Migração de EmpresasOffices – Market study

LisboN 2017

Migração de EmpresasLisbon 2017

Aguirre Newman has conducted the 7th study about

companies mobility on the Lisbon office market, this time for

the years 2015 and 2016 in order to identify the office areas

where companies are moving into, exhaustively detailing the

take up over the last two years along with the office areas

where these companies are coming from.

Aguirre Newman analysed more than 450 lease transactions,

quantified occupied office areas, zones of origin and

destination, as well as the different companies’ sectors of

activity. it was also identified the operations that involved an

increase in area due to organic expansion of the companies

and the operations that were regarding first occupations

such as start-ups.

Lisbon Prime Index (LPI) provides information that allows to

take several conclusions about Lisbon’s Office Market in 2016:

→ The office area take-up of 146,785 sq.m. in 2016 was 15%

superior than 2015 (144.513 sq.m).

→ There were 201 office lease transactions.

→ out of all these operations, 98 trades were regarding areas

of less than 300 sq.m.

→ Four office buildings were completed, resulting in 35,500

sq.m. of new office space.

→ The market accounted with 4,638,921 sq.m. of office space.

→ Another 6 office buildings are expected to be concluded in 2017

and 2018 raising the available space by another 57,817 sq.m.

< 300 sqm 301 - 800 sqm 801 - 1.500 sqm 1.501 - 3.000 sqm 3.001 - 5.000 sqm > 5.000 sqm

Area Contracted

Transactions (nº)

75%

25%

Destination Zone 4

19%

33%7%

15%

26%

Destination Zone 3

6%

9%

42%

6%

36%

Destination Zone 1

4%

43%

9%

41%

Destination Zone 2

5%

5%

55%

5%

30%

Destination Zone 7

Destination Zone 5

7%

7%

43%

43%

14%

61%

4%

19%

Destination Zone 6

The “Migração de Empresas” Market study 2017 involved 458

office lease operations, with 257 in 2015 and 201 in 2016.

The analysis was conducted taking into account three

distinct perspectives:

→ By the number of trades - office operations in each

destination zone, taking into account each of the origin

Zones and office operations in the Destination Zones broken

down by the contracted area (< 300 sq.m.; 301 to 800 sq.m.;

801 to 1,500 sq.m.; 1,501 to 3,000 sq.m.; 3,001 to 5,000 sq.m.

and > 5,000 sq.m.), in each of the origin Zones;

→ By area leased - area of offices contracted in each Destination

Zone, taking into account each of the origin Zones.

→ By sector of activity - analysis of the office operations

undertaken and the respective area contracted in each

Destination Zone, for each of the 10 sectors of activity

defined in the LPi (Consultants and Lawyers; state; Europe

and Associations; Pharmaceuticals and Health; other

services; Consumer Products; service Companies; Financial

services; TMTs & Utilities and Construction and Real Estate)

Comparing the results from 2015 and 2016 regarding the area

take-up (See Migratory Map), it was concluded the following:

→ The area contracted in Destination Zone 1 (Prime CbD)

in 2016 stayed in line with 2015 regarding the same kind

of origin. However, a higher origin from the same zone

The information contained in this brochure is a summary

of “Migração de Empresas” Market Study 2017. For further

information, please contact Aguirre Newman Portugal.

was registered. Companies from Parque das Nações also

represented a greater origin of transactions.

→ The area contracted in Destination Zone 2 (CbD) in 2016

shows a greater origin from CbD (zone 2) being in line with

2015. it was verified an increase of companies provenient

from Prime CbD. These numbers in CbD are justified by the

lease of Grupo CGD for Álvaro Pais 2.

→ The area contracted in Destination Zone 3 (Emerging Zone) in

2016 compared with 2015 shows a greater origin from the same

zone rather than Prime CbD (zone 1) and CbD (zone 2). These

numbers reflect the move by bNP Paribas to Torre ocidente

building, in Colombo, and Manpower to Torres de Lisboa.

→ The area contracted in Destination Zone 4 (secondary Zone)

in 2016 stayed in line with 2015, showing a greater origin

from Prime CbD. We also noted a greater origin from start-

up companies.

→ The area contracted in Destination Zone 5 (Parque das

Nações) in 2016 stayed in line with 2015, reflecting a greater

Activity Sector

Area Contracted (sqm) Destination Zone 1 Destination Zone 2 Destination Zone 3 Destination Zone 4 Destination Zone 5 Destination Zone 6 Destination Zone 7

Consultant & Law 2% 5% 1% 0% 0% 1% 0%

State, Europe and Associations 2% 2% 1% 0% 0% 0% 40%

Pharmaceutical & Health 4% 2% 3% 0% 4% 10% 0%

Non Identified 0% 0% 0% 0% 0% 8% 0%

Other Services 17% 3% 8% 0% 10% 15% 21%

Consumer Products 2% 4% 0% 0% 9% 6% 0%

Company Services 38% 49% 29% 81% 6% 10% 13%

Financial Services 32% 15% 36% 0% 10% 0% 2%

TMT’s & Utilities 3% 18% 19% 6% 58% 43% 24%

Construction and Real Estate 0% 2% 4% 13% 2% 7% 0%

This study also let us come to the following conclusions about companies’ migration in the Lisbon office market between

2015 and 2016.

1. Loyalty to the same Origin

in 2015, around 45% of the number of trades

(corresponding to 46% of the traded area) and 46%

of the number of trades (corresponding to 59% of the

traded area), in 2016, took place within the same Zone.

