The office market is going through one of the most challenging and transformative periods in recent decades. The pandemic has not only profoundly altered the way we work, it has also accelerated a structural change in the demands companies and employees make of their workspaces.
In this article, Francisco Caldeira, Head of Capital Markets and Agency Director, analyzes the main trends shaping the sector in Portugal, focusing on new occupancy requirements, emerging locations, the evolution of supply in Lisbon and Porto and the impact of teleworking. An informed and strategic look at the present and future of offices, through the specialized lens of WORX Real Estate Consultants.
Workspace transformation
The pandemic has accelerated structural changes in the office market, both in Portugal and internationally. More than an increase in area, companies are now looking for a functional reorganization of their spaces, favoring collaborative, technologically advanced and attractive environments. The aim is clear: to encourage a return to face-to-face work, promote well-being, increase productivity and strengthen talent retention.
Today, the office is conceived as an integrated experience for employees. Spaces dedicated to training, gyms, leisure areas, canteens, crèches and meditation areas have become part of many projects, making the workplace more human and appealing. Personalization, state-of-the-art technology, an abundance of natural light and the integration of green areas are now key elements in enhancing the attractiveness of offices.
Supply and availability of large spaces in Lisbon and Porto
Despite the high demand, Lisbon and Porto continue to offer large spaces. In the capital, the current stock is around 4.4 million square meters, with annual growth estimated at between 1% and 3%. In 2024, around 88,190 m² have already been completed, with a further 350,000 m² expected to enter the market over the next three years.
Zone 5 (Parque das Nações) stands out as one of the most dynamic, with emblematic projects such as Echo, from the EXEO complex (20,787 m²), and Oriente Green Campus (38,000 m²), the latter of which is still partially available. The high demand for modern, well-located spaces adapted to new requirements is evidenced by the growing scarcity of these buildings.
Locations on the rise
Although the Central Business District remains relevant, new locations are beginning to assert themselves on the market. The historic riverside area, for example, has been redeveloped with projects such as the EDP headquarters and EDP II. Developments such as ALLO, Cais V and the VdA headquarters are strengthening interest in the area, benefiting from its proximity to the River Tagus, its architectural quality and the surrounding urban context.
Entrecampos has also taken on a strategic role, driven by the ambitious Fidelidade project, which promises to revitalize the area and diversify the supply of high-quality offices.
Evolution of the office concept
The expectations of companies and employees have been shaping a new paradigm: greater flexibility, collaborative spaces and increased attention to well-being. Integrated technologies, sustainability certifications (such as LEED and WELL) and decompression areas are now almost mandatory requirements. The latest buildings reflect this evolution, offering higher levels of comfort, efficiency and complementary services.
The future of teleworking
After the consolidation of remote working during the pandemic period, 2024 marks the beginning of a change of cycle. In markets such as the United States, companies and public entities are already imposing a return to the office. In Portugal, this trend is manifesting itself more gradually, but there is already a decrease in teleworking days.
The reasons for this reversal are manifold: greater productivity, reinforcement of the organizational culture, better integration of new employees and encouragement of face-to-face collaboration. In response, many organizations have adopted structured hybrid models, with fixed days of physical presence in the office.
Beyond Human Resources: the economic factor
The return to the office is not only due to human factors, but also to financial reasons. Companies with significant investments in real estate assets or long-term contracts face increasing pressure to make the most of their space. What’s more, physical presence positively influences innovation, corporate culture and talent retention.
The office is far from disappearing. It is reinventing itself as the centerpiece of a more efficient, integrated and future-oriented business strategy.
Article written by: Francisco Caldeira, Head of Capital Markets and Agency Director
May 9, 2025
