Analysis of the office and retail market between 2019 and 2023
In 2023, the price of stores for sale in Faro surpassed that of Greater Lisbon, according to a study by CASAFARI, the largest European real estate data platform, which reveals the conclusions of an analysis of the stores and offices market in Portugal in the period between 2019 and 2023, seeking to assess the impact of the pandemic on this segment and the most recent behavior of these assets, both in terms of leasing and sales.
It should be noted that CASAFARI is an exclusively B2B real estate services platform, dedicated to professionals in the sector and not a real estate network.
According to the data analyzed, rental and sales prices for both have grown, on average, by +20% in the last five years. The supply of offices and shops, both for sale and for rent, also increased nationally, with emphasis on the office segment, whose supply for lease has more than doubled since 2019.
OFFICES
Rental: supply more than doubles, prices increase +25.58% since 2019
2019 – 2023
Office prices for rent increased +25.8% in Portugal, going from an average value of €7.8/m2 in 2019 to €9.8/m2 in 2023, with Évora registering the highest growth (+160 %), followed by Bragança (+50%) and Beja (+42.9%).
In terms of supply, the number of offices for rent more than doubled (+136%) across the country during the period under review.
2022 – 2023
The average price of offices for rent increased by +9.6% compared to the previous year, rising from €8.9 in 2022 to €9.8 in 2023.
The biggest increases in rental values were recorded in Évora (+44.4%), Bragança (+28.6%) and Porto (+20%). The biggest drop in rental prices occurred in Guarda (-16.7%) and Faro (-7.1%).
2023 was the year in which the rental supply increased the most since the pandemic, with the number of listings growing +44.6% compared to 2022, at a national level, with Faro and Leiria and Greater Lisbon being the districts with the biggest increases in supply of offices for rent.
Sale: prices rise and supply increases +30%
2019 – 2023
Office prices for sale in Portugal increased by +18.2%, going from an average value of €1,108.60/m2 in 2019 to €1,310.40/m2 in 2023, with the biggest increases occurring in Madeira ( +50%), Setúbal (+44.5%) and Portalegre (+42.9%). At the opposite pole, Bragança (-19.5%), Évora (-16.7%) and Castelo Branco (-14.3%) stood out for the drops recorded in this indicator.
With regard to the supply of offices for sale, the total number increased by +35.7%. The districts that grew the most at this level were Bragança (+375%), Azores (+233.1%) and Viana do Castelo (+175%).
2022 – 2023
The sales price per m2 in Portugal rose +11.7%, evolving from an average value of €1,173.10/m2 in 2022 to €1,310.40/m2 in 2023, with the biggest increases being recorded in Guarda (+40 %), Vila Real (+33.7%) and Bragança (+29.8%). The biggest price drops in 2023 were recorded in the Azores (-10.5%).
Supply in 2023 recorded the highest growth (+17%). However, this was also the year in which more districts saw the number of offices for sale reduce (9). Highlights include Madeira (-36.6%), Portalegre (-25%) and Bragança (-20.8%). The biggest increase in supply was recorded in the districts of Vila Real (+42.9%), Lisbon (+34.6%) and Leiria (+33.6%).
STORES
Rental: supply more than doubles, prices increase +18.8%
2019 – 2023
The prices of stores for rent rose +18.8%, going from an average value of €7.7/m2 in 2019 to €9.2/m2 in 2023, with the biggest increase occurring in Beja (+83.3 %). Conversely, Portalegre was the only district to suffer a price drop (-10%).
Supply at national level rose +74.1%, with Vila Real (+204.5%), Azores (+126%) and Santarém (+119%) standing out with the biggest growth. It should also be noted that no district recorded drops in this indicator.
2022 – 2023
The rental price across the country only grew by +2.8 in the period of one year, going from an average value of €8.9/m2 in 2022 to €9.2/m2 in 2023. Also here Beja ( +37.5%) stands out with the biggest increase, accompanied by Coimbra (+25%) and Évora (+22.2%). On the other hand, Santarém (-22.2%), Bragança (-14.3%), Viseu (-14%) and Faro (-7%) were the only districts with a price drop.
The rental offer, in turn, increased by +25.9%, with Faro (+75.2%), Lisbon (+68.3%) and Porto (+45.9%) standing out. Braganga (-14.6%) and Viana do Castelo (-12.9%) showed the biggest drops in terms of offices available on the market.
Sale: Faro m2 price surpasses Lisbon in 2023
2019 – 2023
The average price at a national level grew +19.1%, going from an average value of €1,018.30/m2 in 2019 to €1,213.20/m2 in 2023, with Madeira (+41.6%), Faro ( +36.7%) and Lisbon (+30.5%) registering the biggest increases.
Faro was actually the big surprise in this analysis, given that the price of stores for sale is already higher than that of Greater Lisbon (€2,386/m2 vs €2,356/m2).
Conversely, Portalegre was the only region in the country in which the price per m2 fell (-15.9%).
In terms of supply, there was a growth of +33.5% in Portugal, with Vila Real, Bragança and Beja being the districts that stood out in terms of the number of stores for sale.
2022 – 2023
The biggest price changes were recorded in the districts of Madeira (+28.4%), Setúbal (+17.8%) and Faro (+14.5%). Beja was the only district to see drops (-1.9%).
The supply of stores for sale rose +11.3% across the country, with Leiria (+30.2%) being the district that stands out in terms of increase and Madeira (-14.9%) on the drop side. .
About CASAFARI
CASAFARI is a cutting-edge real estate platform that connects 50,000 professionals through innovative real estate data and collaboration tools. With its own technology to index, aggregate and analyze 250 million listings from 30,000 sources, CASAFARI provides property search and history, ACM, market analysis and reports, connection through APIs and a CRM that serves clients such as Cerberus, Kronos, Vanguard, Masteos, Casavo, Sotheby’s International Realty, Coldwell Banker, Century 21, Savills, JLL, Engel & Voelkers, Keller Williams among other players in the real estate market.
