Office Market
The activity improved considerably over the last trimester of the year, which ended with an even higher performance, a dynamic which is felt still in the beginning of this new year, with a very active demand by the companies.
It is important to note that many companies have seized the market conditions to renegotiate their contracts. This means there is and adjustment both in the demand as in the supply levels of the market, with a positive and proactive attitude, instead of crossing their arms and waiting that the economical recovery would solve all their problems.
It is our conviction that many companies, over the last years have left their real-estate strategies on hold, waiting for brighter days, and now are starting to place their plans on the field, expecting the economical expectations to hold on. This might lead to a higher absorption volume already this year, marking the end of a down cycle that has been lingering since 2009.
Specially in the last trimester of the year, the retail sector was not an exception to the trends of recovery that started to be observed in the Portuguese economy. We experience an undeniable increase in the confidence of the retailers, highly motivated by the increase of their results, what leads to a revision of their brand expansion, even though prudent, after years of stagnation.
It is with this sign of recovery that we finished the year. Lisbon and Porto keep their marked dynamic. The positioning of these two cities as international touristic destinations clearly bring new players to the market, and we observe a blooming of many specific points of these cities with the opening of several spaces of high quality and reputation, bringing also a multiplying effect in the retail market.
Never before innovation and creativity make such a difference. The next years will reflect what the operators have in perspective to add to the market.