Absorption of offices in the 3rd quarter totals 25,000 m2 in Lisbon
Nthe 3rd quarter of 2021, the office market registered an absorption of 25,000 m2 in Lisbon and 21,000 m2 in Porto. According to the monthly report Office Flashpoint, carried out by the international real estate consultant JLL, sent in a press release to Notícias ao Minuto, this is a recovery in activity compared to the same quarter last year, with the occupation in the capital being 40% above that period and in Invicta more than doubling (115%). Porto also registered an evolution compared to the previous quarter (103%), while in Lisbon the quarterly comparison is of stability (-3%).
“The quarterly results, which include the summer period, usually less dynamic, are encouraging and open up good prospects for a final stretch of the year”, begins by revealing Mariana Rosa, Head of Leasing Market Advisory at JLL.
“Right now, in cumulative terms, both Lisbon and Porto remain below last year’s results, but the trend has been for recovery, with a particularly strong pace in Porto,” he adds.
“At the end of June, Lisbon had accumulated a decrease of 34% compared to 2020 and in Porto the drop was 66%. Three months later, the compression of the accumulated annual activity in Lisbon eased to -21% and in Porto to an impressive – 11% “, says the responsible.
However, JLL rules are positive to point out “that the last quarter of the year may place 2021 above last year, with the return of companies to offices and the generalized lifting of pandemic restriction measures”.
Lisbon
In the nine-month period, between January and September this year, the Lisbon office market transacted 80,650 m2 in a total of 93 operations, which translates to an average area close to 900 m2, is read in the document. This activity is 21% below the 102,500 m2 traded in the same period last year.
According to the same statement, throughout this year, the Parque das Nações area was the most active, with 29% of the area occupied, a result that is largely due to the pre-lease operation. Year-to-date, demand is led by ‘TMT’s & Utilities’ companies, according to which they guarantee 42% of the annual ‘take-up’.
the month of September contributed around 6,300 m2 to the ‘annual take-up’, recording a record monthly number of operations (18), although reflecting a more targeted demand for smaller operations (350 m2 of average area per operation). The Parque das Nações area was also the strongest in the month, with 30% of monthly occupancy.
In terms of activity sectors, ‘Business Services’ represents 23% of the monthly volume, followed by Financial Services (21%), a reference to real estate consultants.
Harbor
In Porto, the market totals almost 34,000 m2 of area taken in a total of 41 non-accumulated operations in nine months from 2021, period during which the average area per operation was 800 m2. This activity presents a drop of 11% compared to the same period in 2020, when the take-up amounted to 38,000 m2.
According to the Office Flashpoint monthly report, the CBD Boavista zone led the companies’ favorites (38% of the annual take-up), with the activity being especially boosted by the area of ’Other Services’, a sector that generated 32% of the annual activity.
Names of September, the ‘absorption’ was 8,100 m2, in a total of 9 operations and an average area of 900 m2. The CBD Boavista zone was also more active this month, with 55% of occupation. The ‘Pharmaceuticals and Health’ sector represents 40% of the month’s total volume.
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