Greater Porto has 95,000 m² of office space in the pipeline
REPORTUGAL
· 07 Dec 2021
Porto's office market continues to grow and, according to figures presented by Predibisa, there are 95,000 m² in the construction pipeline, of which 23,500 m² are already occupied.
"The city and the region have passed the pandemic test. We continue to attract investment and talent", said Ricardo Valente, Porto City Councillor of Finance, Economy and Employment and City Councillor of Tourism and Commerce, who spoke on the afternoon of November 25th, during Porto’s Urban Rehabilitation Week.
According to Graça Cunha, Offices & Retail, Associate Director of Predibisa and Isabel Rocha, Offices & Industry, Senior Consultant of Predibisa, in Greater Porto there are 95,000 m² of offices in the construction pipeline, of which 23,500 m² are already occupied. These are workspaces prepared to meet a growing and challenging demand, which wants more sustainable buildings, with more mobility facilities and better infrastructures. Spaces with high standards of comfort that compete at a European level.
In Graça Cunha's opinion, "at this moment, Porto has a consolidated market and even has room for an evolution in rent prices".
Porto’s offices are a market with future
The conference 'The opportunity of investing in offices in Porto' was followed by a debate moderated by João Nuno Magalhães, Chairman of Predibisa, with the participation of Ricardo Valente, Pedro Coelho, Vice-Chairman of Square Asset Management; João Cristina, Country Manager of Merlin Properties; Alejandro Oliveira, Commercial Director of Civilria; Manuel Puerta da Costa, Board Member of APFIPP and Alexandre Fernandes, Managing Director, Developments Europe of Sonae Sierra.
In Pedro Vicente's opinion, "the change in Porto was very big. It started in the downtown area and tourism and expanded to new areas and to the attraction of the technology industry. With the impulse of the University of Porto, we have many technology companies that want to come to Porto because they find talent here".
This dynamic is mirrored, for example, in the success of ICON, Civilria's latest office project. "An office tower, under construction, where six floors are already placed", said Alejandro Oliveira.
Still without a presence in Oporto, Merlin Properties recognizes the opportunity: "we are not present yet because we define as a priority the traditionally more consolidated markets, such as Barcelona, Madrid, and Lisbon. But I hope to be able to invest in Oporto in the next few years", said João Cristina.
Defying the pandemic, "Sonae Sierra is starting a new cycle" with the "bet on the expansion of the investment fund management business and on the enlargement of the real estate development activity beyond the retail sector", told Alexandre Fernandes.
Concluding the debate, the last considerations were about the national legal framework. "We are competing with other locations. We must keep this in mind when we look at our labor, fiscal and, in particular, tax regime, both on companies and income. We are not alone. We are competing with other locations", João Cristina concluded.
