Office development increases in Europe, Portugal is no exception!

Despite the coronavirus outbreak that hit the global economy in 2020, Europe has seen the development of new offices reach a five-year high, and Portugal is no exception. This is one of the main findings of the European Office Development, issued by Savills last June.

Conversely, “the development pipeline this year is expected to deliver 26% more space than 2020, at over 5.2 million square meters, the highest level of the past five years”, the report states. Despite this upwards tendency, the authors claim there is no risk of oversupply.

In fact, about 54% of offices in the pipeline for this year are already committed, reflecting another of the study’s findings: “that quality workspace is a priority for occupiers” and, as a result, “its supply remains tight” throughout the European markets.

Supply of Grade A spaces to increase in Portugal

Following the trend of its nearby territories, Portugal is also subject to increasing demand for premium quality working spaces. According to the available data, Lisbon presents an office vacancy rate of 7% in 2021, expressing a slight increase compared to the previous year.

Meanwhile, a brief essay published by Savills Portugal claims that more than 150 thousand square meters of new office space will be developed in Lisbon by 2022, making the Portuguese capital one of the most promising and competitive markets.

Regarding the second largest city, Porto, the number of new working spaces is expected to reach 100 thousand square meters in the next year.

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The increasing supply of premium office spaces in Portugal is a promising indicator of its attractiveness to foreign investors. If you would like to know more details about the national Golden Visa programme or other investment solutions, feel free to reach us anytime.

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