Porto was consolidating itself as the second major economic hub. The rest of the territory tried to keep up with the pace possible. But there are increasingly evident signs that this reality may be changing.

The technological, energy and demographic transformations that are taking place around the world are also changing the criteria that determine where companies invest, where people choose to live and where new economic opportunities arise. And this may mean that some of the most relevant Portuguese cities of the coming decades still do not occupy the prominent places that many imagine.

For a long time, physical proximity to large urban centres was decisive. Today, the digital economy is changing its logic. Technology companies, research centres, artificial intelligence operations and global services are increasingly looking for factors such as quality of life, access to talent, energy availability, digital connectivity and sustainable operating costs.

This creates opportunities for cities that for years have been off the radar of large investors. And Coimbra is a clear example. The combination of university, research, entrepreneurship and quality of life is transforming the city into an increasingly attractive hub for technology companies and innovation projects. Aveiro follows a similar path, supported by the strong connection between industry, technology and higher education. Braga continues to consolidate itself as one of the main technological centres in the country. Faro is beginning to assert itself through its innovation ecosystem and the growing internationalisation of the region.

But perhaps the biggest surprise may come from cities and regions that we still do not associate with the new economy. Santarém, Évora, Castelo Branco, Viseu, or even Sines can benefit from trends that are redefining the global economy. The proximity to energy infrastructures, the availability of space for new projects, more competitive costs and the growing demand for quality of life are starting to weigh more and more on business decisions.

Sines is probably the most symbolic example of this transformation. For decades associated with the port, energy and industry, it has now been linked to data centres, artificial intelligence, international connectivity and the digital economy. What seemed unlikely a few years ago is starting to become a concrete reality.

At the same time, real estate is also changing. The demand is no longer concentrated exclusively in the historic centres of large cities. Qualified professionals, entrepreneurs and companies are increasingly looking for a balance between work, mobility, housing and quality of life. This trend could redistribute investment and growth to new locations. Of course, none of this will happen automatically. Cities that want to benefit from these changes will have to invest in education, innovation, mobility, housing and the ability to attract talent. They will have to be fast, flexible and able to create the conditions to compete in an increasingly global economy.

But perhaps the main conclusion is this: Portugal's economic future may be much more distributed than its past. Because the cities that will lead the next phase of growth will not necessarily be the largest. They will be the ones that best manage to combine energy, talent, technology and quality of life. And some of them may still be far from the places they occupy today on traditional economic maps.