Andreia Almeida, from Cushman & Wakefield (C&W), who leads the research area of ​​the real estate consultancy, said that so far “the historic maximum was in 2019, with €3.2 billion”, and “corresponds to transactions in different negotiation phases”, including €250 million concluded by April, to which “off market” deals may be added, that is, of which the market is not yet aware.

Until April, this segment grew 13 percent, she said, noting that offices are the largest share, with a weight of 56 percent, followed by hotels, with 17 percent, and industry, with 14 percent.

Varying sectors

The evolution of the business depends on the segment, according to Andreia Almeida. In the case of offices, “there is an indication that there is effectively a resumption of activity in this segment, which already started last year and is basically confirmed with the values ​​we have until April in this case”.

In retail, the behaviour varies according to the segment, with “a clear interest in the food sector” and a “very interesting percentage of openings in shopping centres”.

"Shortage of quality supply"

Asked about the lack of supply in this sector, Andreia Almeida indicated that “it is something that is already being talked about a lot, a shortage of quality supply”, and, “in times of crisis, many owners end up having a cautious attitude and only go ahead with construction if they have a secure lease but that has started to reverse”.


Last year there was “an increase in the volume allocated to national investors”, taking into account that there were “travel restrictions on the part of investors”, but “much of this investment considered to be national is from entities that manage portfolios of capital of international origin”.

Between January and April of this year, the weight of foreign investment reached 72 percent, she concluded.