Portugal's industrial and logistics market recorded 229,973 sqm of take-up in the first half of 2026, an increase of 2% compared with the same period last year, according to Savills' latest Spotlight Industrial & Logistics Market report.
The second quarter accounted for 160,866 sqm, more than twice the 69,107 sqm recorded in the first three months of the year. Greater Lisbon represented 76% of national take-up, while Greater Porto recorded 55,190 sqm. Logistics accounted for 73% of total demand.
According to Savills, both markets continue to be constrained by the limited availability of quality assets for lease, with demand remaining solid and above existing supply.
In Greater Lisbon, take-up reached 174,783 sqm in the first half, with logistics accounting for 75% of total demand after growing by more than 14% year-on-year. The region has a logistics stock of around 3.5 million sqm and a vacancy rate of just 1.8%.
Castanheira-Azambuja, considered the region's prime logistics axis, accounts for 33% of total stock and has a prime rent of €5.50 per sqm per month. The area has no available space and accounts for around 36% of identified active demand.
The Greater Lisbon development pipeline for 2026 totals around 400,000 sqm, more than one third of which is already pre-let or under contracted occupation.
Greater Porto recorded 55,190 sqm of take-up in the first half, 2% below the same period last year. Savills said the decline reflects the limited availability of space rather than a slowdown in demand.
The region has a vacancy rate of 0.5% across an industrial and logistics stock of more than 1.3 million sqm. Valongo accounted for 36,885 sqm of take-up, or 67% of the regional total, driven by two 12,500 sqm transactions at Panattoni Park Valongo.
Prime rents in Greater Porto stand at €5.75 per sqm per month. The pipeline through 2027 totals around 69,000 sqm, of which 42% is already pre-let.
“Demand remains clearly above available supply, making the availability of quality product the main constraint on take-up”, said Alexandra Gomes, Head of Research at Savills Portugal. She added that more than half of the Greater Lisbon pipeline is already committed before completion, pointing to increasing pressure on prime rents and greater use of build-to-suit and pre-let solutions.
Pedro Figueiras, Director and Head of Lisbon at Savills Portugal, said Portugal is benefiting from low vacancy rates, the growing internationalisation of the economy, stronger exports and its strategic position in global supply chains, adding that new logistics supply is becoming a necessity to meet growing demand.
