According to the data analyzed, rental and sales prices for both segments have grown, on average, by +20% in the last five years. The supply of offices and shops, both for sale and for rent, also rose nationally, with emphasis on the office segment whose supply for lease has more than doubled since 2019, with prices (+25.58%) sustaining this growth. Between 2019 and 2023 the average value of m2 increased from €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 in the same period, the number of offices for rent more than doubled (+136%) across the country during the period under analysis.
The growth was less pronounced from 2022 to 2023 with the average price of offices for rent registering an increase of +9.6% compared to the previous year, evolving 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.
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 growth was more significant, +35.7%. The districts that grew the most at this level were Bragança (+375%), Azores (+233.1%) and Viana do Castelo (+175%).
In the period between 2022 and 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 in be registered 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%).
Growing trade
In terms of store rentals, the supply more than doubled in the period between 2019 and 2023. Similar to what happened with offices, prices followed the rise and increased by +18.8%, rising 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.
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.
On the Sales side, the average price at national level grew +19.1%, between 2019 and 2023, 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.
In the period between 2022 and 2023, the biggest price variations 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. .
