Cushman & Wakefield ends 2024 with record results in the office market in Portugal

In 2024, the national office market saw significant increases in absorption volumes in the two main cities of the country compared to the previous year. In line with this growth, Cushman & Wakefield (C&W) recorded one of its best years ever in the Office Agency activity, placing a total of 78,061 sq.m of offices in the Greater Lisbon and Greater Porto areas.

In Lisbon, C&W transacted 60,662 sq.m, and in Porto, it placed a total of 17,399 sq.m, translating into a market share of 31% and 33%, respectively, in these markets.

In 2024, C&W was responsible for the largest operations registered in the office market in each of the cities. In Lisbon, the highlight was the advisory process to Atenor and BESIX RED on the sale of the WellBe project (26,000 sq.m) in Parque das Nações, to Caixa Geral de Depósitos, which will have its new headquarters there from the summer of 2026. In Porto, the company advised on the lease of Deloitte's new office (10,000 sq.m) in the Mutual – Campo Alegre Offices building, which is being fully renovated with completion scheduled for the second quarter of 2025.

Pedro Salema Garção, Partner and Head of Offices at Cushman & Wakefield Portugal, states: "In the current market growth context, we believe that the demand for large office spaces will remain active, and the response will involve quality offerings, with the development or renovation of modern, sustainable buildings focused on user experience, reflecting how companies are approaching workspaces and contributing to continue energizing the office occupancy market. On the other hand – he reinforces – both occupants and employees are realizing that the liberalization of remote work has consequences, and both through the alteration of corporate policies of many companies and the spontaneous decision of the workforce, we are witnessing increasing levels of office presence."

"I am very pleased with our performance. In a year of great market buoyancy, we managed to grow even faster and significantly increase our transaction share. The team is very senior and mature, and clients understand our value proposition," concludes Salema Garção.

Prime rents are expected to continue to rise in almost all areas, supported by greater demand and the growing attractiveness of quality spaces. Additionally, Portugal continues to establish itself as a preferred destination for shared service centers and strategic projects of multinationals, reinforcing its attractiveness as an excellent business hub.