Absorption of Porto offices rises 11.4% until May
The volume of absorption in the office market in Porto registered a year-on-year increase of 11.4% in the accumulated period from January to May 2020, marked by confinement due to the pandemic, in a total of 22,847 m².
According to the PPI (Prime Porto Index) figures, analysed by Savills, a total of 20 operations were registered, 20% less than in the same period of 2019.
Boavista and Out of Town are the areas with the best results in the analysed period, with a growth of 27% and 54% compared to last year.
Rodrigo Canas, Associate Director of the Savills Portugal Office department, comments that "the Porto market started a year with an excellent dynamic that far surpassed the results achieved in the same period of 2019, having been interrupted by the State of Emergency. The months of April and May felt expected decreases in the volume of absorption, as a result of the confinement phase”.
"A slight recovery is expected in the second half of the year, but still under the influence of the degree of uncertainty that will affect the total absorption volume of 2020", predicts Rodrigo Canas.
In this period, the Other Services and TMT’s & Utilities sectors had the greatest weight in the activity of office occupation, weighing 68% of the total absorbed. 46% of the absorption concerns areas between 3,000 and 5,000 m².