Offices in Lisbon and Porto with atypical 2022

Offices in Portugal reached, in 2022, a record number in the occupation (in terms of acquisition and lease) of national, international and multinational companies in the cities of Lisbon do Porto, an increase of 75% compared to 2021. These data were released during the month of December by Office Flashpoint of jj consulting.

If, on the one hand, the reorganization of space and the return to the office (permanent or hybrid) was a reality for many companies, on the other hand, the Office Flashpoint report indicates that between January and November, 312,000 m2 (three hundred and twelve thousand meters square) of gross office space in Lisbon and Porto “against” the 178,000 m2 (one hundred and seventy eight thousand square meters) contracted in the same period of 2021.

According to data released, in Lisbon, the most dynamic area of the city is Parque das Nações, where 35% of the market are financial services companies. In Porto and Matosinhos, TMT’s & Utilities (Technology, Media & Communications companies) lead the list. The document also reveals that the number of international customers has grown.

One of the reasons for this boom in office leasing in Lisbon and Porto can be explained by the installation of international and multinational companies in Portugal, including the Finnish Eva Global – specializing in supporting electric mobility – which in 2022 leased more than 2000m2 (two thousand square meters), in one of the most prestigious areas of the capital. The international bank BNP Paribas also acquired spaces in the Parque das Nações area, totaling 38,250 m2 (thirty eight thousand, two hundred and fifty square meters).

According to a report by the consultancy Cushman & Wakefield presented in early 2023, Portuguese companies also contributed to reaching this unpredictable number in the real estate market. One of the biggest transactions recorded was that of the Fidelidade insurance company, which moved its headquarters, in the capital, to a building measuring 28,000 m2 (twenty-eight thousand square meters). The consultant Cushman & Wakefield also highlights the occupation, whose owner is currently confidential, of almost the entirety of one of the ALLO project blocks with 18,000m2 (eighteen thousand square meters), still under construction in the Alcântara area, in Lisbon.

In the city of Porto, emphasis should be given to the occupation by the international services and payments company SaltPay of 4740m2 (four thousand, seven hundred and forty square meters) in the Porto Business Plaza or the pre-leasing of 4000m2 (four thousand square meters) by the consultant Kantar in Matosinhos area.

In 2022, it was not just spaces for offices and for existing or new companies – flex offices or coworking spaces also registered an increase of 11% in Lisbon and 15% in Porto in the first half of the year, according to data released by the CBR Portugal. With the pandemic, some companies left their physical locations, reinventing themselves after remote work or hybrid work became, more and more, the reality in Portugal. In this sense, these spaces are occupied by companies, multinationals, foreigners and Portuguese who prefer to work there than at home.

In financial terms and according to data from the consultancy Cushman & Wakefield, the office market in Portugal during 2022 symbolized an investment of 770 million euros, which represents 27% of the capital that entered the Portuguese market through the real estate area. In terms of business volume, the Crown Project (21 hotels, 5 golf courses, properties, platforms and a shopping center) occupies the top of the list, having been classified as the business of the year and representing an investment of 850 million euros . The data presented also show that in the months of 2022, 44 new hotel units opened in the country, with emphasis on Lisbon, Douro and Algarve.