Acacia Point Capital signs 11 new leases in Lisbon
Acacia Point Capital has refurbished and let the majority of its available office space at Quinta da Fonte Office Park (QDF) during 2019, with the portfolio’s occupancy approaching 100%. Eleven leases have been agreed with major corporates recognised as regional or global leaders in their field including Schweppes, Endesa, ABB, Takeda, AGS, Alcon, Novo Nordisk, WHS, Workplace Options and Step Ahead Consulting.
Acacia Point Capital manages the majority of QDF, the country’s 2nd largest business park with over 80,000 sqm of space. It fronts the A5 highway, and is strategically positioned between Lisbon and Cascais, at the heart of the capital’s white collar residential neighbourhoods. QDF is a favoured business address for the country’s leading pharmaceutical, engineering, financial services and technology companies. It offers employees a short commute and a convenient and attractive landscaped business park environment.
Lisbon has become a sought after European location for BPO’s, Shared Services and back-office functions, which has facilitated huge expansion from major corporates extending their presence in the country (BNP Paribas, Teleperformance, Nestle, Siemens, Google GOVO etc.). The country also has a vibrant IT-start up scene, boosted by Portugal securing the hosting of the Global Web Summit for another decade. This event attracts 70,000 attendees from 163 countries, and is the largest gathering of IT-entrepreneurs globally, putting Lisbon firmly on the AI, E-commerce and Fintech map.
Office demand continues to accelerate and the vacancy rate for ‘Grade-A’ space in all sub-sectors of the Lisbon office market is incredibly low, hovering below 3%. There is intense upwards pressure on rent levels as construction costs escalate and new office supply is either pre-let or completion of construction is not scheduled until 2022 and beyond.
Acacia Point recently negotiated the acquisition of a further three office buildings to accommodate the expanding needs of its occupier clients. Maria do Carmo Paias, Senior Asset Manager said “Extensive refurbishment works are underway and these buildings will be available for incoming tenants in the first half of 2020. We have several lease inquiries and expect to sign further agreements early in the new year”.