According to Moody's Analytics, Portuguese GDP growth will slow down to 2.2% in 2023 and 1.4% in 2024, progressing to 2.2% in 2025. Nevertheless, the country remains as one of the fastest-growing economies in the euro zone. Investment is expected to drop 1.2% in 2023 and to increase 4.7% in 2024. Inflation should ease in the near term, reaching 4.5% in 2023 and 2.6% in 2024. Despite the increase in the unemployment rate to 6.4% in 2023, it is forecasted to decrease to 5.9% in 2024 as the labour market resumes its recovery.
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Portugal MarketBeat Snapshot Reports
Andreia Almeida • 14/11/2023
Author
Current Marketbeats
Portugal Industrial MarketBeat
In the third quarter of 2023, the industrial & logistics sector in Portugal registered 12 new occupancy deals, encompassing 50,190 sq.m. The year-to-date take-up volume reached 357,950 sq.m, reflecting a year-on-year growth of 9%. From January to September, the average deal size registered a 18% increase, to 7,620 sq.m, and most activity concentrated on the Greater Lisbon (47%) and Porto (31%) regions. The largest deal of the quarter was the pre-let of 15,000 sq.m at the currently under construction VGP Park Montijo by Zolve.
Portugal Investment MarketBeat
Commercial real estate investment volume for the third quarter of 2023 reached €321 million, contributing to year-to-date figures of €1,053 million and reflecting a year-on-year decrease of 40%.
Lisbon Office MarketBeat
During the third quarter of 2023, the Greater Lisbon office market registered 41 new leases, with a total take-up volume of 34,216 sq.m. The year-to-date figures, which include 113 deals, regard a take-up volume of 73,133 sq.m – the second lowest in the past decade and an expressive year-on-year drop of 71%. Likewise, the average deal size reduced by 58%, to 640 sq.m.
Porto Office MarketBeat
During the third quarter of 2023, the Greater Porto office sector recorded a total take-up of 15,430 sq.m, distributed over 16 new leases. The year-to-date figures include 48 deals, with a cumulative take-up of 40,615 sq.m, representing a modest year-on-year decrease of 10%. The average deal size registered a slight 5% contraction, to 850 sq.m.
Portugal Retail MarketBeat
Cushman & Wakefield’s retail take-up recorded 122 new openings in the analyzed quarter, contributing to a year-to-date total of 390 new openings, a marginal 2% year-on-year decrease. High street retail continued to dominate, accounting for 57% of new openings in the third quarter and 64% from January to September. In terms of sectors, the Food & Beverage (F&B) industry remained at the forefront, representing 41% of the new openings during this quarter and 45% in the year-to-date records.
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Research
Main Streets Across the World 2023
In this 33rd edition of Main Streets Across the World, we’ll explore the near-term outlook for the retail sector; headline rent and ranking changes for best-in-class urban locations across the world; key indicators and global main street rankings; and key trends to watch such as the cost-of-living crunch, e-commerce and more.
21/11/2023
MarketBeat
Marketbeat Portugal analyses the property market activity in depth across offices, retail, industrial, hotels, residential and investment sectors.
Andreia Almeida • 18/09/2023