According to Worx's WMarket study, this absorption volume represents an increase of 11% over the same period of the previous year and allows us to anticipate another record year-end.
Significant increases in some areas, such as zone 5 (Parque das Nações) or zone 7 (other zones), eventually offset declines such as zone 4 (Historic Zone) or 6 (west corridor) and balance the final result of the semester.
Zone 5 was the market with the highest growth, with a take-up volume 5 times higher than the same period of 2017. From 2 309 m2 it has now increased to a total take-over of 12 577 m2, in which the 8 000 m2 occupied by Teleperformance made a very significant contribution. Also with great dynamism, zone 7 more than doubled the absorption, with a growth of 61%. And zones 2 (CBD) and 3 (Emerging Zone) with take-up increases in the order of 56% and 46% respectively.
108 were the total number of operations in the Lisbon office market, recording a decrease of 16% compared to the same period of the previous year, which allows us to conclude that the average contracted area was higher.
In relation to the availability rate continues to fall, motivated by the growing demand and shortage of new supply.
Pedro Salema Garçon, Head of Agency of Worx, states that "There is still a lack of new supply and when it arises, it is mostly based on pre-lease projects."
At the end of the first half of 2018, the availability rate was 8.10%. This value has been declining gradually since 2013, but should see a reversal from the years 2020/2021, with the expected entry of new projects in the market.
With the lowest market value of 2.42%, corresponding to less than 10 000 m2 available, zone 5 (Parque das Nações) is the area that best reflects this pressure of the availability rate, being totality.
In line with the growing demand in the Office Market, Prime Render values have also maintained their upward trend. The Prime CBD zone closed the semester at € 21.75 / m2, showing an increase of € 1.25 / m2 compared to the previous year.
The Research & Consulting department of the real estate consulting firm also predicts that, with the real estate market resuming, the promotion bet on office buildings was deferred in favor of residential real estate development given the high attractiveness of this segment. The market is again at a turning point and diversification of investment, with the activity of promoting office assets to revive. Between 2020-2021, Worx foresees the entry of approximately 290,000 m2, divided into spaces for own occupation and speculative development.
Pedro Salema Garçon concludes: The year 2019 represents an opportunity to be able to sell used offices in the market. Owners should invest in these properties in order to be absorbed by the market by 2020 in order to take advantage of the lack of new existing market offer.