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2020 kicks off at a good pace with 14,062 sq.m. of occupied office space
January 2020 shows a year that is expected to be very challenging and that promises to keep demand high.
Rodrigo Canas
“January 2020 shows a year that is expected to be very challenging and that promises to keep demand high. The closed operations in this first month, albeit in a smaller number compared to the year 2019, were directed to larger areas, thus reflecting the continued interest of large occupants in expanding their operations in the Lisbon city. It will be interesting to see how the market will react and respond to this type of demand while waiting for the entry of new projects planned for the next two years”, mentions Rodrigo Canas, Director of the Office Department at Savills Portugal.
Take-up per Market Zone
During January 2020, 7 operations were verified, 5 operations less than in the same month of 2019.
Number of Deals by Market Zone
Zone 5 (Parque das Nações) stood out with an absorption volume of 6,164 sq.m., which corresponds to the occupation of Randstad in the Oriente 343 building.
Zone 3 (New office zones) also closed January on a positive note with a total of 3,795 sq.m. of occupied spaces, of which 3,638 sq.m. were occupied by the financial entity BNP Paribas of the Green Park building.
Zone 6 (Western Corridor) maintains its performance trajectory at an upward trend, a fact already observed during the year 2019. In the total month of January it accounted for 3,052 sq.m.of take-up, where once again a financial entity was responsible for the occupation deal with the highest GLA volume.
On a less positive note, there were zones 1 (Prime Zone) and 2 (CBD), which saw decreases in their absorption volumes, starting the year with decreases of 59% and 87% respectively and accusing the lack of available supply addressed to companies with the need to occupy larger areas.
Take-up per Activity Sector
The sectors of activity dedicated to Financial Services and Business Services were largely responsible for the results achieved, representing 91% of the total take-up volume recorded in January 2020.