During the first quarter of the year there was significant growth in space absorption in the Lisbon office market, which amounted to 76,131 square meters (m2). “Seeing the market recovering again and returning to pre-pandemic values makes us confident about the rest of 2024”, says Bernardo Zammit e Vasconcelos, Head of Agency at Worx Real Estate Consultants in a statement.

According to the real estate consultancy, after “a more moderate dynamic” in 2023, the beginning of the year showed that the office market is resilient and attractive, having shown “signs of strong recovery in the volume of operations, which almost tripled compared to the same period last year [ first quarter of last year]”.

Between January and March, the area with the greatest demand was Parque das Nações (zone 5), which accounted for 41% of total absorption, and it was there that the biggest transaction of the quarter took place: the placement of Caixa Geral de Depósitos (CGD ) in the WELLBE building.

Prime CBD (zone 1) registered the highest number of operations, “evidenced a greater appetite for demand for spaces in central and prestigious locations, even with smaller areas”, concludes Worx.

“During this period, the vast majority of operations were facility changes, representing around 90% of the placed area. In this context, the entry of three new companies in the Lisbon region was also noted, including the flex office company Monday”, the note reads.

Quoted in the document, Bernardo Zammit e Vasconcelos states that Worx was responsible for placing more than a third of the total area absorbed in the first three months of the year, around 29,200 m2, as well as for four of the five largest operations. “These results are a reflection of our teamwork and our differentiated positioning in the face of the challenges of the office market in Lisbon”, he comments.

“We have no doubt that the market will continue to grow, as companies continue to invest in improving their facilities and investing in good locations, as a way of attracting their employees to return to the office, post-pandemic”.