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Porto's office market maintains strong dynamics and search for large office areas

Porto's office market maintains strong dynamics and search for large office areas
08 Jul 2022
JLL's Office Flashpoint report, relative to the month of May 2022, reveals the continued strong dynamics of office occupation in Porto. 

The monthly take-up for the Porto office market was divided amongst 7 operations and totalled 8,500m2, of which 6,000m2 refers to spaces in the city of Porto. This demand is very much directed towards relatively large areas, as can be seen by the average area of the offices leased during the month of May (1.216m2).

In May, the highlights in Porto were Saltpay - renting over 4,700m2 in the Porto Business Plaza (CBD Baixa) - and Sodecia - renting over 1,300m2 in the Oporto Bessa Leite (CBD Boavista).

In year-to-date terms, the annual take-up in Porto was 23,500m2 , more than three times the 6,800 m2 seen the previous year. TMT's & Utilities' companies have been the most dynamic, generating 50% of the annual take-up, although Business Services' companies, with 31% of the area, also stood out.
In geographical terms, the CBD-Baixa (30% of the annual take-up to date) and the CBD-Boavista (23%) have been the areas with the greatest demand.

On balance, Sofia Tavares, Head of Office Leasing at JLL, said that "occupancy in May confirmed the robust momentum of the activity, with growth of over 200% compared to the same month in both Lisbon and Porto". However, and "despite the geopolitical instability in Europe and the generalised inflationary pressure", the specialist considers that "the main obstacle to office demand continues to be the scarcity of adequate and modern supply".