Spain 
Italy 
Greece 
Office Space Rental Market Growing
18 September 2017
An analysis of the office market by Aguirre Newman showed that up to August 2017 there were rentals of more than 90,000 square meters of office space. This amount is higher than that registered in the same period during 2016.
In August 2107, according to the real estate consultancy, the contracted amount of office space posted almost the same amount as in the same month of the previous year, 3,618 m2 compared to 3,918 m2. In sum, in the first eight months of the year, the market’s performance was 1% above 2016, with 90,934 m2 versus 89,845 m2.
160 transactions were registered during the period under analysis, corresponding to an increase of 32 transactions over the same period in the previous year. The largest number of the operations occurred in the Western Corridor (Zone 6), with 31% of transactions, and in the CBD (Zone 2), with 24% of the deals. At the opposite extreme, the Parque das Nações (Zone 5) saw only seven operations.
Analysing the geographic distribution of the contracted area, the Western Corridor (Zone 6) was the area that stood out the most, with 23,394 m² space, about 26% of the total.
Evaluating the transactions by square meterage, Zones 1 (Prime CBD), 2 (CBD) and 6 (Western Corridor), at least 50% of the operations were for an area less than 300 m2, accounting for about 59% of total placements.
The contracted average area decreased by 19% from 702 m2 in August 2016 to 568 m2 in August 2017.
Of the area contracted between January and August 2017, only four transactions related to new office buildings, representing 15% of the total area contracted in the period under analysis (13,726 m²).
In August 2017, the ‘TMT’s & Utilities’ sector stood out, responsible for 48% of the contracted area (1,727 m2 for a total of 3,618 m2).
Original Story: Magazine Imobiliário
Photo: Telmo Miller – Neopark
Translation: Richard Turner