Porto's office market has surged in H1, recording, not only, the largest office deal in the country, but also 2 additional important deals, close to 2.000 sqm each. International demand has been driving this surge, turning Porto as a viable relocation option for important international corporations.
Lisbon’s office market has also been performing well, with take-up increasing. Lisbon’s vacancy rate provides evidence of this good performance, with vacancy rate below %, for the first time, since 2009.
The biggest challenge both cities will be facing is similar and has not changed in the past years: lack of supply! Porto and Lisbon’s pipeline is insufficient. In Porto, office scarcity has been overcome with one-off deals, in areas with little office occupation, suiting the occupiers’ needs; while in Lisbon, pre-let is already predominant, leaving less than 25.000 sqm to the market.