2024 is expected to be more dynamic (and better) than 2023. If we analyse the latest take-up figures for Lisbon for 2023, around 111,000sqm, we believe that 2024 will be a year of recovery, with take-up figures closer to the average of recent years.
We will also see upward pressure on prime rents in Lisbon, particularly in the prime CBD and CBD which, if we consider the lack of occupancy dynamics in 2023, demonstrates the growing resilience and maturity of the office market.
To support this outlook for improvement in 2024, we are also counting on the return of the large occupancy transactions that marked 2022 so much and which were sorely missed in last year’s take-up, in which the largest transaction recorded was around 5,600sqm.
Although it may not be until the second half of 2024, we also expect an improvement in the investment market in this sector. Among other factors, this expectation is mainly due to the possible lowering of the ECB’s reference rates, which will bring greater confidence and financial availability to our market.
Opinion article by Bernardo Zammit e Vasconcelos, Head of Agency in Vida Imobiliária‘s Magazine, published on 15th February 2024.
