Porto office market starts 3rd quarter with good dynamic

The third quarter of 2020 ended with the office market in Greater Porto registering a take-up of 10,269 sq. mt., a value 6% above the demand verified in the same period, influenced by the resumption of business activity that has been registered since mid-June, with companies "returning to the office” in the post-confinement period.

According to data from OnOffice, a study carried out by Predibisa, despite the number of transactions being lower than the same period last year (a drop of 8%), there is an increase in the average value contracted per operation, reaching the 934 sq. mt., ( 16%) above the value registered in the same period of the previous year.

The city of Porto, as in the previous analysis periods, continues to absorb most of the contracted office area, with around 70%, with Boavista Central Business District being the leader in the number of operations and in absorbed area. CBD records 11 operations (31%) of the total activity of the Greater Porto office market and also absorbs around 30% of the total volume of the contracted area with 11,706 sq. mt.

Despite the pandemic context, covid-19 had a negative impact on the pace of activity in the office market at the national level, the sector's business dynamics in Greater Porto remained active. The region continues to enjoy a highly attractive status in attracting new international companies, as a business destination for the development/expansion of its activities. An example of this is Fujifilm Europe and Körber which recently chose the region to expand their facilities.