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WORX presents the WMarket Report 2023-2024

WORX Real Estate Consultants, following the release of the summary data regarding different sectors of the commercial real estate market, now presents its WMarket Report 2023-2024, the publication that analyzes the global activity of the commercial real estate market in Portugal for the past year of 2023, also anticipating the trends for the current year.

Comprehensively delving into different sectors, this report is supported domestically by data processed by the WORX Research team, and at the European level by data from BNP Paribas Real Estate, given WORX’s quality as a strategic partner of the latter and an active member of the BNP Paribas Real Estate Alliance Network.

From the WMarket Report 2023-2024, Pedro Rutkowski, CEO of WORX, highlights, “Despite the context of uncertainty we have been experiencing, both nationally and internationally, Portugal continues to stand out in international markets as a relevant market for investors. The hospitality and retail sectors have proven to be the most resilient, with Portuguese tourism once again delivering excellent results and an increase in demand and revenues. If the expected decrease in interest rates materializes, the prospects for the second half of 2024 are significantly more positive, which will compensate for a year that started with some moderation in activity overall. We believe, in any case, that alternative asset segments, such as healthcare and living, given their good growth potential, should continue to stand out in 2024 and perhaps also in 2025.”

Regarding the main indicators of the real estate market in Portugal in 2023, which amounted nearly 1,610 billion euros of investment in commercial real estate, the following data shared in the WMarket Report 2023-2024 are noteworthy:


  • The office market recorded a total volume of 112,474 sqm occupied in Lisbon.
  • The average deal size decreased from 1,360 sqm in 2022 to 740 sqm in 2023, with only three transactions above 4,000 sqm.
  • The vacancy rate increased annually by 0.13 percentage points, reaching 9.3%.
  • For 2024, the completion of 12 projects accounting for approximately 150,000 sqm is expected, with almost 60% of this area already pre-leased. Notable projects include Oriente Green Campus, the new headquarters of the Oeiras City Council, and EXEO – Echo.
  • A strong dynamic in office occupancy is expected at the beginning of the year, which should contribute to a total annual volume of around 160 thousand square meters in 2024, in line with the average of the last 10 years.



  • The hospitality sector attracted the highest volume of investment with 640 million euros, representing 40% of the total volume.
  • Regarding the main transactions of the year, it is important to highlight the role of Arrow Global as the main buyer, being responsible for the largest deals of the year, namely the Dom Pedro hotels portfolio for 250 million euros, Palmares Ocean Living, and Hilton Vilamoura.
  • Portugal recorded over 77 million overnight stays and 30 million guests in 2023, showing a growth of over 10% compared to the previous year.
  • For the next two years, a total of 120 new projects are expected, which should result in an increase of 12,000 accommodation units throughout the country.



  • It proved to be the most resilient sector, being the only one to register an increase in investment volume compared to the previous year.
  • This sector attracted over 500 million euros in 2023, the highest value since 2020.
  • Regarding the type of assets, supermarkets attracted over 40% of the investment volume in the sector, followed by shopping centers (30%) and retail parks (18%).
  • The luxury segment drove street retail dynamics, with the entry of international brands into the Portuguese market, including the opening of stores for the French brands Dior and Isabel Marant on Avenida da Liberdade.


The WMarket Report 2023-2024 also includes a brief macroeconomic analysis and delves into the Industrial & Logistics, Residential, and Alternative sectors, presenting the main data, indicators, and predicted trends for these investment areas.


Download the full report here!

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