Offices in Porto: more than 15,000 sq. mt. occupied in the first quarter

The office segment has been running high in the Porto region, having recorded a total occupancy of 15,297 sq. mt. in the first quarter of 2020, a figure three times higher than in the same period last year. Despite the current uncertainty, following the new coronavirus pandemic, there are signs of optimism and the interest of multinationals in Invicta remains.

"The year 2020 began with the office market registering a moment of strong dynamism in the city of Porto, with a growing demand from multinational companies, which find human resources in the city with the appropriate know-how, labor costs competitive, combined with a good quality of life and attractive values ​​for investment in the region”, says the real estate consultant Predibisa, relying on data from (her) OnOffice report, which analyzes the office market in Greater Porto.

According to the company, about 13 operations were carried out between January and March, similarly to what happened in the same period last year. "However, the average contracted area per transaction (taking into account the accumulated for the quarter) skyrocketed, from 347 sq. mt. (2019) to 1,117 sq. mt. (2020). This variation is due to the realization of three operations with contracted areas above 3,000 sq. mt., two of them mediated by Predibisa”, the consultant says.

It should be noted that demand was mainly concentrated in companies linked to the TMT’s & Utilities sector, these being the most active in the first quarter of 2020, with a total of four transactions (31%). The demand for Business Services follows (23%). In terms of office area, the Business Services sector was responsible for the highest percentage of occupation (40%), followed by the sectors TMT’s & Utilities (30%) and Other Services (23%).

Active multinationals, but at a slower pace

For Graça Ribeiro da Cunha, Head of Predibisa for the Office area, "having as reference the last two years, where there were levels of placement of extraordinary offices for Porto, the first quarter of 2020 revealed itself with the same continuity having taking into account all that Porto has to offer companies”.

"Now we are faced with an uncertainty for the remaining months of the year that only time will tell us, although already with the certainty that the multinationals continue with their expansion projects previously decided and moving forward with them, albeit at a more slow and cautious pace”, he concludes.