are living in a moment of uncertainty, but we believe this crisis will be overcome and that during 2021 the office segment will quickly recover». He predicted that «during the next quarter the number of operations will decrease, followed by a recovery in the second semester of 2020».
Additionally, he reinforced the message that «international companies will keep investing in Portugal since we will maintain the «skilled workforce» factor together with the excellent projects we have planned for the future».
Occupancy increased 7% until March
During the first quarter of 2020, the Lisbon office market registered a 7% occupancy increase yoy, a result concerning the pre-Covid-19 pandemic period.
According to Worx, 41.780 sqm were contracted during this period, of which 11.507 sqm were occupied within the Corredor Oeste (West Corridor). The consultant was responsible for selling 16.700 sqm.