Real estate investment reaches €1.100M in the 3rd quarter


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The industrial and logistics market, along with the office segment, accounted for more than 1,000 million euros invested by the end of September.

In the third quarter of 2022, investment in commercial real estate reached 1,100 million euros. In the accumulated until September it is more than 1,900 million euros in Portuguese territory, Savills informed this Monday.

The industrial and logistics market shares the top of the table with the office segment in the quarter under review, with both segments accounting for more than €1,000 million invested by the end of September.

Portugal is among the most appetizing markets to invest in logistics, along with countries like France, Germany, Spain and Italy, indicates the consultancy: it is “increasingly, as a destination for cross-border logistics operators to serve the Iberian and European markets. In addition, the nearshoring trend and the potential of the Portuguese market to attract investment for industrialization contribute to a greater bet in this segment by operators and investors”.

In the office segment, in the accumulated volume until the end of September, this segment represented 546 million euros, with the Prime CBD zone absorbing 33% of the investment volume.

Savills points to the alternative segments that “have seen their weight increase in recent years, with an increase in interest for residential, Senior Living and Student Housing assets. With the sale of the Smart Studios Portfolio, for a total of 200 million euros, Round Hill Capital is the best example of the growing interest in this segment, which registers very high levels of demand and a very scarce supply, below the European average.

According to the consultant’s data, Spain, the US and the UK were the nationalities that contributed most of the investment, with a total weight of 54%. National investors added a total investment volume of about 234 million euros.

Alberto Henriques, Capital Markets Director, Savills Portugal says that “due to a substantial change in the macroeconomic climate, in particular the increase in interest rates, we anticipate a slowdown in the number of transactions until expectations between sellers and buyers are again balanced. Still, Portugal enjoys a very privileged position for investment, as it continues to be a destination for attracting talent, with rental growth potential and strong occupier pressure in several segments, a position that should soften the foreseeable market slowdown”.

Lisbon and Porto

In the third quarter of 2022, there was the highest take-up recorded in the office market: in the capital, there was a total take-up of 79,569 square meters, a “historical year for the segment”, according to the consultancy. Parque das Nações (Zone 5) registered the highest take-up volume in the year to date, with approximately 69,000 m², closely followed by the New Office Zones (Zone 3) with approximately 51,000 m².

The Porto office market “counts on a very positive performance throughout the year, already above the absorption volumes observed for the same periods in 2019, 2020 and 2021.” The total take-up volume was 45,230 m² until September, a value 34% higher compared to the same period of 2021, and the Porto market “is increasingly asserting itself as a very attractive destination for international companies,” notes Savills.

Frederico Leitão de Sousa, Head of Corporate Solutions, Savills Portugal, emphasizes that “Portugal is asserting itself as an increasingly attractive market. 2022 is already a historic year for the office segment, with the third quarter of this year being the strongest ever recorded. In Lisbon, the absorption of this market is already 6.5% above the record value registered in 2008, and in Porto, the performance has also been very positive, a trajectory that is expected to continue until the end of the year”.

Industry and Logistics – Lisbon and Porto

At the end of the third quarter of 2022, the industrial and logistics market in Greater Lisbon registered a total take-up volume of approximately 85,000 square meters, 132% above the same period in 2021. The accumulated absorption volume for the year 2022, up to the month of September, already adds up to close to 180,000 sqm, a result over 11% compared to the same period in the previous year.

The Distribution & Logistics sector remains highly dominant, having accounted for 65% of the deals closed in the period between January and September 2022, followed by the Industry & Transformation segment with 22%, the consultant reveals.

The Porto Industrial & Logistics market, in the quarter under review, recorded a total take-up volume of approximately 48,000 sqm. The total take-up volume added 50,126 sqm through September, down 37% compared to the same period in 2021. In the remaining North region, by the end of the third quarter of 2022, a total absorption volume of 20,200 m² was recorded.


In 2022, the Portuguese e-commerce retail market generated total revenue of around €5.5 billion, its strongest year to date, the consultancy said. In the third quarter of 2022, of note was high street retail, which “had the best performance compared to the same period in the last four years, with a total of 79 new retail stores opening their doors in the city of Lisbon,” reads a statement.


In the 3rd quarter of 2022, nearly 39,500 homes were sold in Portugal, showing a 5% decrease compared to the 2nd quarter of 2022 and a 4% decrease compared to the same period of 2021, underlines Savills.

In the Lisbon Metropolitan Area, nearly 13,000 dwellings were sold during the 3rd quarter of 2022, a 4% decrease compared to the 2nd quarter of 2022 and a slight 2% decrease compared to the homologous period of 2021, positioning the market at the pace that had been observed in 2019, but decelerating compared to the performance that had been observed in 2021 and early 2022.

“The continued appetite for housing in large urban areas now extends also to outlying areas offering larger housing at more competitive prices. Portugal will continue to be seen as a safe haven for international investors, enjoying strong market fundamentals closely linked to the quality of life it offers,” reads a statement.

Miguel Lacerda, Lisbon Residential Director, Savills Portugal, points out that “given the global economic uncertainty and the decrease in purchasing power, combined with greater difficulty in obtaining credit for housing, the declines observed in the residential segment were expected. However, after analyzing the numbers, the market is still above the results recorded in the last 5 years, which also conveys the strength and attractiveness of this sector in Portugal, with the city of Lisbon appearing in world rankings of the best cities to live in.

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