Portuguese Office Market

ATTA Newsletter 14

This newsletter covers the Office market in Portugal from 2020 to Q2 2024. We focus our analysis on Lisboa and Porto by office areas.

Main findings:

Lisboa

• 127.600sqm take-up in H1, the largest deals were:

1. 27,000sqm on WellBe building by CGD and 17,000 sqm on Álvaro Pais building by BP on Q1 and
2.  17,000 sqm in Oriente Green Campus (WIP) on Q2. Prime yields generally increased 25b.p. since end 2023, standing at 5.0% in Zone 1 (Prime CBD).

Porto

• 28.400sqm take-up in H1, approx. 2,500 sqm in Lionesa Business Hub on Q2. Prime yields generally increased 75b.p. since end 2023, standing at 6.75% in Zone 1 (CBD Boavista).

Rates

There has been a decrease in all Euribor rates since September 23, where its recent max were registered, 4,14% 6M Euribor and 4,20% 12M Euribor. September YoY variation on the most common residential mortgages index, 6M Euribor, registered a negative 79b.p. variation. The ECB rate is at 4.25% (25b.p. since August) and we foresee a 25-50 b.p. decrease in the following months.

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