According to Moody's Analytics, despite the slowdown in 2024 Portugal will remain
a top performer in the euro zone, with GDP growing by 1.8%, followed by a slight
increase over the next two years (2.0% for both 2025 and 2026).
Private consumption is projected to rise by 1.4% in 2024 and 1.5% in 2025, dropping
to 0.6% growth in 2026. The inflation rate is anticipated to continue decreasing,
reaching 2.3% in 2024 and falling below the 2.0% target in 2025 (1.6% in 2025 and
2026). After an upward trend in 2023, unemployment should decrease to 6.3% this
year, reaching 5.7% in 2025 and 5.3% in 2026 - a 25-year record low.
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Portugal MarketBeat Snapshot Reports
18/02/2025
Current Marketbeats
Portugal Industrial MarketBeat
During the fourth quarter of 2024, the Industrial & Logistics sector recorded 24 new occupancy deals, encompassing 284,990 sq.m, Overall, the year-end take-up volume reached 793,400 sq.m, a new record, reflecting a year-on-year (YoY) increase of 85%. In 2024, the average deal size registered a 34% increase, to 9,000 sq.m, with half of the take up being concentrated in Greater Lisbon, followed by Greater Porto (25%).
Portugal Investment MarketBeat
Commercial real estate investment reached €1,289 million in the fourth quarter of 2024, contributing to year-end figures of €2,378 million and representing a year-on-year rise of 39%. Capital allocation by sector confirmed the recovery of the Retail sector, which accounted for half of the total volume invested last year (with a big resurgence of shopping centres), followed by Hospitality which represented 21%.
Lisbon Office MarketBeat
The Greater Lisbon office market registered 46 new lease deals in the last quarter of 2024, with a take-up of 53,900 sq.m. The year-end figures, which include 175 deals, regard a take-up volume of 221,950 sq.m, representing a year-on-year growth of 97% - the second highest in the last decade. Likewise, the average deal size increased to 1,270 sq.m.
Porto Office MarketBeat
During the fourth quarter of 2024, the Greater Porto office market registered 20 deals, with a take-up of 17,930 sq.m. The year-end volume stood at 76,580 sq.m, 42% above 2023 (50,050 sq.m). The average deal size decreased by 5% to 1,020 sq.m.
Portugal Retail MarketBeat
During the third quarter of 2024, there were no new completions in the retail
schemes' market. Nevertheless, the pipeline for the next three years
indicates that an additional 143,200 sq.m. of GLA will be completed, almost
half of which is under construction. Developers remain committed to retail
parks, which attracts most of this new supply (87%).
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