Investment in commercial real estate up 156% in 1Q

The amount of investment in commercial real estate in Portugal hit €640 million in the first quarter of 2025.

It was an increase of 156% like-for-like on the same period in 2024 according to a report released on Wednesday by Worx Real Estate Consultants.

One of the main factors for this result was the sale of 50% of Norteshopping for €340 million. Worx thereby expects that the amount of investment in 2025 as a whole should exceed last year’s figures.

Lisbon’s office market posted a take-up of 16,300m2 (-78% like-for-like) with 33 operations. The biggest deal in 1Q was from a technology company that occupied 2,800m2 in Lagoas Park.

In terms of outlook, 2025 has the potential to retain a take-up rate close to the 220,000m2 achieved in 2024.

As for rents in prime office areas, there was an increase in Prime CBD (Zone 1), CBD (Zone 2) and the Historic Zone (Zone 4) of around 4% Q-on-Q and like-for-like. Prime rents in Portugal now stand at around €29 per square metre per month.