Offices register best semester of the last 11 years

Offices register best semester of the last 11 years

According to Savills’ analysis, these numbers encourage the market. In June alone, the office placement on the Lisbon office market increased 77% yoy to 30.154 sqm, heavily contributing to the first semester’s results.

19 operations were registered in June, 7 less than during the same period in the previous year. 93 operations were registered in total during the entire period, 15 less than last year.

Rodrigo Canas, Associate Director Agency Department at Savills Portugal mentions that «around 34% of the take-up is justified by the appearance of new buildings and its rapid absorption proves the lack of office spaces in Lisbon, in particular large spaces immediately available, which makes the pre-rental processes and the timely negotiation of the existing contracts the keynote of Lisbon’s market». Excluding these buildings, Rodrigo Canas highlights that «there were still 9 operations above 2.000 sqm, a sign that the market has been able to meet, albeit in secondary areas, part of the demand».

Savills highlights that, despite the higher numbers of the first semester when compared to last year,  the year’s total take up should not surpass the record registered in 2018, since the «positive performance, until now, is mainly due to the appearance of new buildings in areas with very low availability rates (especially zones 1 and 5), something that probably won’t be repeated until the end of the year, which will again limit the offer to the few available spaces».

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