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International companies continued to settle in the city during the most critical period of the pandemic

International companies continued to settle in the city during the most critical period of the pandemic
01 Jul 2020

Several international companies leased offices in the city of Porto during the state of emergency. This performance was achieved "exclusively" by foreign capital, informs the consultancy CBRE, which alone rented 7,500 square meters. 

Foreign investment in the city of Porto did not stop during Covid-19's most critical pandemic period. According to CBRE, this performance was achieved "exclusively by international companies, which confirms the attractiveness of Portugal as a country and region of Porto, in particular", says a consultant, quoted by the newspaper Construir.

The senior director of A&T offices at CBRE Portugal, André Vaz de Almada, adds that "the Porto market continues to show positive signs, even in the context of a pandemic". This statement is confirmed as a recent study by the Municipality of Porto, prepared by the investment attraction office InvestPorto, which shows the impact of the pandemic on the fabric of strategic companies in the city. 

Among the main conclusions, it was demonstrated that foreign investment maintains a positive trend and expects to reinforce activity in Porto. 

Despite Covid-19's strong impact on the local economy, most of the strategic companies for the economic development of Porto face the future positively and maintain the intention to continue to recruit new employees. One in three investors will expand its presence in the city, with the ICT sector and foreign investors leading in new investment intentions.

Foreign capital does not show any signs of retraction either, as two out of three foreign investors anticipate an increase in the pace of new investments in Porto and no large or medium-sized company is the average investment in the city. 

During the state of emergency, as larger companies, the technology sector and international investors registered slighter losses.

The rent of 7,500 square meters of offices, carried out only by one consultancy, between the cities of Porto, Matosinhos, and Maia, is another clear sign that the effects of the pandemic do not affect the plans of international companies.

On the other hand, these entries were also certified as trends by CBRE earlier this year, which indicates a demand by international companies for office spaces in the city of Porto, "with the objective of installing their areas of research and development (R&D)", points out the newspaper Construir.

According to the trends selected in January by the consultancy, the downtown area of Porto was considered to be more attractive, with a vast offer of convenience and leisure, smaller spaces, and a good subway network.

The choice of locations with these characteristics is also related to the willingness of companies to display and retain talents, providing suitable workspaces to the profile of their employees, also improving their daily experience.