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Activity in Porto’s office market grows 43% until April
09 June 2020
Activity in Porto’s office market grows 43% until April
Vida Imobiliária

After closing 2019 with an occupancy of 64,918 m², the office market in Porto had a very dynamic start to the year. On a growth path, in the 1st quarter the activity grew 43% year on year, reaching 21,013 m².

 The results were presented by the Prime Porto Index (PPI), which accounted for 17 operations between January and April 2020, less two than in the same period last year. Even so, the area absorbed grew 43% compared to the 14,736 m² transacted over the first four months of last year.

Another highlight of the activity in the first four months of 2020 is the fact that 81% of the occupation was generated by expansion needs or the entry of new companies in the market, meaning that only 19% of the activity resulted from companies relocation.

Looking at the market map, in the first third of 2020 there was still a preference for prime location, CBD Boavista (zone 1), which traded 6,713 m², equivalent to 32% of the total, being the stage for the largest operation carried out on the market.

Regarding the origin of this demand, the companies of "Other Services" and "TMT’s & Utilities" were the most dynamic in taking up space in the 1st quarter of 2020, being responsible for, respectively, 34% and 32% of total absorption. Also noteworthy are the entities providing "Business Services”, which accounted for almost a third (29%) of the area occupied in the period.

Produced by Confidencial Imobiliário (Ci), the Porto Prime Index is the new information system that monitors the occupational dynamics of the Porto office market.

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