In the first quarter of the year, the office market in Greater Porto kept its momentum, with a growth in the area placed (32% more compared to the same period in 2022), number of operations registered (13 operations) and average contracted area (7.689 m² contracted). These are the results announced by Predibisa for the first quarter of 2023.

In terms of building rehabilitation in Matosinhos, this was the zone with the highest area take-up: more than 1/3 of the total area placed in the quarter, for a total of 2,924 m² and 2 operations. This zone outperformed the city of Porto in terms of area absorbed (2,641 m² and 2 operations), where the Boavista Business District was responsible for the absorption of 28% of the total area placed in the city (2,124 m²) and for 38% of the operations registered (5 out of 13).

According to Predibisa's report, in the 1st quarter, "TMT's & Utilities" companies ensured 4 of the 13 operations (31%), followed by "Other Services" with 3 operations; "Construction and Real Estate" and "Consumer Products" with 2 operations, respectively; "Consultants and Lawyers" and "Financial Services" with 1 operation each.

Need for area expansion is the main factor for the demand for new space

The real estate consulting company points out that the need for expansion of area is the main motivating factor for the demand for new office space in the region during the first quarter, reflected in more than half of the area absorbed (4,538 m2) and 1/3 of the operations registered (4 out of 13).

Predibisa was responsible for 6 of the 13 operations registered (4 operations with gross leasable areas greater than 500 m²), with the placement of 4,998 m² of office area, representing 65% of the total taken up in the quarter. The consulting firm foresees further growth throughout 2023, with more operations resulting from the entry of new companies in the region.

"With the perspective of conclusion and also the beginning of construction and promotion of new projects throughout this year, we will have a substantial increase in the quantity and quality of the supply of office buildings in the region, which will certainly drive the move and attraction of new companies to these facilities," points out Graça Ribeiro da Cunha, Associate Director Offices & Retail at Predibisa.