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Office Spaces
19 October 2020
Office occupancy in Porto is dynamic while slowing in Lisbon
Idealista

The office market is reacting differently to the Covid-19 pandemic in Lisbon and Porto: in September, 8,070 square meters (sq. mt.) were occupied in Porto - one of the best months of the year - while in the capital only 4,642 sq. mt. were occupied. Year-to-date, the Porto market is 28% above 2019, with 38,650 sq. mt. occupied between January and September. In Lisbon, by contrast, activity decreased by 30% year-on-year, with only 102,041 sq. mt. occupied until September. 

At stake is data contained in JLL's Office Flashpoint, which analyzes the dynamics of the office segment in September. According to the consultant, seven transactions took place in Porto in September, with an average area of ​​1,153 sq. mt. "CBD-Baixa was the most dynamic area, with 63% of the 'take-up', hosting the biggest operation of the month, namely the expansion of Natixis in Porto Business Plaza by about 4,400 sq. mt.", states JLL.

For Mariana Rosa, Head of Office/Logistics Agency & Transaction Management at JLL, "September marked the return of many employees to the offices on a more constant basis, after months of absence due to the pandemic”, with companies already realizing "the importance of the office physical as a central point of the internal network. "However, this desire to reactivate day-to-day life has not yet translated into the search for new spaces in Lisbon. There is a clear presence of small-scale operations, out of immediate need, with large-scale operations still on stand-by”.

Regarding Porto, Mariana Rosa considers that the market is experiencing "a different phase of maturity”. "The outlook in September was much more positive than in Lisbon, so that, even in a context like the current one, it can present a more favorable performance, especially in comparison with last year”.

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