Lisbon: offices with a record take-up of 272,000 sqm by 2022

Lisbon: offices with a record take-up of 272,000 sqm by 2022

The Portuguese capital registered, in 2022, a historical value in the office sector. With an absorption of 272,000 square meters, the office market in Lisbon marked the best year ever, informs CBRE in a statement.

In Porto, an absorption of 60,000 square meters was observed, which remains in line with previous years, and shows the path of consolidation that the city has been making.

Of a total of 158,071 square metres transacted by agents in the national office market in 2022, around 68,000 were advised by CBRE, which resulted in a market share of 43%. In this area, the consultancy recorded its best year ever with a growth of 87% compared to 2021.

CBRE participated in transactions such as the placement of Galp, which will occupy 20,000 square meters in ALLO - Alcântara Lisbon Offices, the "largest lease transaction in 2022," indicates the consultancy. CBRE was also responsible, in the same development, for the lease of 8,500 square metres to EY and 6,000 to Cloudflare.

André Almada, Senior Director of Advisory & Transactions Offices at CBRE Portugal, emphasizes that "we were actively involved in four of the five largest transactions in the Lisbon office market, which certainly contributed to the consolidation of our market leadership. The office sector, in 2022, had an unmatched performance, and if there were any doubts about the end of offices, as a consequence of the changes in work formats resulting from the pandemic, they will be completely dispelled. Also Portugal's power of attraction as a market of excellence to live and work in, as in recent years, is once again a very relevant factor in the result achieved by the office market".

Flex Offices

CBRE found that the Flex Offices market "has shown itself to be very dynamic and that operators of this type of space are maintaining their interest in the two main Portuguese cities, largely sustained by the lifestyle that they offer and the competitiveness of the talent found locally," it reads in a statement.

The consultancy firm said that in this segment it advised on the three most relevant operations in the market: the placement of 5,800 square metres for WeWork's first space in Portugal, in the Alexandre Herculano 50 building, and of LACS, in the 24 de Julho building, occupying the entire property with 4,400 square metres, both in Lisbon.

In Porto, it also oversaw the placement of 5,000 square metres for Spaces, in the Joana D'Arc building, this being the operator's first space in the north of the country.

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