Lisbon Office Market Dynamics, Q2 2026

Lisbon's office market has seen moderating occupier demand so far in 2026, with take-up tracking below recent annual totals amid shifting macroeconomic conditions, though prime rents have remained stable.

A significant increase in new supply has pushed vacancy higher, with completions already approaching last year's full-year totaland a substantial construction pipeline set to sustain supply-side pressure.

The outlook for H2 2026 is cautiously positive, with take-up expected to accelerate and prime rents forecast to rise.