Lisbon offices market enjoys best 2Q in five years

Lisbon’s offices market closed the first six months of 2025 with 84,000m2 leased with the second quarter seeing the best 2Q performance in five years with an uptake of 67,806m2.

This is according to the latest office market study from Savills with the consultancy pointing out that 50% of the square metre area transacted down to one single operation: the Entrecampos 1 project with an area of 32,000m2 which will be entirely occupied by the new premises for the Bank of Portugal.

That said, the Lisbon offices market closed the first half of the year with a total estimated take-up of around 84,000m2, reflecting a retraction of 34% on the like-for-like period in 2024.

This fall in large measure was down to a slow start to the year in which only 16,029m2 of space was taken up in 1Q.

In total 70 leasing operations were concluded over the first six months of 2025, representing a fall of 12% on the same period in 2024. Of these 16 corresponded to areas of over 1,000m2 – most of them international companies.

Image: Israel Andrade: Unsplash.