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Outlook Q1 2024 launch

As the first quarter of 2024 draws to a close, we have launched the Outlook Q1 2024 reports on the Commercial Property Investment Market in Portugal and the Lisbon Office Market, with a detailed analysis of the first quarter of 2024.

These reports analyse the market in the first quarter of the year, with the main trends for the coming months.

Based on the in-depth knowledge of our Research, Capital Markets and Agency departments, we draw conclusions about macroeconomic forces, the behaviour of the players and the attractiveness of the sector in this context.

Therefore, from the analysis of the first quarter of 2024 and the main trends that should guide the commercial property market in the coming months, the following conclusions stand out from these Outlook Q1 2024 reports:

  • The Portuguese economy is expected to grow above the Eurozone average over the next 3 years, with 2.0% in 2024, according to the latest upward revisions from the Bank of Portugal.
  • In the first quarter of the year, around 204 million euros were invested in commercial property, consistent with the same period last year. Among the main transactions, the K Tower building stands out for a value of over 70 million euros, with the office sector capturing the largest volume of investment in this period, around 38 per cent of the capital invested.
  • The investment market is expected to remain resilient, with prospects of robust activity in the second half of the year with the effect of the long-awaited drop in interest rates. Even so, the volume of investment this year should remain in line with the volume recorded in 2023 and a slight compression of yields is expected this year.
  • The office sector recorded an occupancy volume of 73,725 m² in Greater Lisbon, with demand quadrupling year-on-year. The occupation of two buildings in their entirety by Financial Services companies in zones 3 and 5 contributed greatly to the volume of take-up in these areas, which captured more than a third of demand each.
  • The outlook is therefore for a remarkable recovery in demand for office space, with take-up in 2024 above the previous year, accompanied by a slight rise in rents until the end of the year.


Regarding this launch and analysis, Pedro Rutkowski, CEO of Worx, emphasises that “The outlook for 2024, after this start to the year, remains optimistic, albeit more moderate in terms of commercial investment. The office market is well on its way to having a remarkable year, as a result of the major operations we have seen and also those that are still in the pipeline. In the investment market, the hotel and retail sectors will continue to be the most attractive, and we are already seeing a recovery in office investment compared to 2023.”

See the full reports at: Outlook Q1 2024 – Lisbon Office Market and Outlook Q1 2024 – Commercial Real Estate Investment.


3rd May 2024

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