2. Contiguity Zone 1 (Prime CBD) / Zone 2 (CBD) / Zone 3

(Emerging Zone)

There is a trend for contiguous zones in company moves in

2015 and 2016, namely concerning the Zones 1 (Prime CbD),

2 (CbD) and 3 (Emerging Zone). This may be explained by the

fact that these three zones constitute a “geographic conti-

nuity” inside the city of Lisbon, where the levels of accessi-

bility and available services are in some way comparable.

3. Weight of the Initial Origin of the Activity

Considering all transactions, 14% of the number of trades

(corresponding to 8,3% of the traded area) in 2015 and

9% of the number of trades (corresponding to 3,4% of the

traded area) in 2016 were start-up companies.

4. Number of trades occurred in Destination Zones 1 and

2, with a similar Origin matrix in 2016 and 2015.

Analysing all the transaction, it is possible to observe that

the origin of the contracted area in destination Zone 1

and Zone 2 is quite similar in 2016 and 2015, except for the

occupations of Liberdade 252 by Havas and Álvaro Pais 2

by Teleperformance.

5. Area requirements as decision factor in the move in 2016.

Approximatly 53% of the office lease transactions

registered in 2016 correspond to an increase in the

occupied area compared with the previous occupation,

i.e. more than half the number of trades were moves

from smaller offices to bigger offices and/or contracting

additional area at the same address.

origin from the same zone. There was also a clear increase

in the area contracted from companies oUT Lis and a

decline of companies from CbD (zone 2).

→ The area contracted in Destination Zone 6 (Western

Corridor) in 2016 stayed in line with 2015, showing the

dominance of the same zone origin. in 2016, it was also

registered an increase in area contracted provenient of

companies with origin in CbD (Zone 2).

→ The area contracted outside Destination Zones 1 to 6 (in

2016) compared with 2015 shows a greater origin from

Emerging Zone (zone 3) rather Prime CbD (zone 1) and the

growth / expansion of existing companies (structural

growth). These numbers are justified by the move of CML

to Entreposto building.

The present study is based on the information provided by LPI index (Lisbon Prime Index), a Real Estate Index used to evaluate the Lisbon office market performance, regarding the volume of sq. m traded, the number of recorded transactions and the Destination Office Zones (in which the companies have leased new office spaces) in the years 2015 and 2016.

For the identification of each transaction’s origin, eleven categories of sources were considered:

• Office Zones 1 - 7

• Out of Lisbon – companies who moved from outside the Lisbon region to one of the Office Zones 1 - 7

• Activity Start-Up – Start-up companies whose first office is in the Destination Office Zone address for the transactions identified

• Structural Growth - increase of leased area through growth of the company structure, corresponding to new premises in the Destina-tion Office Zones 1-7

• No Information - cases where it was not possible to identify the transaction’s origin, due to insufficient information regarding the corporate name of the company and / or the correct address of the Destination Office Zone - residual weight of less than 1%

Office Zone 7, accordingly to LPI index, represents all offices located outside the main zones, which corresponds geographically to all the areas of Lisbon which are not within zones 1 - 6. In this sense, office transactions analysed in this report as having occurred in Office Zone 7, correspond only to those registered by LPI index, and, we believe, are not representative of all transactions performed on the market outside zones 1-6.

MIGRAÇÃO DE EMPRESASLISBON

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AGUIRRENEWMAN.PT

Zone 5

TMT’s & Utilities

58%

Transactions<300 sq.m.

43%

Transactions301-800 sq.m.

43%

2015 2016

1% 6%

15% –

3% 9%

– –

41% 61%

1% –

8% 4%

20%4%

24% –

4% –

– –

24 704 7 991

Zone 2

2015 2016

6% 13%

68% 53%

10% 8%

1% 5%

2% 6%

1% 7%

3% –

–4%

1% 1%

3% –

0% 6%

28 220 27 692

Company Services

49%

TMT’s & Utilities

18%

Transactions<300 sq.m.

43%

Transactions301-800 sq.m.

41%

Zone 4

2015 2016

88% 81%

– –

– –

10% 13%

– –

– –

– –

––

– 6%

– –

2% –

16 668 4 246 Transactions301-800 sq.m.

43%

Company Services

81%

Transactions<300 sq.m.

43%

Zone 6

2015 2016

3% 2%

– 13%

– 1%

10% 3%

– –

62% 64%

5% 1%

7%3%

9% 1%

16% 0%

0% 8%

28 020 27 258

43%

TMT’s & Utilities

61%

Transactions<300 sq.m.

Zone 1

2015 2016

39% 62%

4% 1%

33% 1%

5% 1%

– 21%

1% –

3% –

3%2%

6% 10%

3% 1%

4% 1%

22 007 24 834

38%

Company Services

Financial Services

32%

Transactions301-800 sq.m.

36%

42%

Transactions<300 sq.m.

Zone 7

2015 2016

20% –

1% 3%

1% 52%

– 2%

– 2%

20% 14%

46% 10%

1%3%

4% 11%

– 5%

4% 1%

13 994 11 099

State, europe & Associations

40%

TMT’s & Utilities

24%

Transactions<300 sq.m.

55%

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2015 2016

25% 29%

19% 2%

20% 42%

– –

– 3%

– 17%

11% 2%

–5%

12% 3%

2% –

6% –

10 898 19 855

Financial Services

36%

Company Services

29%

Transactions<300 sq.m.

33%

Transactions301-800 sq.m.

26%

Aguirre Newman Portugal

Praça Marquês de Pombal, 16 - 7º

1250-163 Lisboa

T. +351 213 139 000

Praça Mouzinho de Albuquerque, 113 - 5º

4100-359 Porto

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