Where do core funds buy in Lisbon?

Trophy submarket — Avenida da Liberdade — and the most defensible long-WAULT assets within it.

For institutional fund strategies, Avenida da Liberdade carries the strongest investor flag in Lisbon, with prime yields around 5.4%.

Trophy submarket (Avenida da Liberdade) carries the strongest investor flag.
Prime yield: 5.4%.
Core funds buy income; value-add buys repositioning of secondary stock.
Cap-rate spread between trophy and secondary has widened post-2022.

Lisbon office fund strategy and flag

For institutional fund strategies, Avenida da Liberdade carries the strongest investor flag in Lisbon, with prime yields around 5.4%.

TL;DR

Trophy submarket (Avenida da Liberdade) carries the strongest investor flag.
Prime yield: 5.4%.
Core funds buy income; value-add buys repositioning of secondary stock.
Cap-rate spread between trophy and secondary has widened post-2022.

Where core funds buy

Core capital concentrates in trophy stock with long-WAULT income. In Lisbon, that's Avenida da Liberdade and assets like Marquês 33, Lagoas Park.

Where value-add looks

Value-add capital looks at secondary Class A and convertible Class B with repositioning angle. The trophy/secondary cap-rate spread has widened post-2022, which has reopened the value-add basis for repositioning plays.

Key facts

city	Lisbon
country	Portugal
region	EMEA
classARentLocal	28 EUR/sqft/yr
classARentUsd	$30/sqft/yr
vacancy	7.8%
typicalLeaseYears	5
typicalRentFreeMonths	4
submarkets	5
primeYieldPct	5.4%
primeYield	5.4%
trophyAnchor	Avenida da Liberdade

Frequently asked questions

Where do core funds buy in Lisbon?: Trophy submarket — Avenida da Liberdade — and the most defensible long-WAULT assets within it.

Editorial provenance

Reviewed by Samuel Okafor — EMEA contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.

Primary sources for this page

CBRE Marketview reports — CBRE
JLL Office Insight — JLL
Cushman & Wakefield Marketbeat — Cushman & Wakefield
Savills World Research — Savills
Colliers Global Office Outlook — Colliers

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