"Times of change will come" in real estate - with "good opportunities"

The year 2022 was marked by the escalation of a war in Ukraine, which caused inflation to soar and "forced" the European Central Bank (ECB) to raise its key interest rate. Real estate also felt the impact of these factors, but has nevertheless proved its strength. So what to expect for the sector in 2023? "We believe that 2023 will be a time of change and necessary adaptation, where there will certainly be good opportunities," adds Pedro Rutkowski, CEO of Worx, in a statement. 

He also attributes special importance to the country's capacity to attract, capture and foster national and international institutional investment.

The Consultancy's CEO praises the fact that the real estate sector continues to show signs of resilience and dynamism and foresees 2023 "with relevant products appearing on the market, both buildings and land", which allows "to look to the future with optimism and enthusiasm".

Offices on the rise with high interest from technology companies 

Also quoted in the note sent to the press, Bernardo Zammit e Vasconcelos, Head of Agency at Worx, comments that 2022 "was a record year in terms of transactions, which brings a climate of optimism to the sector". 

About the year 2023, the responsible considers that "the continuous growth of the technological companies operating" and Portugal and that "the growing absorption of spaces by flex office operators will characterise the occupational dynamics in the Lisbon office market". "Even though a correction in absorption is expected in 2023 to levels below those of 2022, the consolidation of hybrid working models in the different business sectors and the entry of new companies into the market will inevitably keep the sector in a transactional performance above the average of the last five years," he adds. 

Bernardo Zammit e Vasconcelos, "the growing criteria of demand from tenants, finally in line with the other European markets, are also entering a new level". "In this sense, new reference assets with superior quality and sustainability criteria, such as the World Trade Center or the Oriente Green Campus, will surely be names to retain in the 2023 transaction panorama," he concludes.