MVGM, a European real estate asset management company, published office market indicators for the 3rd quarter of 2025 in the Iberia Property Market Report Q3 2025, showing different dynamics between Lisbon and Porto.
In the country’s capital, the average sales price is 2,775 euros/m², with a positive year-on-year variation of 5.1%. Rents show stability: quarterly variation of -1.2% and annual growth of 7.4%, signaling a consolidation of activity and the maturity of the capital’s market.
“Lisbon continues to demonstrate great resilience as an office market. Despite the insignificant quarterly variations, annual growth confirms the confidence of investors and users, in a context of stable demand and very competitive assets,” says Filipa Moreira, Head of Offices from MVGM Portugal.
In Porto the behavior is more accelerated in sales prices: the average price reached 2,531 euros/m², which translates into a year-on-year increase of 28.4%. On the other hand, average rents stood at 14.5 euros/m², with a quarterly variation of -2.2% and a year-on-year fall of 6.2%, indicating an adjustment in rents in relation to the available supply.
According to Filipa Moreira, “Porto has established itself as an increasingly attractive hub for national and international companies. The strong growth in sales values reflects this demand, while rents adjust their value in light of the entry of new spaces and the reorganization of occupants’ needs,” he adds.
From an investors’ point of view, MVGM highlights institutional interest in both markets: Lisbon for consistency and predictability; Porto due to the pace of appreciation of sale assets.
The report’s numbers point to different contexts — stability and moderate growth in the capital versus rapid appreciation of properties in Porto — with implications for investment decisions, occupancy strategies and portfolio management.