Lisbon Office Market Sees 131,200 m² Occupied in Nine Months Amid Declines

The office market in Lisbon recorded an occupancy of 131,200 square meters (m²) between January and September this year. Of this total, about 53,200 m² (41%) are located in the CBD axis, including Avenida da República and adjacent areas, Avenida Duque de Loulé, and Amoreiras.

In Lisbon, another key area of demand is Parque das Nações, which saw an occupancy of 29,100 m² (22%). Meanwhile, in Porto, 27,300 m² were transacted in the first nine months of the year, with the Oriental zone leading the regional office market at 32%, followed by Matosinhos at 24%.

These figures are from JLL's latest 'Office Flashpoint' report. The consultancy notes that although Lisbon's office market showed a 22% decline compared to the same period last year, this gap has been narrowing throughout the year. Activity in Porto remains under strong pressure, staying 54% below the same months of 2024.

Bernardo Vasconcelos, Head of Office Leasing at JLL, stated in a release: 'The strong performance in Lisbon's central areas confirms that location, always important, is increasingly seen as a make-or-break factor for installation decisions, combining centrality and surrounding services with accessibility and daily commuting. Accessibility to offices and employee commute times are becoming more decisive, pushing location to the top of occupants' checklists, even if it means much higher rents.'

Companies Most Active in 2025

In the office market, considering the year-to-date, Financial Services and Business Services companies were the most dynamic in Lisbon, accounting for 33% and 25% of take-up, respectively. In Porto, Construction and Real Estate firms and TMTs & Utilities dominated, with shares of 36% and 20%, respectively.

The 131,200 m² occupied in Lisbon resulted from 114 operations, with an average transaction size of 1,151 m². In Porto, 40 deals comprised the 27,300 m² of accumulated take-up, averaging 681 m² per operation.

In September alone, 17,400 m² of offices were occupied in Lisbon, up 13% from August, with an average transaction size of 1,241 m² across 14 recorded operations. The largest deal of the month, in Parque das Nações, exceeded 6,000 m², boosting occupancy in that zone to 39%. The most dynamic sectors in September were Business Services and TMTs & Utilities, each accounting for 47% of the total occupied area.

September 2025 saw an occupancy of 11,629 m² in Porto, about six times more than in August. There were nine operations in September, with an average area of 1,292 m². The largest was in the Oriental zone, involving nearly 8,700 m², making it the most dynamic area with 75% of the monthly take-up. The Construction and Real Estate sector was the most active, also holding a 75% share of the activity.