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Rethinking European Offce Rethinking European Offce

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Rethinking European Offices

Turning Obsolescence into Opportunity

Over 70% of Office Stock at Risk by 2030 – Discover How to Maximise Your Assets

The future of commercial real estate is changing rapidly, and over 70% of office buildings in Western Europe are at risk of becoming functionally, financially, or legally obsolete by 2030. In the face of tightening sustainability regulations, shifting workplace strategies, and increasing economic pressures, property owners and investors must act now to prevent their assets from losing value.

In our new report, Rethinking European Offices: Turning Obsolescence into Opportunity, we explore how you can transform your real estate portfolio and maximise the value of your office assets. Backed by in-depth analysis and real-world examples, this report offers a data-driven approach to navigating the evolving European office market.

Portugal

We estimate that 2.86 million sq.m of office stock in Greater Lisbon is at risk of becoming obsolete by 2030.

Given the current age of the stock, the CBD (zone 2) and New Office Areas (zone 3) are under most pressure, followed by the Prime CBD (zone 1).

Additionally, increased demand for higher-quality office buildings continues to drive development activity. The future supply under construction currently stands at 234,400 sq.m, with an additional 195,000 sq.m planned for completion by 2028. Overall, this means that, within the next four years, 429,000 sq.m of new office space will be entering the market.
The influx of new stock poses an increased risk to older office buildings, which may struggle to compete. The strong demand for best-in-class space and premium rents these spaces can achieve are key factors contributing to this trend.

RETHINKING 2024 report_Portugal_Table1.jpg

Prime gross rents are at their highest levels in 30 years, while the vacancy rate has been gradually increasing, now standing at 7.2%.
As more leases come up for renewal and companies reassess their occupational needs, we will continue to see changes throughout the remainder of this decade and beyond, many of which are already being felt today. 

Repositioning is likely the optimal solution for city center locations. Alternatively, hospitality and residential tend to be the predominant alternative uses in these areas. Moving from central to peripheral locations expands the range of potential uses, such as healthcare, medical facilities, lab space, or data centers, depending on local market dynamics. Lower office values relative to these options and higher vacancy rates may position asset repurposing as the winning strategy. 

For landlords, this means that a clear strategic analysis is required at an asset level to determine the optimal solution.

RETHINKING 2024 report_Portugal_Table2.jpg

Contact us to inquire about our services for office properties. Our multi-disciplinary team is ready to collaborate with you to develop tailored solutions that drive sustainable growth.

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Fit Out Cost Guide
Research • Workplace

Poland Office Fit Out Cost Guide

Enhance your workspace in Poland with our Office Fit Out Cost Guide 2025. Start your office transformation journey in key cities like Warsaw and Krakow today!
24/03/2025
Isabel Simões Correia
Isabel Simões Correia

Associate, Head of Business Development
Lisbon, Portugal


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Pedro Salema Garção

Head of Office Agency
Lisbon, Portugal


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Get the Portugal Report

Download the Rethinking European Offices Localization for Portugal report to explore how you can reposition and repurpose your office assets for long-term success and sustainability.

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Ready to transform your office assets and unlock their full potential? Contact our team of experts directly to inquire about Cushman & Wakefield’s Asset Optimisation and Rethinking services. Our multi-disciplinary team will collaborate with you to develop tailored repositioning and repurposing strategies that drive sustainable growth.

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