The Lisbon office market closed 2025 with around 200,000 sqm of transacted area, according to preliminary data from JLL's monthly Office Flashpoint report. The volume represents a 10% drop compared to 2024, a year marked by historically high levels of activity. Even so, in a more demanding context, the results confirm the sector's resilience and continued positive trajectory.
Larger transactions once again highlighted companies' preference for new, efficient buildings with more flexible and innovative working concepts, reinforcing Lisbon's position as an attractive business hub.
JLL contributed significantly to the market's dynamics, generating around 1/3 of the total market take-up. In total, JLL was responsible for placing 56,000 sqm of office space, of which 29,000 sqm resulted from expansion needs or new market entrants.
With a 43% share of take-up transactions brokered by agents, JLL consolidates its position in the office leasing segment, in a year marked by adjustments, but also by clear signs of confidence and continuity in the Lisbon office market.
Sofia Tavares, Head of Leasing Advisory at JLL, says that "this performance reflects the talent, dedication, resilience and team spirit that define JLL's Office Leasing area. In a more demanding and selective market, we have managed to anticipate trends, stay close to our clients and turn challenges into opportunities. Generating around a third of the take-up in the Lisbon office market in 2025 is a source of great pride and confirms the strength of our collaborative and people-oriented approach."
Market recognition is evident in the portfolio of office marketing mandates entrusted to JLL, as well as in the contact base with companies that have expressed potential occupancy needs of 190,000 square metres, opening up promising prospects for the consultancy's impact on Lisbon's office activity.
Bernardo Vasconcelos, Head of Office Leasing at JLL, comments that "the office sector in Lisbon continues to experience high demand, as evidenced by the contacts we have been developing. JLL has identified around 190,000 square metres of latent demand, but one of the central challenges remains: matching supply to the demands of this demand, especially solutions with immediate or short-term availability".
As for 2026, JLL is optimistic about the market: "although 2025 saw a 10% decline, this comparison is against an exceptional 2024, and the slowdown has been easing throughout the year. We expect a more dynamic 2026, benefiting from economic growth, low unemployment, increased private consumption and growing investor interest in promoting assets aligned with the new demands of this market. These factors reinforce the confidence of companies operating in Portugal, also generating good expectations for entities wishing to enter our market in 2026-2027."
Regarding the performance of the Lisbon office market in 2025, JLL's Office Flashpoint reveals that the 200,000 sqm transacted represent 163 transactions, 43 of which involved areas larger than 1,000 sqm. The average area per transaction thus amounted to 1,240 sqm, in line with the 2024 transaction pattern.
Lisbon's CBD was the most active area, with 47% of annual take-up, followed by Parque das Nações, with 19% of the volume occupied. In terms of demand, three sectors stood out: Financial Services companies, with a 23% share of annual take-up; Business Services operators, with a 23% share; and TMTs and Utilities, with an 18% share.
