The Office market in Portugal has not experienced a positive Q1 2021 as a result of the uncertainty
derived from Covid-19, although the market is expected to recover in the following months as it has
become a focus of attraction for international investors in recent years.

Lisbon concentrated the vast majority of office investments, with total investments in Portuguese
Office Market amounting to c.€131 million. Although there have been no relevant transactions in Porto
in the Q1 2021, there are several deals under negotiation which are expected to close by end of the year.

Total office take-up in the Lisbon and Porto areas amounted to c.29,000 and c.3,000 sq.m.,
experiencing a decline vs. Q4 2020 of c.17% and c.81% respectively with a dominance of small size
lease agreements. However, total take-up in the second half of 2021 is expected to increase to c.150,000
sq.m. and 50,000 sq.m., with vacancy rates in Lisbon and Porto standing at c.7% and c.7.5%
respectively.

Prime Office yields have remained stable, standing at c.4% in Lisbon and c.6% in Porto. Prime rents
have also remained stable and are not expected to vary significantly, standing at €25/sq.m./month and
€18/sq.m./month respectively.

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