Economic Context
Portugal’s economy is forecast to grow by 1.7% in 2025, with further acceleration in subsequent years, supported by resilient domestic demand and improving exports. Inflation is expected to moderate, holding at 2.4% in 2025 before stabilizing at 2.0% in 2026 and 2027. Unemployment continues its downward trend, falling from 6.1% in 2025 to 5.7% in 2026, reaching its lowest level since 2001.
Demand Overview
The Greater Lisbon office market registered 44 new deals in Q3 2025, totaling 47,380 sq.m of take-up. Year-to-date, take-up reached 131,210 sq.m, a 22% decline from the previous year. Demand was highly concentrated in Parque das Nações (Zone 5), which captured 40% of Q3 activity, followed by the Central Business District (Zone 2) with 21%. The Company Services sector dominated, accounting for 59% of take-up, with Financial Services at 21%. Major transactions included two confidential leases in Arts Business Centre (6,340 sq.m) and Oriente Green Campus (5,460 sq.m), and Attico’s lease at Republica 26 (5,530 sq.m).
Vacancy Rate
The overall vacancy rate in Greater Lisbon decreased slightly to 7.2% in Q3 2025. The Prime CBD and CBD (Zones 1 and 2) registered the lowest vacancy rates at 4.2% and 3.9%, respectively, while the Western Corridor (Zone 6) had the highest at 13.9%.
Rent Trends
Prime rents increased in both the Central Business District (Zone 2) and Secondary Office Locations (Zone 4), reaching €24.00/sq.m/month and €30.00/sq.m/month, respectively. Prime rent in the Prime Central Business District (Zone 1) remained stable at €29.00/sq.m/month.
Pipeline
Q3 2025 saw the completion of Berna 52 & 54 in Zone 2, adding 7,410 sq.m to the market. The future pipeline remains robust, with 323,290 sq.m expected to be delivered over the next three years. Of this, 275,090 sq.m are already under construction, including the Entrecampos project, and 39% of the pipeline is pre-occupied.
