The report shows that take-up levels, which totalled just over 200,000 sq m, are up 10% year-on-year (y-o-y) and are close to those observed in the pre-crisis years of 2007 and 2008. Figures show that 223 operations were recorded in 2018 with the CBD and western corridor of the city witnessing the highest take up rate with 57 and 50 operations respectively.
Rodrigo Canas, Associate Director, Savills Portugal, commented: «2018 was an exceptional year for the office market in Lisbon. The results achieved not only demonstrate the high demand in the capital which has resulted in a falling vacancy rate, but also reflect the city’s ability to adapt and respond quickly to landlord and occupier needs».
«Lisbon is increasingly a city in the spotlight of many international investors, which has helped to strongly leverage the performance of the office market. We anticipate this trend to continue into 2019 and look forward to seeing what the next few months hold».
In terms of average occupied areas, offices between 800 sq m and 3,000 sq m saw the highest take up volume which was up 58% y-o-y and contributed to 43% of the total recorded. The Technology, Media and Telecom (TMT) and Utilities sectors were the most active gathering a contracted area of nearly 100,000 sq m over the last two years.