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Portugal MarketBeat Snapshot Reports

Andreia Almeida • 15/05/2023

Cushman & Wakefield MarketBeat reports analyse quarterly Portugal commercial property activity across office, retail and industrial real estate sectors including supply, demand and pricing trends at the market and submarket levels. 

According to Moody’s Analytics, the Portuguese economy closed 2022 with a GDP growth of 6.7%. The GDP growth is expected to slow down to 1.3% in 2023, followed by a recovery in 2024 (+2.5%) and 2025 (+2.1%). A recovery in private consumption was registered in 2022, surpassing 2021 by 5.7%, but it is expected to slow down to 0.1% in 2023. The inflation rate is currently forecasted to gradually moderate to 5.1% in 2023 and 2.4% in 2024. 

Get the full Portugal property market picture with all the market data by downloading the reports. 

Current Marketbeats - Q1 2023

Portugal stadium
Portugal Industrial MarketBeat

During Q1 2023, 19 new occupancy deals in a total of 213,880 sq.m were transacted in Portugal, representing a year-on-year (YoY) increase of 159%. In the first quarter the activity was mainly concentrated in the Greater Lisbon area, recording 111,770 sq.m. The average leased area reached 11,260 sq.m.


investment card
Portugal Investment MarketBeat

Institutional investment slowed down throughout Q1 2023, with €233 million transacted, reflecting a year-on-year decrease of 8%. The TREI Portfolio transaction of 50 Pingo Doce supermarkets was the main contributor to this result, representing around 60% of the invested volume in this quarter.


View across Lisbon towards the Tagus
Lisbon Office MarketBeat

The Greater Lisbon office market registered 41 new lease deals in a total take-up volume of 19,910 sq.m in Q1 2023, representing a year-on-year (YoY) drop of almost 70%. The average deal size decreased to 490 sq.m, compared with 1,360 sq.m in 2022.


office complex Porto
Porto Office MarketBeat

The Greater Porto’s office sector registered a take-up of 7,690 sq.m in the first quarter of the year, with 13 new deals, representing a year-on-year (YoY) growth of 32%. The average leased area is standing at 590 sq.m, decreasing by 23% when compared with 2022.


Street roofed with umbrellas, Agueda, Portugal
Portugal Retail MarketBeat

With no retail schemes completed in the first quarter of 2023, the future supply for the next three years of 75,500 sq.m reflects an increased focus on the retail park format. Some of the main projects in pipeline include Nova Vila Retail Park (Portimão), City Center Covilhã and Salinas Park (Vila Franca de Xira) that are expected to open in 2023, and the Centro Colombo (Lisbon) redevelopment and expansion for 2025. Cushman & Wakefield’s retail take-up registered 93 new openings in Lisbon in Q1 2023 (-15% year-on-year) accounting for 39,290 sqm.



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