The industry's own research.
12 items
CBRE's forward-looking analysis of Portugal's real estate market dynamics and investment opportunities for 2026.
This Savills report examines Portugal's flexible workspace market, particularly in Lisbon and Porto, analyzing how post-pandemic hybrid work models have driven demand for coworking hubs, innovation spaces, and serviced offices beyond traditional corporate offices. The document presents the flexible workspace sector as steady-growing in Portugal, driven by startups, remote work culture, and international companies, while positioning Portugal as an attractive hub for flexible work due to its quality of life, cost efficiency, talent, and digital infrastructure.
This is a market report published by Colliers in June 2025 providing a snapshot of office sector conditions in Lisbon and Porto, Portugal.
Portugal's industrial and logistics market recorded 206,530 square meters of year-to-date take-up through Q2 2025, with 129,405 square meters leased in the second quarter across 17 new occupancy deals, while prime rents reached €5.50 per square meter per month in Greater Lisbon and €5.75 in Greater Porto. According to Moody's Analytics, Portuguese GDP growth is forecast at 1.7% for 2025 followed by 2.6% in 2026, with four projects totaling 96,600 square meters completed in Q2 2025 and a pipeline of 498,250 square meters planned over the next three years, with Greater Lisbon's vacancy rate at 4.2%.
The Marketbeat Portugal Retail Q1 2026 report analyzes Portugal's retail market, covering demand trends, rental rates, and development activity across retail formats including shopping centers and retail parks. Key findings include Portugal's GDP growth of 2.3% outperforming the Euro Area, 68 new shop openings in Q1 2026 (a 13% increase year-on-year), a 209,300 square meter retail development pipeline over three years with 96% dedicated to retail parks, and stable prime rents across all formats with expected upward adjustments in the near term.
The Cushman & Wakefield High Street Retail Report 2025 analyzes retail market performance in Lisbon and Porto, finding that 2024 marked a growth period for high street retail in both cities, with Lisbon's store count increasing 12% since 2019 and luxury and premium segments showing particular dynamism. The report identifies supply constraints as a limiting factor despite rising demand, with rents reaching record levels—Lisbon's Chiado and Avenida da Liberdade saw increases of €10/m²/month in 2024, while Porto's Rua de Santa Catarina and Avenida dos Aliados experienced increases of €5/m²/month and €2.5/m²/month respectively.
The Greater Porto office market recorded 7,150 square meters of leasing activity across 17 deals in Q1 2026, representing a 67% year-on-year increase, with the TMT & Utilities sector driving 73% of demand and Zone 3 (ZEP) capturing over 60% of take-up. The overall vacancy rate tightened marginally to 8.7%, prime rents remained stable across submarkets ranging from €17.00 to €21.00 per square meter per month, and an estimated 116,800 square meters of new office supply is forecast over the next three years with approximately 91,500 square meters already under construction.
The Marketbeat Portugal Industrial Q1 2026 report for Greater Porto covers demand, vacancy, rents, and development trends in Portugal's industrial and logistics sector, reporting 13 new occupancy deals totaling 65,110 square meters (a 16% year-on-year decrease), vacancy in Greater Lisbon at 4.3%, and prime rents rising to €6.00 per square meter per month in the Port of Leixões–Airport area. The report notes Portugal's GDP growth of 2.3% in Q1 2026, a substantial pipeline of 762,600 square meters scheduled for completion over the next three years with 394,000 square meters already under construction, and sustained occupier demand despite supply constraints.
Porto's office market recorded 6,140 square meters of take-up in Q1 2026, representing a 43% year-on-year increase, though activity remained below the three-year quarterly average, with the largest transaction being a 2,230 square meter letting to an IT company. The underlying market condition is characterized by a shortage of modern, high-quality office space constraining occupier options, though several projects in development are expected to gradually ease this supply constraint.
Cushman & Wakefield's 2025 High Street Retail Report analyzes the high street retail markets of Lisbon and Porto, examining supply, demand, luxury and premium segments, and prime rental levels across both Portuguese cities. The report finds that 2024 marked growth in high street retail driven by increased demand from national and international brands seeking avant-garde, technological, and sustainable concepts, though limited retail space supply constrained expansion, particularly in prime luxury locations such as Avenida da Liberdade in Lisbon and Avenida dos Aliados in Porto, with the food and beverage sector being the most prominent among new occupancies.
Cushman & Wakefield's Industrial Q4 2025 report on Portugal documents full-year 2025 take-up of 484,970 square meters in the industrial and logistics sector, representing a 39% year-on-year decrease, with Greater Lisbon commanding 56% of activity and prime rents increasing to €5.65 per square meter per month in Greater Lisbon and €5.90 in Greater Porto. The report projects Portuguese GDP growth to accelerate to 2.3% in 2026 from 1.9% in 2025, notes a 4.1% vacancy rate in Greater Lisbon evidencing supply constraints, and identifies 758,500 square meters of logistics projects planned over the next three years with 449,900 square meters already under construction.
The Cushman & Wakefield report covers the Greater Porto office market in Q4 2025, showing a 43% year-on-year drop in annual take-up to 43,700 sq.m, a vacancy rate of 8.8%, and stable prime rents at €21.00 per sq.m per month in the CBD Boavista submarket. Portuguese GDP grew 1.9% in 2025 with acceleration to 2.3% forecast for 2026, while the market pipeline contains 98,580 sq.m under construction with 32% pre-occupied and 119,880 sq.m projected completions within three years.