Average take up area in the Lisbon office market grew 28% in 2016

The average area taken up by rentals in the office market of Lisbon was 719m² in 2016, a growth of about 28% compared to 562m² average area recorded in 2015.

Activity in this sector was in line with the previous year, with a total of 140,946m², though below the 44,513m² recorded in 2015, note Aguirre Newman in their most recent analysis of the office market, relative to 2016.

According to the consultancy, 196 transactions were registered, 61 less than the previous year, with the Western Corridor and the CBD registering 56 and 46 transactions, respectively, being the most active zones of 2016, representing 18% and 20% of the area covered by transactions. The Secondary Zone registered only 4 deals.  

In terms of area, the Emerging Zone registered the highest growth in take up area, with 32,766m² more taken up, 3 times more than the previous year.

The Emerging Zone and the Prime CBD registered in this period the biggest changes in average surface area taken up per transactions, 36% e 37%, respectively.

As for surface area take up between January and December, in the Secondary Zone and the Western Corridor at least 50% of registered transactions concerned a surface area of less than 300m² and 37 transactions were for a surface area above 800m². Only 1% of transactions In December were for property, the Financial Services sector having been responsible for 4% of take up area.