Joivy's new mixed-use residential platform is coming to market.

The start of Q4 is characterized by continued restraint in the Portuguese office market, with total occupancy in October standing at 79,300 sqm in Lisbon and 45,290 sqm in Porto. These results reflect a decline of 69% in the capital and 8% in Porto year-on-year, in line with the observed global trend, as noted by JLL in its latest Office Flashpoint report.

"In the face of significant macroeconomic challenges, we are seeing a European trend of reduced activity in the Lisbon and Porto office market. However, we cannot help but notice that as a reaction there is not only a decline in rental volumes, accompanied by a significant reduction in leasing space, but also a decrease in the number of transactions compared to''last year. At the same time, price and rent indicators remain stable and in some cases even slightly increasing, with a slight correction only for secondary segments and locations, which shows the solidity of the market and that this decline is mostly temporary," explains Sofia Tavares, Head of Office Leasing at JLL.

In October, 7,300 sqm was offered in Lisbon, 24% less than in September but 21% more than a year earlier. A total of 12 transactions were concluded, of which only three involved more than 1,000 sqm, resulting in an average transaction size of 609 sqm. The Oeste corridor (zone 6) was the most active, concentrating 42% of occupancy, while the business services sector managed to''take the lead with 34% absorption. JLL acted as advisor on three completed transactions during the period, and was responsible for the biggest deal of the month: the 1,427 sqm office accommodation of Closer in the WTC b1 building (zone 6).

In total, occupancy in Lisbon through October stands at 79,300 sqm, 69% lower than the number of properties sold in the same period a year earlier (253,900 sqm). The annual decline is also evident in the number of transactions, with a total of 124 in 2023 (-28%), as well as in the average area of 639 sqm per transaction (-57%). Zone 3 - New Office Zone was the most active during this period, occupying 25% of monthly occupied space, followed by Zone 5 - Nation Park with 21% and Zone 2 - Central Business District (CBD) with 19%.

At the Port, occupancy activity almost accounted for (+266%) more than in September, reaching 4,680 sqm, up 12% on October 2022. In total, there were nine deals with an average area of 520 sqm, including one over 1,000 sqm: the Globalmedia location in the Monte dos Burgos building (1,298 sqm). Geographically, the most active zone of the month was Zone 2 - Central Business District, concentrating 37% of occupied space, while the TMT sector and utilities led demand, occupying 33% of the conveyed space.

Based on'. 's cumulative result to October, occupancy in the Port is 45,290 sqm, down 8% on the same period a year earlier (49,400 sqm), while the number of transactions (57) remained the same. However, the average area per transaction decreased by 8% to 795 sqm. In terms of demand, priority is given to Zone 1- Boavista's Central Business District, which occupies 34% of total occupancy, while the TMT sector and utilities are the most active and occupy 28% of occupied space. JLL, responsible for closing ten operations in the period, occupies 23% of the market and has already secured 10,400 sqm of space in the Grande Porto office market in 2023. At the same time, the consultancy is also active in other regions of the north, in particular the city''Braga, where back in October they realized the placement of Critical Techworks in a 1,956 sqm space in the Braga Business Park.