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5.2. Office Space
The office market is mainly located around the city of Lisbon. Currently it has a supply of more than 4.4 million sqm split into 6 zones, according to the following map:
Cushman & Wakefield, Guide for Property Investment in Portugal, 2010
In 2009, rents prices for office space in Lisbon ranged between €11.00 / sqm / month and €20.50 / sqm / month, depending on the area, office characteristics, and level of demand and supply.
Below is presented the average rent prices for each zone specified on the map:
Zone 1 – Prime CBD (Avenida da Liberdade, Saldanha): €16.50 / sqm / month to €20.50 / sqm / month;
Zone 2 – CBD (Avenidas Novas, Amoreiras): €16.00 / sqm / month to €19.00 / sqm / month;
Zone 3 – Zona Emergente (Praça de Espanha, 2 ª Circular): €12.00 / sqm / month €15.00 / sqm / month;
Zone 4 – Zona Secundária (Almirante Reis, Zonas Históricas): €11.50 / sqm / month €16.00 / sqm / month;
Zone 5 – Parque das Nações: €15.00 / sqm / month to €17.50 / sqm / month;
Zone 6 – Corredor Oeste (along the A5 motorway, Lisboa / Cascais): €11.00 € / sqm / month to €13.00 / sqm / month.
Land prices for office construction purposes (CBD area) can achieve €700 / sqm / month and it may eventually triple such value. West of Lisbon and Parque das Nações areas offer values comprised between €400/ sqm and €750/sqm.
Construction costs for a high quality building are estimated between €700 / sqm to 1200 € / sqm.
Information regarding the office space in Porto metro area is not available with the same level of detail as for Lisbon. Therefore, it is estimated that the average rent prices range between €6.00 / sqm / month and €18.00 / sqm / month, depending on the area.
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