In the first half of 2024, Porto's office market had a take-up of 28,400 square metres, a year-on-year increase of 13%, maintaining the growth trend seen over the last few years.
According to JLL, 112,100 square metres are currently under construction to meet the demand for high-quality areas with the best sustainability standards. To this end, several buildings are also being remodelled. At the same time, prime rents have already risen to 20 euros/sqm/month.
Cristina Almeida, Markets & Capital Markets Oporto Director, highlights "the good momentum of Porto's office market, which has seen a 13 per cent increase up to June and is expected to remain buoyant in the second half of the year. The main sources of demand are new companies entering the region and companies looking to expand the area they occupy, and this is an indicator of the robustness of this market. On the other hand, supply continues to be committed to meeting this demand, both with new spaces and with the renovation of existing spaces. These two factors, combined with more encouraging expectations for economic activity, make us optimistic about the market's performance in 2024".
In the first six months of the year, JLL secured a 41% share of the area placed, totalling 10,400 square metres.
The consultancy was involved in operations such as the placement of Alten on 2,950 sqm at Sousa Aroso 959, in Matosinhos; of I Charging on 1,730 sqm at Marechal 50, in the heart of CBD Boavista; and of Vodafone and Fujifilm at ICON Offices, in the Porto Business Zone, involving areas of 1,620 sqm and 1,050 sqm, respectively.
Sofia Tavares, Head of Markets Advisory at JLL, comments that "for our part, we want to continue to make Porto's office market an increasingly competitive destination for attracting occupying companies and new property investments".
She highlights the consultancy's ‘top team’, "totally dedicated and committed, with the capacity to provide the best services to occupiers, owners, developers and investors in offices in Porto and the northern region. JLL has in-depth knowledge of the market and is prepared to provide the best answers in this particularly challenging phase that the office market in general is facing, with new working models and the disruption of sustainability. We are committed to consolidating our leadership in the market and helping to consolidate Porto as an international business destination".
