Lisbon's office take-up reached 131,210 sq. m. in the first three quarters of 2025. While down 22% year-on-year, activity is now aligning with the five-year average, bolstered by a stronger Q3.

A landmark 32,000 sq.m. acquisition by Banco de Portugal for its new headquarters influenced the total volume, underscoring the market's capacity for large-scale owner-occupier transactions.

‘Flight to quality’ remains evident, with occupiers prioritising prime central business districts and demonstrating a willingness to pay premium rents for the best locations.