Never before has the availability rate of the Lisbon Office Market reached so low. At the end of the first quarter of 2018, the downward trend in the market, which has been cross-securing, has put the availability rate at 8.31%, with the Parque das Nações zone reaching a very residual value of 2, 47%.
Since 2013, this performance indicator has been declining at an annual average of 1.1 pp, with the year 2017 registering a major decrease (8.31%) compared to the same period in 2016 (10.21%).
The Parque das Nações zone leads the list of areas with the lowest available supply (2.47%), followed by the Prime CBD zone (4.37%) and the Historical zone (5.12%).
Since the year 2013, the activity of promoting new office buildings has been more timid compared to other real estate segments, having suffered the effects of urban rehabilitation that has benefited the residential segment. Far from the m2 developed in the pre-crisis period, in the last 5 years an approximate total of 137,000 m2 was placed on the market, with an annual average of 27,400 m2 of new buildings.
Pedro Salema Garçon, Head of Agency of WORX, comments that "At a time when demand for the Lisbon Office Market promises to continue to be active and at a constant pace, the obstacle is the current ability to respond in a timely manner . With a little more than 50,000 m2 of new office spaces planned in 2018, this is a period in which there must be continuity of investment in this segment. This continuity is already assured by the pipeline expected for the years 2020-2021, which will bring a new, quality offer to the market. For at this moment there is little quality supply. "
With the increase in prime rents, which closed at € 20.50 / m2 / month in the first quarter, WORX - Real Estate Consultants has been following this growth and has been cementing its position in Lisbon and Porto, as was the case with the URBO project, whose leasing business was carried out by the consultant, representing BNP Paribas. This was the largest lease operation in the city of Porto, where about 15,000m2 were marketed.
WORX's office department is one of the market leaders in Portugal, in the first 4 months of 2018, with around 20% market share, business done between agents in Lisbon, more than 15 operations in Lisbon. corresponds to a total of about 15 000 m2 occupied.