In 2025, take-up activity totalled 492,049 sq. m, down 36% compared to 2024. Within the logistics segment, around 323,000 sq. m were transacted, reflecting a 23% decrease year-on-year. Pre-let operations accounted for 26% of total occupied space, highlighting the need to secure space ahead of time.
These results form part of the Savills I&L Outlook 2025 | Trends 2026, which analyses recent developments in the Portuguese industrial and logistics market.

Demand continues to be driven by the growth of e-commerce, supply chain optimisation, and increased requirements for more efficient and sustainable spaces. Pressure on higher-quality assets remains strong, particularly in the main logistics areas of Greater Lisbon and Greater Porto.

Alexandra Gomes, Head of Research at Savills Portugal, states: “In an increasingly competitive and data-driven market, the optimisation of logistics operations is becoming a strategic differentiator. The Portuguese logistics sector is not only recording positive absorption volumes but is also steadily repositioning itself to meet new consumption, distribution, and investment paradigms.”

Greater Lisbon: limited availability and tight supply
In Greater Lisbon, the logistics market closed 2025 with a stock of approximately 3.5 million sq. m and a vacancy rate of 2.76%. Throughout the year, industrial and logistics take-up activity reached 269,611 sq. m, a 27% decrease compared to 2024. Logistics operations accounted for the majority share of total activity, reaffirming the segment’s dominance in the region’s dynamics.

The new supply delivered in 2025 — including the expansion of LogPlace Azambuja, Phase II of the Lisbon North Logistics Platform, and VGP Montijo — was not enough to ease stock constraints. Across several prime corridors, the availability of modern warehouse space remains limited, continuing to focus demand on assets with superior technical specifications and strategic locations.

Greater Porto: logistics strengthens market position
In Greater Porto, the logistics market closed 2025 with a stock of 1.3 million sq. m and a vacancy rate of 3.71%. Industrial and logistics take-up reached around 157,000 sq. m, representing a 26% year-on-year decline. However, the logistics segment strengthened its relative importance, accounting for the majority of market activity in the region.

Demand remains concentrated along the region’s key logistics corridors, including Porto de Leixões–Airport, Gaia–Espinho, and Santo Tirso–Trofa. In parallel, the pipeline of new projects for the coming years is expected to enhance the region’s capacity to respond, with developments totalling more than 175,000 sq. m of additional logistics space by 2029.

Investment: logistics gains momentum in a recovering market
The Portuguese commercial real estate investment market closed 2025 with a total volume of €2.7 billion — up 11% on 2024 and 13% above the three-year average. Activity was particularly concentrated in the final quarter, totalling €902 million, although still below the exceptional peak recorded in the same period of the previous year.

The industrial and logistics sector accounted for approximately €310 million, representing 12% of total investment volume in 2025. Compared with 2024, the segment gained relative weight, supported by investor appetite for assets with stable leases and consolidated locations. The prime yield for logistics assets remained around 5.50%.

Tiago Cortez, Industrial, Logistics & Data Centres Associate Director at Savills Portugal, concludes: “2025 was an excellent year for investment in industrial and logistics assets, with growth of around 114% compared to the previous year. The fundamentals remain solid: nearshoring and the defence sector are already generating new occupational demand, while institutional investors continue to show strong interest in logistics across all product types — from core to value-add — anticipating another strong year for development activity.”

Outlook for 2026
In the logistics segment, the development pipeline in Greater Lisbon for the next two years amounts to just over 360,000 sq. m across roughly 14 projects, with 34% already pre-let — still falling short of the estimated accumulated demand of around 1 million sq. m.

Within this context, 2026 could become one of the strongest years on record for investment in logistics development in Portugal, helping to reduce the imbalance between supply and demand. As these projects come to market, Savills anticipates a substantial increase in take-up and the emergence of more structured leasing deals, centred on large, high-quality assets with strong ESG credentials and prime locations.