Prime rents for shopping centres in Lisbon rose on average 8.1% annually over the past three years, according to data from the H1 2026 European Shopping Centre Spotlight report by consultancy Savills. This growth places the Portuguese capital on par with major European cities, matching the rate recorded in Milan. The appreciation is linked to a very low vacancy level, with the rate standing at 3.1% in 2025, one of the lowest values in Europe, behind only Milan, with 1.3%.
The average vacancy rate in Europe fell from 9.7% to 9.1% in 2025, the first decline in ten years. The investment volume in shopping centres reached 12 billion euros in 2025, and in the first half of 2026 this segment already represented 34% of total retail investment in Europe, the highest share since 2022. The consultancy forecasts that Lisbon will follow a 1.3% growth in retail sales in 2026.
The stock of shopping centres in Portugal stands at around three million square metres, one of the lowest volumes among the major European markets, alongside countries such as Austria or Finland. Savills notes that it is this context of limited supply that helps explain the pressure on rents in Lisbon. Pharmacies and health and beauty stores are among the best-performing categories through 2030, with annual growth of around 4%, while growth in clothing and footwear and home furnishings sales is expected to slow.
Patrícia Matias, Director of Retail Services at Savills Iberia, forecasts a further decline in the vacancy rate in Europe and additional increases in prime rents in the coming quarters, but gains are expected to remain concentrated in higher-quality centres. According to the consultancy, for markets with limited available space, such as Lisbon, this combination is expected to maintain pressure on prime rents in the coming years.
