According to WORX's research department, this take-up represents an increase of around 27% over the same period of 2018. Of the total of almost 100 operations registered in this first half, 13 have an area of over 2,000 m². Analyzing the evolution of the take-up, from the same period of the year, from 2015 to the present day, it can be seen that the weight of the number of placements with an area above 2,000 m² has been increasing, and has shown a linear behavior with an average slope close to 45º.
Between 2015 and 2017 the weight of placements above 2,000 m² represented, on average, just over 10%, except for the first half of 2016, when there were no placements above this area, the figure skyrocketed to 36% in 2018 and is currently at 63%. Also noteworthy is the trend of the entry of international companies in these placements.
The availability rate of the Lisbon Office Market remains low due to scarce supply and growing demand. At the end of the first semester of 2019, the downward trend that the market has been verifying has placed the availability rate at 5.23%, with the Parque das Nações area reaching 1.41 % and the historic area with only 0.35%.
The pipeline of buildings under construction, and or in the beginning, for 2022/3 projects about 300,000 m² of new office space on the market.
In addition to these projects, it is noted that the conversion of several office buildings for housing is being rethought, the ratio of housing rehabilitation costs to sales value is expected to decline, making the rehabilitation of the building more attractive. the same use, either because of the rehabilitation costs being lower or the current lack of spaces.
Accompanying the growing demand in the office market, also prime income values have maintained their upward trajectory. The CBD prime zone closed the semester at 22 € / m2, with an increase of 1 € / m2 compared to the final average value of 2018.
In anticipation of the new pipeline areas and the aforementioned rehabilitations, it is expected that in 2022/3 the values of prime rents will readjust and may predictably be around 18 € / m². That is, from then on, with excess supply, the balance will weigh in favor of the tenant.
Pedro Salema Garção, Head of Agency at WORX, comments that “At a time when demand for the Lisbon Office Market promises to remain active and at a steady pace, the current obstacle is the ability of supply to respond in a timely manner. There are still very limited areas available to occupy. This scenario will result in the opportunity to dispose of the empty spaces and the promotion of projects with pre-lease contracts, which should continue as a major trend. The Parque das Nações and Ribeirinha areas will continue to be very attractive to companies that escape the traditional CBD office format, even though they have the lowest vacancy rate in the city. In this way, negotiating conditions and renegotiations remain an advantage for the owner side. ”